Property tax assessment appeal: Should you appeal your property assessment in Greenville County, South Carolina?
House owners in Greenville County are fully knowledgeable about the burden of real estate tax; those that have spent their lives in areas where these taxes are typically high feel the effect more than most. The effect of these taxes can be even worse for those who have lived in their homes for some time, as they have seen firsthand the taxes increase every year. The bad news is perhaps overpaying your residential property taxes and be totally unaware. Here are some typical reasons people are overpaying their residential properties tax.
Is your Greenville County property over evaluated?
A high house assessment is the main factor that people appeal the dollar amount they are paying on their real estate tax. Oftentimes, individuals feel that the assessment put on their residential property does not show the market value should they try to sell it today. The simplest method to find this out is to call some regional realtors. They need to have the ability to tell you the range of values similar homes are selling for in your area. Keep in mind, the real market value of your property will not be realized up until a sale is finally closed. When you receive your house valuation, you will be provided a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait up until next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to call a local realty agent or your assessor in Greenville County, South Carolina. If you feel your property has actually been significantly miscalculated, a professional assessment could prove very cost-efficient in the long run
Often people do not realize you are not allowed to contest your tax bill in South Carolina, but you can certainly submit an assessed value appeal, keep in mind that no matter how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will require to reveal at least three equivalent properties that have been assessed at a lower assessment value. The closer these properties remain in size and area to yours, the greater the possibility of success you will have on appeal
Specific circumstances that may have minimized the value of your residential property
If there are exceptional circumstances that straight result in the decrease of your home value and these are not shown in your evaluation, these are clear grounds for appeal. Just supply proof of these scenarios, and the appeals process ought to be straightforward.
You have recently purchased your residential property in Greenville County, South Carolina for a lower value than the assessment value
If you have evidence of the purchase price of your home or you have a recent appraisal that does not show the dollar 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 assessment, this is considerable evidence to back your appeal. You can always pay for 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 real estate assessment; you can always appeal and get them lowered at the same time.
How do you contest your property assessment in Greenville County?
Every State has their own requirements for real estate assessment 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 deserves. As your Greenville County home 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 house assessed value. Your only avenue of approach is to prove your home is not worth the value the assessor believes.
Upon receiving your house assessed value, your county will give 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, remember if you miss this deadline there’s absolutely 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 way to submit an appeal in Greenville County is to do so on the website of your county, town or city. The charges connected with each appeal can differ dependent 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 correct house info 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 could lead to your home value being decreased immediately. The more details that you can gather as to why you feel your home is miscalculated, the more powerful your case for an appeal.
If there are no recognizable issues with the information on your property, you will need to discover information of similar homes in your area that have a lower assessment. This will be the simplest method to show your case. You will want to find 3 or four residential properties that are all the same size as yours, in the exact same location, whose value is much less lower than your own; this will be your premises for appeal.
In some locations, you’ll be asked to go to a real estate appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are just contacted us to enable you to provide the info you‘ve collected in support of your claim. You will also be enabled to examine any false information that may be on file about your home. You need to be ready for this hearing and have all the data you‘ve collected about similar houses and sales of similar homes in Greenville County.
Be ready for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more modern-day 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 position. It’s is always crucial to bear in mind that there are no additional penalties attached to submitting an appeal; the worst outcome being that your home assessed value is the same.
Is it worth filing an appeal?
If you really feel that your home has been overvalued, a successful appeal of your Greenville County house assessment value might result in substantial savings. If there are just a few hundred dollars of possible cost savings, it might not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which might result in a loss of profits. 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.
Property Tax - Pros and Cons
Property taxes are the way that most local areas collect the tax revenue that funds the services citizens need in that area. The level of taxation, the method of assessment and the exemptions that apply vary from one area to another. This article explains how the property works in Hennepin County, Minnesota.
Property taxes provide the basic means of funding essential services such as schools, roads, transit, fire, police and mosquito prevention in Hennepin County. The taxes are raised on a county wide basis and then distributed between the school districts, cities, townships and special districts. They are an attempt to share the cost of the services which are necessary for civic life on an equitable basis.
The level of taxation that the citizen pays is based on the market value of the property they own. Tax assessors calculate the market value of the property. The individual property is then placed in a category according to its estimated value. The actual tax that the resident pays is then worked out according to the millage rate. The millage rate is a formula based on the level of the county budget. It varies from year to year and depends on the amount that is needed to cover the budget based on the value of the properties assessed.
Residents will receive a notification of the market value of their house as determined by the county tax assessor. There is an appeals process. If you think the valuation of your house is too high you can appeal. You must file your appeal with the County Tax Board.
When your appeal is heard the Hennepin County tax assessor will explain why your house was valued as it was and what the assessment was based on. It is important to be able to explain why your house has been wrongly valued and make a case for a reduction.
If you win your appeal and the market value of your house is reduced you may be entitled to a refund of taxes already paid for previous years and to reduced taxation for the coming year.
Home improvements will normally increase the market value of your house and hence increase your tax assessment. However there are exceptions. If your house is more than 45 years old it may qualify for exemption under the "This old house" rule. An old house can be improved in some cases without becoming liable to higher taxation. This provision acts as an incentive to owners to improve older houses rather than allowing them to deteriorate.
There are also what are called Homestead exemptions. These apply to the primary residence of the tax payer. They do not apply to second homes or holiday homes. There are cases in which you can apply for a homestead exemption in which a qualified resident lives. Residents who are blind or severely disabled are entitled to homestead exemptions. You should file for homestead exemptions at the county offices.