Contest property taxes: Should you appeal your property’s assessed value in Abbeville County, South Carolina?
House owners in Abbeville County are totally familiar with the concern of real estate tax; those that have invested their lives in locations where these taxes are traditionally high feel the effect more than most. The effect 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 rise year after year. The bad news is maybe overpaying your property taxes and be totally unaware. Here are some common factors people are overpaying their residential properties tax.
Is your Abbeville County property over evaluated?
A high home assessment is the main reason that people appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the appraisal put on their home does not show the marketplace value need to they try to offer it today. The most convenient way to discover this out is to get in touch with some regional realtors. They need to have the ability to tell you the series of worths similar homes are selling for in your location. Remember, the real market value of your residential property will not be known up until a sale is closed. When you receive your house assessed value, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait until next year to appeal.
Can you get the actual market value of your home?
It is most likely beneficial to call a local property agent or your assessor in Abbeville County, South Carolina. If you feel your home has been significantly miscalculated, an expert appraisal might prove very economical in the long run
Most do not know you are not entitled to challenge your real estate tax bill directly in South Carolina, but you can certainly file an assessed value appeal, remember that despite how you feel about the bill, if you do not pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to show a minimum of 3 comparable residential properties that have actually been assessed at a lower value. The closer these homes remain in size and location to yours, the greater the opportunity of success you will have on appeal
Specific situations that may have decreased the value of your residential property
If there are exceptional scenarios that directly result in the reduction of your residential property value and these are not reflected in your house assessment, these are clear grounds for appeal. Simply provide evidence of these situations, and the appeals procedure ought to be straightforward.
You have actually recently purchased your home in Abbeville County, South Carolina for much less than the assessed value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your house has been assessed at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the assessment, this is considerable evidence to support your petition. 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 bright side is that you do not need to accept a high real estate assessment; you can always appeal and get them lowered while doing so.
How do you appeal your property assessment in Abbeville County?
Every State has their own criteria for property assessed value appeals. One thing they all have in common; the only argument that they will accept is that your property has been assessed higher than it‘s worth. As your Abbeville County real estate taxes are determined basically by multiplying the evaluated value of your home by its locations 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 show your home is not worth the value the assessor thinks.
Upon receiving your home assessed value, your county will provide you a predetermined window in which to appeal. These can vary substantially 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 absolutely nothing you can do, and you will be forced to wait an additional year for a chance to appeal your house assessment!
The fastest and easiest method to file an appeal in Abbeville County is to do so on the assessment website of your county, town or city. The charges related to each request 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 on where you live.
The first step in the procedure is to make sure that your local tax assessor has included the proper property information to start with. In some cases, details may be in error such as, houses have been lifted with basements that don’t exist; such examples are wrong and might result in your house value being lowered instantly. The more details that you can gather as to why you feel your home is miscalculated, the more powerful your case for an assessment appeal.
If there are no clear concerns with the details on your property, you will need to discover details of similar homes in your neighborhood that have a lower assessment. This will be the most convenient way to prove your case. You will want to discover three or four homes that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your premises for appeal.
In some areas, you’ll be asked to participate in a real estate appeal hearing, so if this does occur, don’t be intimidated. In general, these hearings are simply contacted us to enable you to present the details you‘ve gathered in support of your claim. You will likewise be allowed to analyze any false details that might be on file about your home. You ought to be ready for this hearing and have all the information you have actually collected about similar houses and sales of comparable homes in Abbeville 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 concern is more modern-day than the ones you’re comparing it to. Be prepared for such an argument because if you get to this stage, the Assessor believes you are not deserving of a reduction in assessment and will want to win his/her case by elaborating on the facts to support their position. It’s is always important to bear in mind that there are no additional charges connected to filing 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 house has actually been overvalued, an effective appeal of your Abbeville County house assessed value might result in substantial cost savings. If there are only a few hundred dollars of potential cost savings, it may not be worth your time. You also need to consider that the hearing could be set up 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 arrangements to minimize wage loss.
Property Tax - Pros and Cons
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.
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