Fight property taxes: Should you appeal your property assessment in Benton County, Oregon?
Property owners in Benton County are fully knowledgeable about the problem of real estate tax; those that have actually invested their lives in locations where these taxes are typically high feel the effect more than a lot of. The effect of these taxes can be even worse for those who have actually lived in their homes for a long time, as they have experienced firsthand the taxes rise year after year. But the bad news is maybe overpaying your property taxes and be completely uninformed. Here are some typical reasons people are overpaying their properties tax.
Is your Benton County property over assessed?
A high property evaluation is the main reason that individuals appeal the dollar amount they are paying on their real estate tax. In a lot of cases, individuals feel that the appraisal put on their property does not show the market value ought to they try to offer it today. The easiest way to discover this out is to contact some regional real estate agents. They need to be able to tell you the variety of values comparable properties are selling for in your location. Remember, the actual value of your home will not be known till a sale is closed. When you receive your house assessed value, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.
Can you get the actual market value of your property?
It is probably beneficial to contact a regional realty agent or your assessor in Benton County, Oregon. If you feel your property has been significantly overvalued, an expert appraisal could prove very cost-effective in the long run
Often people do not know you are not permitted to dispute your tax bill in Oregon, however you can certainly submit an assessment appeal, keep in mind that no matter how you feel about the bill, if you don’t pay, it can result in the foreclosure of your home.
To successfully appeal, you will require to reveal a minimum of 3 equivalent residential properties that have been assessed at a lower assessment value. The closer these homes are in size and location to yours, the higher the opportunity of success you will have on appeal
Particular scenarios that may have decreased the value of your property
If there are extraordinary scenarios that straight lead to the decrease of your home value and these are not reflected in your property assessment, these are clear grounds for appeal. Simply provide evidence of these situations, and the appeals process should be straightforward.
You have actually recently purchased your home in Benton County, Oregon for less than the assessment value
If you have proof of the purchase price of your home or you have a recent appraisal that does not show the amount your house has been valued at by the assessor, this is clear premises for appeal. If an expert values your home much lower than that of the assessment, this is substantial evidence to support your petition. You can always pay for a brand-new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. Fortunately is that you do not have to accept a high real estate assessment; you can always appeal and get them decreased in the process.
How do you contest your home assessed value in Benton County?
Every State has their own requirements for home assessment appeals. One thing they all have in common; the only argument that they will accept is that your residential property has been evaluated higher than it‘s worth. As your Benton County property taxes are computed basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only opportunity of approach is to show your home is not worth the value the assessor believes.
Upon receiving your house assessed value, 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 forced to wait a more year for a chance to appeal your home assessment!
The fastest and most convenient way to file an appeal in Benton County is to do so on the assessment website of your county, town or city. The costs related to each request can differ dependent on the preliminary value of your property assessment value. The expense of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to make sure that your local tax assessor has included the proper house information to start with. In some cases, information may be in error such as, houses have actually been raised with basements that do not exist; such examples are wrong and might result in your house value being reduced right away. The more details that you can gather regarding why you feel your home is miscalculated, the more powerful your case for an assessment appeal.
If there are no clear concerns with the info on your property, you will need to find information of similar homes in your community that have a lower assessment. This will be the easiest method to show your case. You will want to find three or four residential properties that are all the same size as yours, in the exact same area, whose value is much less lower than your own; this will be your grounds for appeal.
In some areas, you’ll be asked to participate in a property appeal hearing, so if this does take place, do not be daunted. In general, these hearings are just called to enable you to provide the information you‘ve gathered in support of your claim. You will also be allowed to examine any false information that may be on file about your home. You ought to be ready for this hearing and have all the data you have actually collected about similar homes and sales of similar houses in Benton County.
Be ready for the tax assessor to argue his/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 assessment and will want to win his/her case by elaborating on the facts to support their case. It’s is always important to bear in mind that there are no additional penalties attached to submitting an appeal; the worst result being that your house assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your home has been misestimated, an effective appeal of your Benton County property assessment value might lead to substantial savings. If there are only a few hundred dollars of potential savings, it may not be worth your time. You also need to consider that the hearing could be arranged 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 appropriate arrangements to minimize wage loss.
Are Property Taxes Fair?
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?