Property tax appeal: Should you appeal your property assessment in Lehigh County, Pennsylvania?
Homeowners in Lehigh County are totally knowledgeable about the concern of property taxes; those that have invested their lives in locations where these taxes are generally high feel the effect more than many. The impact of these taxes can be even worse for those who have actually lived in their homes for a long time, as they have actually witnessed firsthand the taxes increase every year. The bad news is possibly overpaying your property taxes and be completely uninformed. Here are some typical factors individuals are overpaying their homes tax.
Is your Lehigh County property over evaluated?
A high home evaluation is the main factor that individuals appeal the dollar amount they are paying on their property taxes. Oftentimes, individuals feel that the evaluation put on their residential property does not reflect the marketplace value must they try to offer it today. The most convenient method to discover this out is to get in touch with some local real estate agents. They must have the ability to inform you the series of worths similar homes are selling for in your area. Remember, the actual market value of your residential property will not be known till a sale is closed. When you receive your home evaluation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will need to wait till next year to appeal.
Can you get the real market value of your home?
It is most likely worthwhile to get in touch with a local realty representative or your assessor in Lehigh County, Pennsylvania. If you feel your home has been severely miscalculated, a professional evaluation might show really economical in the long run
Many do not know you are not entitled to dispute your property tax bill directly in Pennsylvania, but you can undoubtedly submit an assessed value appeal, keep in mind that despite how you feel about the costs, if you don’t pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show a minimum of three equivalent properties that have actually been assessed at a lower assessment value. The closer these homes are in size and location to yours, the greater the possibility of success you will have on appeal
Particular situations that may have actually minimized the value of your home
If there are extraordinary circumstances that straight lead to the reduction of your property value and these are not accounted for in your assessment, these are clear grounds for appeal. Simply offer evidence of these scenarios, and the appeals procedure should be straightforward.
You have actually just recently purchased your home in Lehigh County, Pennsylvania for lower market value than the assessed value
If you have proof of the purchase price of your home or you possess a current appraisal that does not reflect the dollar amount your home has been assessed at by the assessor, this is clear premises for appeal. If an expert evaluates your residential property much lower than that of the assessed value, this is substantial evidence to back your appeal. You can always request a new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. The good news is that you do not have to accept a high property assessment; you can always appeal and get them lowered at the same time.
How do you appeal your home assessed value in Lehigh County?
Every State has their own requirements for property assessment value appeals. One thing they all have in common; the only argument that they will accept is that your home has been assessed higher than itreal market value. As your Lehigh County real estate taxes are computed basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the property assessment value. Your only opportunity of approach is to prove your house is less than the value the assessor thinks.
Upon receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can differ significantly from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, keep in mind if you miss this deadline there’s nothing you can do, and you will be required to wait a more year for a chance to appeal your real estate assessment value!
The fastest and easiest method to submit an appeal in Lehigh County is to do so on the assessment website of your county, town or city. The charges connected with each request can differ based on the initial value of your home assessment 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 proper property info to start with. In many cases, details may be in error such as, homes have been raised with basements that don’t exist; such examples are wrong and could lead to your home value being lowered immediately. The more details that you can gather regarding why you feel your house is miscalculated, the stronger your case for an assessment appeal.
If there are no obvious concerns with the info on your property, you will need to discover details of similar homes in your neighborhood that are assessed at a lower value. This will be the simplest method to show your case. You will want to find 3 or four homes that are all the same size as yours, in the exact same location, whose value is much less lower than your own; this will be your grounds for appeal.
In some locations, you’ll be asked to participate in a real estate appeal hearing, so if this does occur, do not be daunted. In general, these hearings are just called to enable you to present the info you‘ve collected in support of your claim. You will also be enabled to examine any false info that might be on file about your residential property. You need to be prepared for this hearing and have all the information you‘ve collected about similar houses and sales of comparable houses in Lehigh County.
Be ready for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question is more contemporary 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 assessed value and will want to win his/her case by embellishing on the facts to support their position. It’s is always important to keep in mind that there are no additional penalties attached to filing an appeal; the worst result being that your home assessed value is the same.
Is it worth submitting an appeal?
If you really feel that your house has been overvalued, a successful appeal of your Lehigh County property assessment value could lead to substantial savings. If there are only a few hundred dollars of prospective savings, it might not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which might result in 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.
Are Property Taxes Fair?
Anytime you have a home or property you will pay real estate tax. Real estate tax is estimated based on your home value. For instance, if you purchase a home and the property is worth $10,000 but you pay $20,000 for the home, thus this additional balance is your equity.
In some areas, you pay taxes in the winter and spring months. Some cities charge city taxes and state taxes for property. In addition, the real estate tax estimate is based on the current market price also. For this reason, you want to find deductibles to save money on home taxes.
If you purchased a home and lived there a couple of years, you have an invested property. The interest that you pay toward the property will not qualify you for interest deduction on your real estate tax. On the other hand, you may have tax deductibles under the itemized returns.
The purpose of bringing this up is to let you know that you may have real estate tax options available to you for saving money. Many people do not realize this. Renters get money back from the government all the time for paying rent each month. Thus, like renters homeowners have return options also. Check these options carefully.
Moreover, check your options, since you may have deductible choices on your equity interest dues. Check under the itemized deduction options to learn more.
You will find that you may have options for taking out loans over home improvement. If you recently were accepted for a line of credit or a home improvement loan, look under the itemized deductions to see if you have options for tax returns. Tax options are available for second mortgages, etc. You can also find help for particular issues. For instance, if you recently lost your home because of flood, fire, or your home was damaged, thus you may have an option to file claims. You may find a big real estate tax relief by searching through the theft, fire, and disaster category on your tax forms. Usually, you will need tax form 1040X.
To learn more about real estate tax visit the real estate sites online. Here you will find helpful information, calculators and other valuable tools to help you save money. Many sites post information about real estate tax deductibles, so see what you qualify for by visiting now.