Property tax assessment appeal: Should you appeal your property’s assessed value in Schuylkill County, Pennsylvania?
House owners in Schuylkill County are fully aware of the concern of real estate tax; those that have invested their lives in locations where these taxes are traditionally high feel the impact more than many. The impact of these taxes can be even worse for those who have actually lived in their residential properties for some time, as they have experienced firsthand the taxes rise year after year. The bad news is possibly overpaying your residential property taxes and be totally unaware. Here are some typical factors people are overpaying their properties tax.
Is your Schuylkill County home over assessed?
A high house evaluation is the main factor that individuals appeal the amount they are paying on their real estate tax. In most cases, people feel that the evaluation put on their home does not show the marketplace value should they attempt to sell it today. The simplest way to find this out is to contact some local realtors. They need to be able to inform you the variety of values similar homes are selling for in your location. Keep in mind, the actual market value of your residential property will not be realized up until a sale is closed. When you receive your home evaluation, you will be offered a 30-day window in which to appeal any assessment. Otherwise, you will have to wait till next year to appeal.
Can you get the real value of your home?
It is most likely worthwhile to call a local real estate agent or your assessor in Schuylkill County, Pennsylvania. If you feel your home has actually been seriously overvalued, a professional evaluation might prove extremely economical in the long run
Many do not know you are not allowed to contest your tax bill directly in Pennsylvania, but you can undoubtedly submit an appeal, bear in mind that no matter how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your home.
To effectively appeal, you will require to reveal a minimum of 3 equivalent homes that have been assessed at a lower assessment value. The closer these properties are in size and location to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have minimized the value of your residential property
If there are exceptional circumstances that directly lead to the reduction of your home value and these are not reflected in your evaluation, these are clear premises for appeal. Simply provide proof of these situations, and the appeals process should be straightforward.
You have recently purchased your property in Schuylkill County, Pennsylvania for a lower value than the assessed value
If you have evidence of the purchase price of your home or you possess a recent appraisal that does not reflect the amount your house has been valued at by the assessor, this is clear grounds for appeal. If a professional evaluates your residential property much lower than that of the assessment, this is significant proof to support your appeal. You can always request a brand-new appraisal even though this will cost a few hundred dollars it could be worth it in the end. Fortunately is that you do not need to accept a high property assessment; you can always appeal and get them lowered in the process.
How do you appeal your home assessment value in Schuylkill County?
Every State has their own requirements for property assessed value appeals. Something they all have in common; the only argument that they will accept is that your property has been evaluated higher than itreal market value. As your Schuylkill 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 assessment value. Your only avenue of approach is to prove your home is valued less than the value the assessor thinks.
On receiving your house assessed value, your county will give you a predetermined window in which to appeal. These can differ substantially 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 required to wait a further year for an opportunity to appeal your property assessment!
The fastest and most convenient way to file an appeal in Schuylkill County is to do so on the assessment website of your county, town or city. The charges associated with each appeal can vary dependent on the initial value of your house assessment. 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 local tax assessor has included the proper house details 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 result in your house value being reduced instantly. The more information that you can gather regarding why you feel your house is misestimated, the more powerful your case for an assessment appeal.
If there are no recognizable concerns with the information on your property, you will need to find information of similar homes in your area that are assessed at a lower value. This will be the easiest method to show your case. You will want to find three or four properties that are all the same size as yours, in the same area, 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 take place, do not be frightened. In general, these hearings are just called to allow you to present the information you have actually collected in support of your claim. You will also be allowed to examine any false information that might be on file about your property. You should be ready for this hearing and have all the data you have actually gathered about similar homes and sales of comparable homes in Schuylkill County.
Be prepared for the tax assessor to argue his or her counter-argument. Among 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 point, the Assessor believes you are not deserving of a reduction in value and will want to win his/her case by elaborating on the facts to support their position. It’s is always crucial to bear in mind that there are no additional charges attached to submitting an appeal; the worst result 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 Schuylkill County home assessment could lead to substantial cost 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 set up during a workday, which might lead to 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 appropriate arrangements to reduce wage loss.
Pay Your Property Tax Or Lose Your Property
Real estate properties in the U.S. are taxed by the federal and state governments. Taxes on these properties are a major source of revenue for local governments. Property tax rates, in the form of percentage, are usually decided by city councils, school boards, town boards, village boards and county legislatures and are collected each year by municipalities such as cities, counties and districts. Every year normally during September or October, the board conducts budget hearings to find out how much funds they will need for their operations the following year. The tax rate is then determined by dividing the board's total taxes by the total assessed value of the jurisdiction.
Property taxes have a special purpose. The funds collected from taxpayers
are used by municipalities to improve vital public facilities and infrastructure such as schools, sewers, libraries, fire stations, hospitals, parks, roads and bridges.
Laws on the various aspects of real estate properties as well as forms of property tax vary from state to state. However, there's a standard formula in calculating property taxes on a home. The normal process involves multiplying the assessed value of a certain property by the prevailing tax rate. Exemptions, if any, are then deducted from the resulting figure. Currently, some 40 states give property tax credits or homestead exemptions that allow a property to have a lower taxable assessed value.
In some states, the property tax rate is known as a millage tax, millage rate or mill levy with one mill equivalent to 1/1,000 of a dollar. Simply put, an owner of a property will have to pay one dollar for every $1,000 in taxable value.
The assessed value of a property is vital in determining the property tax. It is here where the assessor comes in and not in calculating the property tax as some other people might believe. To get the assessed value, the assessor estimates the market value of a property or the price it would likely sell for in the real estate market. This is done by conducting studies and analysis of the local real estate market and taking into consideration new construction, improvements done to the property and demolition of structures.
On your own as a homeowner, you should get an idea of your home's market value based on the sale prices of comparable properties in your neighborhood. If in the event you find that your assessment is a bit high, there is still a chance to have the value reduced through administrative and judicial proceedings or by consultation with your local assessor.
In coming up with the assessed value for residential properties, the actual value is multiplied by the residential assessment rate. The residential assessment rate is usually set by the state thus, it differs in every state.
So for example, the actual value of a home is $120,000 and the assessment rate is 7 percent, the assessed value would be $8,400.
Meanwhile, in getting the property tax for the same home valued at $120,000 with a tax rate of say, 25 percent, multiply the assessed value with the tax rate ($8,400 x .025) and you'll have a property tax bill of $2,100.
Keep in mind that property taxes have to paid each year and failure to do so would mean penalties. If possible, learn more about this important tax and other related programs such as tax breaks and tax reliefs that could provide you and your family reduced taxes.