Contest property taxes: Should you appeal your property assessment in Northumberland County, Pennsylvania?
Homeowners in Northumberland County are totally aware of the concern of real estate tax; those that have spent their lives in locations where these taxes are typically high feel the effect more than many. The impact of these taxes can be even worse for those who have resided in their homes for a long time, as they have seen firsthand the taxes rise year after year. The bad news is maybe overpaying your residential property taxes and be totally uninformed. Here are some common factors people are overpaying their residential properties tax.
Is your Northumberland County property over assessed?
A high home valuation is the main reason that individuals appeal the amount they are paying on their real estate tax. Oftentimes, individuals feel that the evaluation placed on their residential property does not reflect the market value need to they attempt to sell it today. The simplest method to find this out is to contact some regional real estate agents. They should be able to tell you the series of values comparable homes are selling for in your location. Keep in mind, the real value of your home will not be realized until a sale is closed. When you receive your house evaluation, you will be provided 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 home?
It is probably beneficial to contact a regional realty representative or your assessor in Northumberland County, Pennsylvania. If you feel your home has actually been significantly overvalued, an expert valuation could show really economical in the long run
Often people do not realize you are not allowed to dispute your tax bill directly in Pennsylvania, but you can certainly submit an appeal, keep in mind that no matter how you feel about the expense, if you do not pay, it can lead to the foreclosure of your home.
To effectively appeal, you will need to reveal at least 3 comparable residential properties that have been assessed at a lower assessed value. The closer these properties are in size and area to yours, the higher the opportunity of success you will have on appeal
Specific scenarios that may have actually minimized the value of your property
If there are exceptional situations that directly result in the reduction of your home value and these are not accounted for in your evaluation, these are clear grounds for appeal. Simply offer evidence of these scenarios, and the appeals process ought to be straightforward.
You have recently purchased your property in Northumberland County, Pennsylvania for much less 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 amount your house has actually been valued at by the assessor, this is clear premises for appeal. If a professional evaluates your property much lower than that of the assessment, this is substantial evidence to support your appeal. You can always order a brand-new appraisal despite the fact that this will cost a couple of 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 lowered while doing so.
How do you contest your real estate assessment in Northumberland County?
Every State has their own criteria 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 evaluated higher than it‘s worth. As your Northumberland County property taxes are calculated basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the property assessed value. Your only opportunity of approach is to show your house is less than the value the assessor believes.
Upon receiving your house assessment, your county will offer you a predetermined window in which to appeal. These can differ considerably 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 due date there’s nothing you can do, and you will be required to wait an additional year for a chance to appeal your property assessment value!
The fastest and simplest way to file an appeal in Northumberland County is to do so on the website of your county, town or city. The fees connected with each appeal can differ depending on the preliminary 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 procedure is to ensure that your regional tax assessor has included the proper property info to start with. In some cases, facts on your home may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and might lead to your house value being reduced immediately. The more details that you can gather regarding why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no clear issues with the info on your property, you will need to find information of equivalent homes in your area that are assessed at a lower value. This will be the easiest method to prove your case. You will want to discover 3 or 4 houses 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 areas, you’ll be asked to participate in a property appeal hearing, so if this does happen, do not be frightened. In general, these hearings are just contacted us to permit you to present the information you‘ve collected in support of your claim. You will also be enabled 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‘ve gathered about comparable homes and sales of similar homes in Northumberland 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 question is more modern 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 important to remember that there are no additional penalties connected to filing an appeal; the worst result being that your property assessed value is the same.
Is it worth submitting an appeal?
If you really feel that your home has been miscalculated, an effective appeal of your Northumberland County home assessed value could result in significant cost savings. If there are just a couple of hundred dollars of potential cost savings, it may not deserve your time. You also need to consider that the hearing could be set up during a workday, which might 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 reduce wage loss.
Hennepin County Property Taxes - Get To Know The Truth
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.