Property tax assessment appeal: Should you appeal your property assessment in Lackawanna County, Pennsylvania?
Homeowners in Lackawanna County are fully familiar with the problem of property taxes; those that have actually invested their lives in locations where these taxes are traditionally high feel the effect more than the majority of. The impact of these taxes can be even worse for those who have resided in their properties for a long time, as they have seen firsthand the taxes rise every year. The bad news is maybe overpaying your home taxes and be totally uninformed. Here are some typical reasons people are overpaying their properties tax.
Is your Lackawanna County home over assessed?
A high property assessed value is the main factor that people appeal the dollar amount they are paying on their property taxes. In a lot of cases, individuals feel that the assessment put on their property does not show the market value need to they attempt to sell it today. The simplest method to find this out is to call some local realtors. They ought to have the ability to inform you the variety of values comparable residential properties are selling for in your area. Keep in mind, the actual market value of your residential property will not be realized till a sale is closed. When you receive your home valuation, you will be given a 30-day window in which to appeal any assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the real value of your property?
It is probably beneficial to reach out to a regional realty agent or your assessor in Lackawanna County, Pennsylvania. If you feel your property has actually been severely miscalculated, a professional assessment might prove really economical in the long run
Many do not know you are not permitted to contest your tax bill in Pennsylvania, but you can unquestionably file an appeal, bear 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 need to reveal at least three equivalent homes that have actually been evaluated at a lower assessment value. The closer these homes remain in size and place to yours, the greater the opportunity of success you will have on appeal
Particular circumstances that may have minimized the value of your residential property
If there are exceptional circumstances that straight lead to the reduction of your home value and these are not reflected in your house assessment, these are clear premises for appeal. Just offer proof of these situations, and the appeals procedure ought to be straightforward.
You have recently purchased your home in Lackawanna County, Pennsylvania for lower market value than the assessment value
If you have evidence of the purchase price of your home or you possess a recent appraisal that does not show the dollar amount your house has actually been valued at by the assessor, this is clear premises for appeal. If an expert evaluates your home much lower than that of the assessment, this is significant evidence to back your petition. You can always order a brand-new appraisal even though this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not have to accept a high real estate assessment; you can always appeal and get them lowered in the process.
How do you contest your real estate assessment in Lackawanna County?
Every State has their own criteria for real estate assessment appeals. Something they all have in common; the only argument that they will accept is that your property has been evaluated higher than it‘s worth. As your Lackawanna County property taxes are determined basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the house assessed value. Your only avenue of approach is to show your house is valued 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 considerably from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, remember if you miss this deadline there’s nothing you can do, and you will be forced to wait a more year for a chance to appeal your home assessed value!
The fastest and simplest method to submit an appeal in Lackawanna County is to do so on the website of your county, town or city. The fees associated with each request can differ dependent on the preliminary value of your real estate assessment value. The cost of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to guarantee that your regional tax assessor has included the appropriate home info to start with. In many cases, details may be incorrect such as, homes have actually been raised with basements that do not exist; such examples are wrong and could lead to your home value being lowered right away. The more information that you can gather as to why you feel your house is misestimated, the stronger your case for an appeal.
If there are no recognizable problems with the details on your property, you will need to find information of comparable homes in your neighborhood that have a lower assessment. This will be the most convenient way to prove your case. You will want to discover three or four houses that are all the same size as yours, in the exact same area, 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 real estate appeal hearing, so if this does happen, don’t be intimidated. In general, these hearings are just contacted us to permit you to present the details you‘ve collected in support of your claim. You will also be enabled to examine any false information that might be on file about your property. You need to be prepared for this hearing and have all the information you have actually gathered about similar houses and sales of comparable houses in Lackawanna 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 than the ones you’re comparing it to. Be ready for such an argument because if you get to this point, the Assessor believes you are not deserving of a reduction in assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to remember that there are no additional penalties connected to submitting an appeal; the worst result being that your home assessment is the same.
Is it worth submitting an appeal?
If you truly feel that your house has actually been overvalued, a successful appeal of your Lackawanna County home assessment might result in substantial savings. If there are only a few hundred dollars of possible savings, it may 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 arrangements to minimize wage loss.
How Property Taxes Are Calculated On A Home
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.
© 2007 Complete Books Publishing, Inc.