Appeal tax assessment: Should you appeal your property assessment in Potter County, Pennsylvania?
Homeowners in Potter County are completely aware of the burden of real estate tax; those that have spent their lives in areas where these taxes are traditionally high feel the effect more than most. The impact of these taxes can be even worse for those who have lived in their residential properties for a long time, as they have witnessed firsthand the taxes rise every year. However the bad news is perhaps overpaying your property taxes and be completely uninformed. Here are some typical reasons individuals are overpaying their homes tax.
Is your Potter County house over assessed?
A high house valuation is the main reason that individuals appeal the dollar amount they are paying on their real estate tax. In many cases, individuals feel that the valuation placed on their residential property does not show the market value ought to they attempt to sell it today. The easiest way to find this out is to get in touch with some local realtors. They must be able to tell you the variety of values equivalent properties are selling for in your location. Keep in mind, the actual value of your property will not be known up until a sale is finally closed. When you receive your house evaluation, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will have to wait up until next year to appeal.
Can you get the real market value of your home?
It is most likely beneficial to reach out to a regional real estate agent or your assessor in Potter County, Pennsylvania. If you feel your residential property has actually been seriously overvalued, a professional valuation might prove very economical in the long run
Many do not realize you are not permitted to challenge your tax bill in Pennsylvania, however you can certainly lodge an appeal, remember that regardless of how you feel about the costs, if you do not pay, it can lead to the foreclosure of your home.
To effectively appeal, you will need to reveal a minimum of 3 similar homes that have actually been evaluated at a lower assessed value. The closer these homes are in size and location to yours, the higher the chance of success you will have on appeal
Particular situations that may have actually reduced the value of your property
If there are extraordinary scenarios that directly lead to the decrease of your home value and these are not reflected in your property assessment, these are clear grounds for appeal. Just supply proof of these scenarios, and the appeals procedure should be straightforward.
You have actually recently bought your residential property in Potter 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 reflect the dollar amount your house has actually been valued at by the assessor, this is clear grounds for appeal. If a professional values your residential property much lower than that of the assessed value, this is substantial evidence to back your appeal. 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 have to accept a high property assessment; you can always appeal and get them lowered in the process.
How do you appeal your property assessment in Potter County?
Every State has their own requirements for property assessment appeals. One thing they all have in common; the only groungs that they will accept is that your property has been evaluated higher than itreal market value. As your Potter County home taxes are calculated basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the home assessment. Your only avenue of approach is to show your home is valued 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 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 deadline there’s absolutely nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your home assessment!
The fastest and simplest way to file an appeal in Potter County is to do so on the website of your county, town or city. The costs related to each appeal can vary 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 upon where you live.
The first step in the process is to ensure that your regional tax assessor has included the proper real estate details to start with. Sometimes, details may be incorrect such as, houses have been lifted with basements that do not exist; such examples are wrong and could cause your home value being decreased immediately. The more details that you can gather regarding why you feel your home is overvalued, the more powerful your case for an appeal.
If there are no recognizable problems with the info on your property, you will need to find details of equivalent homes in your neighborhood that are assessed at a lower value. This will be the easiest way to show your case. You will want to discover 3 or 4 residential properties 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 go to a property appeal hearing, so if this does take place, do not be frightened. In general, these hearings are simply called to allow you to provide the info you have actually gathered in support of your claim. You will also be enabled to examine any incorrect info that might be on file about your residential property. You ought to be ready for this hearing and have all the information you have actually collected about similar homes and sales of similar houses in Potter County.
Be prepared for the tax assessor to argue his/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 prepared 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 elaborating on the facts to support their position. It’s is always essential to keep in mind that there are no additional penalties attached to filing an appeal; the worst outcome being that your property 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 Potter County property assessed value might result in substantial savings. If there are just a couple of hundred dollars of possible savings, it might not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which may result in a loss of incomes. 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 reduce wage loss.
How Property Taxes Are Calculated On A Home
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.