Property tax assessment appeal: Should you appeal your property assessment in Woods County, Oklahoma?
House owners in Woods County are totally knowledgeable about the problem of real estate tax; those that have actually invested their lives in areas where these taxes are traditionally high feel the effect more than a lot of. The effect of these taxes can be even worse for those who have resided in their properties for a long time, as they have actually seen firsthand the taxes increase every year. But the bad news is perhaps overpaying your real estate tax and be entirely uninformed. Here are some typical factors individuals are overpaying their residential properties tax.
Is your Woods County home over assessed?
A high property assessment is the primary reason that people appeal the amount they are paying on their real estate tax. In most cases, people feel that the appraisal placed on their home does not show the market value must they try to sell it today. The simplest method to discover this out is to get in touch with some local real estate agents. They ought to have the ability to inform you the series of worths comparable properties are selling for in your location. Remember, the actual market value of your residential property will not be realized till a sale is closed. When you receive your property assessed value, you will be provided a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait till next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to contact a regional property representative or your assessor in Woods County, Oklahoma. If you feel your property has been significantly misestimated, an expert evaluation might prove very economical in the long run
Most do not know you are not permitted to contest your tax bill in Oklahoma, but you can certainly lodge an assessed value appeal, remember that no matter how you feel about the costs, if you do not pay, it can result in the foreclosure of your home.
To successfully appeal, you will need to show at least three equivalent properties that have actually been evaluated at a lower assessed value. The closer these residential properties are in size and area to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have actually lowered the value of your property
If there are extraordinary scenarios that straight result in the decrease of your residential property value and these are not accounted for in your house assessment, these are clear premises for appeal. Simply supply proof of these circumstances, and the appeals process ought to be straightforward.
You have just recently bought your home in Woods County, Oklahoma for much less than the assessment value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not show the dollar amount your house has been valued at by the assessor, this is clear premises for appeal. If an expert values your property much lower than that of the assessed value, this is significant proof to back your petition. You can always order a new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high property assessment; you can always appeal and get them lowered while doing so.
How do you contest your house assessed value in Woods County?
Every State has their own requirements for property assessed value appeals. Something they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than it deserves. As your Woods County house taxes are computed basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the house assessed value. Your only opportunity of approach is to show your home is less than the value the assessor thinks.
Upon receiving your home assessment, your county will give 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 absolutely nothing you can do, and you will be required to wait a further year for an opportunity to appeal your real estate assessment!
The fastest and simplest way to file an appeal in Woods County is to do so on the website of your county, town or city. The costs related to each appeal can vary dependent on the preliminary value of your real estate assessment. The cost of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the process is to make sure that your regional tax assessor has included the right real estate details to start with. In many cases, details may be in error such as, homes have actually been lifted with basements that don’t exist; such examples are wrong and could cause your home value being reduced instantly. The more details that you can gather regarding why you feel your house is miscalculated, the stronger your case for an appeal.
If there are no obvious problems with the information on your property, you will need to discover details of equivalent homes in your community that are assessed at a lower value. This will be the most convenient way to prove your case. You will want to find three or four houses that are all the same size as yours, in the same area, whose value is much less lower than your own; this will be your grounds for appeal.
In some locations, you’ll be asked to go to a property appeal hearing, so if this does happen, do not be daunted. In general, these hearings are just called to allow you to present the details you have actually collected in support of your claim. You will likewise be allowed to take a look at any false info that might be on file about your residential property. You must be prepared for this hearing and have all the data you‘ve collected about similar homes and sales of similar houses in Woods County.
Be prepared for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in concern is more modern-day than the ones you’re comparing it to. Be ready for such an argument because if you get to this stage, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by embellishing on the facts to support their position. It’s is always crucial to remember that there are no additional penalties connected to filing an appeal; the worst result being that your home assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been miscalculated, an effective appeal of your Woods County property assessment value might result in considerable savings. If there are just a couple of hundred dollars of potential cost savings, it might not be worth your time. You also need to consider that the hearing could be scheduled during a workday, which may lead to a loss of earnings. 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 arrangements to reduce wage loss.
Real Estate Tax For Property
To prorate means to divide something so that each person pays her fair share. The real estate term for dividing expenses that are paid after they are incurred or are prepaid is called prorations. For example, sometimes real estate taxes are paid in arrears. This means that they are paid currently for the year before. The practical effect of this is that the buyer will in many cases get a tax bill for time when she did not own the house and therefore was not responsible for the taxes.
An example will make this easier to understand. Let's say you closed on the house you bought on August 31, 2007. You are responsible for 4 months worth of real estate taxes for 2007. Unfortunately, the tax bill does not arrive until May of 2008. This is where prorations come into play. At the closing, you will be responsible for 1/3 of the tax bill that will arrive in May, 2008. That means the seller will give you, the buyer, an amount equal 2/3 of the agreed to prorated tax amount and you will pay the real estate tax bill.
The tricky part comes about because real estate taxes always seem to be going up. This is usually handled as part of the negotiations. The buyer will ask for an amount based on the seller's last year's tax bill plus a small percentage, usually 5 or 10% extra, and some agreement will be reached.
An unusually large increase in the real estate taxes due to a reassessment, rate increase or both can further complicate matters. With the gains in real estate prices in the recent past, many taxing bodies have become eager to capture at least part of that gain. So it is buyer beware and make sure you check with the local taxing authorities.
Prorations can also be used to adjust for any expenses that have been paid by the seller ahead of time, such as prepaid mortgage interest, prepaid casualty insurance, or such items as rent or utility bills.
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