Property tax appeal: Should you appeal your property’s assessed value in Florence County, South Carolina?
House owners in Florence County are completely familiar with the concern of real estate tax; those that have actually invested their lives in locations where these taxes are generally high feel the effect more than many. The impact of these taxes can be even worse for those who have lived in their properties for a long time, as they have seen firsthand the taxes increase every year. However the bad news is possibly overpaying your property taxes and be totally unaware. Here are some common reasons individuals are overpaying their properties tax.
Is your Florence County house over evaluated?
A high property assessment is the main factor that individuals appeal the dollar amount they are paying on their property taxes. In many cases, people feel that the assessment put on their residential property does not show the marketplace value should they try to offer it today. The easiest way to find this out is to call some local real estate agents. They must be able to tell you the variety of worths similar residential properties are selling for in your area. Remember, the actual value of your residential property will not be known till a sale is closed. When you receive your property assessment, you will be provided 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 property?
It is most likely worthwhile to contact a local property representative or your assessor in Florence County, South Carolina. If you feel your residential property has been seriously misestimated, a professional valuation could prove really cost-effective in the long run
Often people do not know you are not allowed to contest your real estate tax bill in South Carolina, however you can undoubtedly submit an assessment appeal, keep in mind that despite how you feel about the bill, if you do not pay, it can result in the foreclosure of your home.
To effectively appeal, you will need to reveal a minimum of three comparable homes that have been evaluated at a lower value. The closer these properties are in size and area to yours, the higher the chance of success you will have on appeal
Particular circumstances that may have minimized the value of your property
If there are exceptional situations that directly lead to the decrease of your property value and these are not accounted for in your assessment, these are clear grounds for appeal. Just provide proof of these situations, and the appeals procedure ought to be straightforward.
You have just recently purchased your home in Florence County, South Carolina for much less than the assessment 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 actually been assessed at by the assessor, this is clear premises for appeal. If an expert values your property much lower than that of the assessment, this is considerable evidence to support your petition. You can always pay for a brand-new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. Fortunately is that you do not need to accept a high real estate assessment; you can always appeal and get them lowered in the process.
How do you contest your house assessed value in Florence County?
Every State has their own criteria for real estate assessment value appeals. One thing they all have in common; the only argument that they will accept is that your property has been evaluated higher than it‘s worth. As your Florence County property taxes are calculated basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment. Your only opportunity of approach is to prove your home is valued less than the value the assessor thinks.
On receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can differ 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 nothing you can do, and you will be required to wait a further year for an opportunity to appeal your real estate assessment value!
The fastest and simplest method to file an appeal in Florence County is to do so on the assessment website of your county, town or city. The charges associated with each request can differ depending 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 procedure is to make sure that your regional tax assessor has included the right house info to start with. In some cases, facts on your home may be in error such as, houses have been lifted with basements that do not exist; such examples are wrong and could result in your home value being lowered right away. The more details that you can gather regarding why you feel your house is misestimated, the stronger your case for an assessment appeal.
If there are no recognizable problems with the info on your property, you will need to find information of equivalent homes in your community that have a lower assessment. This will be the simplest method to show your case. You will want to find 3 or 4 residential 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, don’t be intimidated. In general, these hearings are simply contacted us to allow you to provide the details you‘ve collected in support of your claim. You will likewise be enabled to analyze any false information that might be on file about your home. You should be ready for this hearing and have all the data you have actually gathered about comparable houses and sales of comparable houses in Florence County.
Be ready 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 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 assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to keep in mind that there are no additional penalties connected to filing an appeal; the worst result being that your property assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your house has been overvalued, a successful appeal of your Florence County house assessment value could lead to considerable cost savings. If there are only a few hundred dollars of possible savings, it may 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 reduce wage loss.
Prorations - Real Estate Tax and 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.