Appeal tax assessment: Should you appeal your property assessment in Stephens County, Oklahoma?
Homeowners in Stephens County are fully knowledgeable about the concern of property taxes; those that have spent their lives in areas where these taxes are generally high feel the effect more than many. The effect of these taxes can be even worse for those who have actually resided in their residential properties for a long time, as they have experienced firsthand the taxes increase year after year. The bad news is maybe overpaying your home taxes and be totally unaware. Here are some typical reasons people are overpaying their residential properties tax.
Is your Stephens County property over assessed?
A high home assessed value is the primary factor that individuals appeal the dollar amount they are paying on their property taxes. In many cases, people feel that the evaluation put on their home does not show the market value should they try to sell it today. The most convenient way to find this out is to contact some local real estate agents. They should be able to inform you the variety of worths equivalent residential properties are selling for in your area. Keep in mind, the real market value of your home will not be known until a sale is closed. When you receive your home assessment, you will be offered a 30-day window in which to appeal any assessment. Otherwise, you will need to wait until next year to appeal.
Can you get the real market value of your property?
It is probably worthwhile to reach out to a regional realty agent or your assessor in Stephens County, Oklahoma. If you feel your property has been badly miscalculated, an expert valuation might prove really cost-effective in the long run
Often people do not realize you are not permitted to dispute your tax bill directly in Oklahoma, but you can undoubtedly lodge an assessment appeal, remember that despite how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to show at least three similar residential properties that have been evaluated at a lower assessed value. The closer these homes remain in size and location to yours, the greater the possibility of success you will have on appeal
Particular circumstances that may have actually decreased the value of your property
If there are extraordinary circumstances that straight lead to the decrease of your property value and these are not accounted for in your house assessment, these are clear premises for appeal. Simply provide evidence of these circumstances, and the appeals process should be straightforward.
You have actually just recently purchased your residential property in Stephens County, Oklahoma for much less than the assessed value
If you have proof of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your house has been valued at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the assessment, this is considerable proof to back your appeal. You can always order a brand-new appraisal although this will cost a few hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high property assessment; you can always appeal and get them decreased while doing so.
How do you appeal your home assessment in Stephens County?
Every State has their own criteria for property assessment appeals. One thing they all have in common; the only argument that they will accept is that your property has actually been assessed higher than it deserves. As your Stephens County property taxes are computed basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to prove your home is less than the value the assessor thinks.
On receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can vary significantly from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, remember if you miss this due date there’s nothing you can do, and you will be required to wait a further year for a chance to appeal your home assessment!
The fastest and most convenient way to file an appeal in Stephens County is to do so on the website of your county, town or city. The charges associated with each appeal can vary dependent on the preliminary value of your real estate assessed value. The expense of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the process is to guarantee that your local tax assessor has included the appropriate house details to start with. In some cases, details may be incorrect such as, homes have actually been lifted with basements that do not exist; such examples are wrong and could result in your house value being decreased immediately. The more information that you can gather as to why you feel your home is misestimated, the more powerful your case for an appeal.
If there are no recognizable concerns with the info on your property, you will need to find details of similar homes in your community that are assessed at a lower value. This will be the easiest method to show your case. You will want to find three or four homes that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your premises for appeal.
In some locations, you’ll be asked to attend a property appeal hearing, so if this does take place, do not be daunted. In general, these hearings are simply called to enable you to present the information you‘ve collected in support of your claim. You will also be permitted to analyze any incorrect information that might be on file about your residential property. You should be ready for this hearing and have all the information you have actually gathered about similar houses and sales of comparable houses in Stephens County.
Be prepared for the tax assessor to argue his/her counter-argument. One of the most popular ones here is that your home in question is more modern-day than the ones you’re comparing it to. Be prepared for such an argument because if you get to this point, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by elaborating on the facts to support their position. It’s is always crucial to keep in mind that there are no additional penalties connected to filing an appeal; the worst result being that your house assessment is the same.
Is it worth filing an appeal?
If you truly feel that your home has been misestimated, an effective appeal of your Stephens County house assessed value could lead to considerable cost savings. If there are only a few hundred dollars of possible cost savings, it might not deserve your time. You also need to consider that the hearing could be scheduled throughout a workday, which may lead to a loss of revenues. Find out as soon as possible when the hearings take place, and will it be a teleconference or in-person hearing. This way you can make the appropriate arrangements to minimize wage loss.
Pay Your Property Tax Or Lose Your Property
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Not being able to pay your taxes, (property taxes in particular) may lead to the following problems:
You may lose your property or house. Unpaid property tax leading to delinquent property tax may lead to losing your property. However, there are still second chances given. So, if ever you are given more time to pay your delinquent property tax, find a solution for this right away or you may really end up losing your property. You may only be given two years to settle your unpaid taxes.
If it happens that your property is forwarded to the county treasury, more interests and fees will be added. There will be a collection of four percent administration fee and one percent interest per month.
Your property may be forfeited. This means you still have one year to settle your delinquent tax or you may lose your property altogether or have it foreclosed. Foreclosed properties mean you will not be able to get it back as it will be auctioned off to recover the pending dues.
Before all these problems occur, you should make an effort to settle all pending property taxes. Surely, you do not want to end up losing your property, do you?