Property tax assessment appeal: Should you appeal your property assessment in Potter County, Pennsylvania?
Property owners in Potter County are totally familiar with the burden of property taxes; those that have spent their lives in areas where these taxes are typically high feel the impact more than most. 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 experienced firsthand the taxes increase year after year. But the bad news is perhaps overpaying your real estate tax and be entirely uninformed. Here are some typical reasons people are overpaying their homes tax.
Is your Potter County house over assessed?
A high house assessed value is the main reason that people appeal the dollar amount they are paying on their real estate tax. In most cases, people feel that the evaluation put on their property does not reflect the marketplace value must they attempt to sell it today. The easiest way to discover this out is to call some local real estate agents. They need to be able to tell you the series of values equivalent homes are selling for in your location. Keep in mind, the actual value of your property 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 till next year to appeal.
Can you get the real market value of your home?
It is most likely worthwhile to contact a local property representative or your assessor in Potter County, Pennsylvania. If you feel your residential property has been seriously overvalued, an expert assessment might show really economical in the long run
Many do not realize you are not allowed to challenge your property tax bill directly in Pennsylvania, however you can unquestionably lodge an assessment appeal, keep in mind that regardless of how you feel about the costs, if you don’t pay, it can result in the foreclosure of your home.
To successfully appeal, you will require to show at least 3 comparable homes that have actually been evaluated at a lower value. The closer these residential properties remain in size and location to yours, the higher the possibility of success you will have on appeal
Specific situations that may have lowered the value of your residential property
If there are extraordinary situations that directly lead to the reduction of your home value and these are not accounted for in your evaluation, these are clear grounds for appeal. Just supply evidence of these circumstances, and the appeals process ought to be straightforward.
You have actually recently purchased your home in Potter County, Pennsylvania for less than the assessment value
If you have proof of the purchase price of your home or you have a current appraisal that does not show the amount your house has actually been valued at by the assessor, this is clear grounds for appeal. If a professional values your property much lower than that of the tax assessment, this is considerable evidence to back your appeal. You can always request 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 need to accept a high real estate assessment; you can always appeal and get them reduced at the same time.
How do you appeal your real estate assessment in Potter County?
Every State has their own criteria 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 it deserves. As your Potter County home taxes are computed basically by multiplying the assessed 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 valued less than the value the assessor believes.
On receiving your home assessed value, your county will provide 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, remember if you miss this due date there’s nothing you can do, and you will be forced to wait an additional year for an opportunity to appeal your home assessment!
The fastest and simplest method to file an appeal in Potter County is to do so on the website of your county, town or city. The costs connected with each appeal can differ based on the preliminary value of your property assessment. The expense 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 make sure that your local tax assessor has included the correct house info to start with. In some cases, information may be in error such as, houses have been raised with basements that do not exist; such examples are wrong and might result in your house value being decreased immediately. The more details that you can gather as to why you feel your home is miscalculated, the stronger your case for an assessment appeal.
If there are no recognizable issues with the info on your property, you will need to find information of equivalent 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 three or four houses that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your premises for appeal.
In some areas, you’ll be asked to go to a property appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are simply contacted us to allow you to provide the info you have actually collected in support of your claim. You will also be enabled to examine any false info that might be on file about your property. You must be ready for this hearing and have all the information you‘ve gathered about similar houses and sales of comparable houses in Potter County.
Be prepared for the tax assessor to argue his/her counter-argument. Among 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 stage, the Assessor believes you are not deserving of a reduction in value and will want to win his/her case by embellishing on the facts to support their case. It’s is always crucial to bear in mind that there are no additional penalties connected to submitting an appeal; the worst outcome being that your property assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has been misestimated, an effective appeal of your Potter County house assessment value might result in considerable savings. If there are just a few hundred dollars of possible savings, it might not be worth your time. You also need to consider that the hearing could be arranged during a workday, which might lead to 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 arrangements to minimize wage loss.
Property Tax Valuation - How to Calculate
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.