Property tax assessment appeal: Should you appeal your property assessment in Edgefield County, South Carolina?
Homeowners in Edgefield County are fully aware of the concern of real estate tax; those that have actually invested their lives in locations where these taxes are traditionally high feel the effect more than the majority of. The effect of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have actually seen firsthand the taxes rise every year. The bad news is maybe overpaying your property taxes and be entirely uninformed. Here are some typical factors individuals are overpaying their properties tax.
Is your Edgefield County property over evaluated?
A high home assessed value is the main reason that individuals appeal the dollar amount they are paying on their real estate tax. In many cases, people feel that the assessment placed on their home does not show the marketplace value must they try to sell it today. The most convenient way to discover this out is to get in touch with some local real estate agents. They should have the ability to tell you the series of values similar residential properties are selling for in your location. Remember, the real value of your residential property will not be known till a sale is finally closed. When you receive your house evaluation, you will be given a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait up until next year to appeal.
Can you get the real market value of your home?
It is probably worthwhile to call a local real estate representative or your assessor in Edgefield County, South Carolina. If you feel your home has been badly miscalculated, an expert assessment might show really cost-efficient in the long run
Many do not know you are not permitted to dispute your tax bill in South Carolina, but you can certainly submit an appeal, bear in mind that no matter how you feel about the bill, if you do not pay, it can lead to the foreclosure of your home.
To effectively appeal, you will need to reveal at least three comparable residential properties that have actually been evaluated at a lower value. The closer these residential properties are in size and place to yours, the higher the opportunity of success you will have on appeal
Specific circumstances that may have actually lowered the value of your property
If there are exceptional situations that straight result in the reduction of your residential property value and these are not accounted for in your evaluation, these are clear grounds for appeal. Just offer proof of these circumstances, and the appeals process ought to be straightforward.
You have just recently purchased your residential property in Edgefield County, South Carolina for a lower value than the assessed value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not reflect the amount your home has been valued at by the assessor, this is clear premises for appeal. If an expert values your home much lower than that of the assessed value, this is considerable proof to support your appeal. You can always request a brand-new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. The good news 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 contest your home assessment value in Edgefield County?
Every State has their own criteria for house assessed value appeals. One thing they all have in common; the only argument that they will accept is that your residential property has been evaluated higher than it‘s worth. As your Edgefield County home taxes are computed basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the home assessed value. Your only opportunity of approach is to show your home is not worth the value the assessor thinks.
On receiving your house assessment, your county will offer you a predetermined window in which to appeal. These can vary 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 deadline there’s nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your real estate assessment!
The fastest and easiest method to file an appeal in Edgefield County is to do so on the assessment website of your county, town or city. The costs related to each request can differ dependent on the preliminary value of your house 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 process is to make sure that your local tax assessor has included the right house information to start with. In many cases, facts on your home may be incorrect such as, houses have actually been lifted with basements that do not exist; such examples are wrong and might result in your house value being decreased instantly. The more details that you can gather as to why you feel your house is misestimated, the stronger your case for an appeal.
If there are no obvious concerns with the info on your property, you will need to find details of comparable homes in your neighborhood that have a lower assessment. This will be the simplest method to prove your case. You will want to find three or four properties that are all the same size as yours, in the exact 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 attend a property appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are just called to allow you to present the details you‘ve gathered in support of your claim. You will also be permitted to take a look at any incorrect details that may be on file about your residential property. You must be prepared for this hearing and have all the data you‘ve collected about similar houses and sales of similar houses in Edgefield 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-day 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 assessment and will want to win his/her case by embellishing 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 home assessment is the same.
Is it worth filing an appeal?
If you truly feel that your house has actually been miscalculated, an effective appeal of your Edgefield County home assessment value might result in considerable cost savings. If there are just a couple of hundred dollars of possible cost savings, it might not deserve your time. You also need to consider that the hearing could be set up during a workday, which might result in 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 minimize wage loss.
Prorations - Real Estate Tax and Property
How exactly does your city come up with your property tax value? Are you concerned that your real estate taxes might be unfairly high and want to see if you are eligible for a reduction? That is what we discuss here.
First of all, no matter how confusing your property tax statement is, with all of the various terms, ratios, millage rates, etc calculating your real estate taxes really boils down to only a few factors: the market value of your property, your cities assessment ratio and the tax rate.
The market value is what your property would sell for on the open market, without any "undue influences," like being in a state of foreclosure, structural issues with the property, short sales time frame, etc. Again it's what your property sells for under a normal sale.
Property Tax Valuation
The assessment ratio is very important to calculating your real estate taxes and is what is sometimes referred to as your "property tax value". What cities do is multiple your market value, by the assessment ratio, the resulting number is the assessed value.
For example if your properties market value is $500,000 and your cities assessment ratio is 80% your property tax value would be: $500,000 x.80= $400,000 assesed value. Assessment ratios vary from state to state and from jurisdictions. Your assessment rate could be totaling different than your neighboring town.
The tax rate is also known as a millage rate and is the actual rate that property owners pay in their given town. Like the assessment ratio the tax rate varies from town to town and also from building types. For example a commercial building will be taxed at a different rate than a single family home.
In addition, a single family home used as a rental property will normally be taxed at a high rate than a single family home that is occupied by the owner.
To figure out your annual taxes you multiple the tax rate by the assessed value. For example take the assessed value of $400,000 x.020 (tax rate/millage rate) = $8,000 in annual property taxes.
Property Tax Valuation
On a real estate tax appeal you can only debate the fair market value of your property. You cannot argue the tax rate or the assessment ratio (unless they made a mistake and recorded your property in the wrong category). But again, you can only argue the assessors opinion of your properties value. Keep in mind that most cities assessors are over worked and or under qualified, so they very often make outright mistakes. If you know of other similar properties in your area that sold for less than what they have recorded your property at, than you most likely have a case and could save a lot of money.
Don't be like the 98% of property owners that don't bother to appeal their real estate taxes. They are leaving thousands of dollars on the table for no reason. The process to appeal is really not complex and won't eat that much of your time.