Property tax dispute: Should you appeal your property’s assessed value in Greenwood County, South Carolina?
House owners in Greenwood County are completely familiar with the concern of property taxes; those that have actually invested their lives in areas where these taxes are traditionally high feel the impact more than many. The effect of these taxes can be even worse for those who have actually resided in their residential properties for a long time, as they have seen firsthand the taxes rise year after year. However the bad news is possibly overpaying your real estate tax and be totally uninformed. Here are some typical reasons individuals are overpaying their properties tax.
Is your Greenwood County property over evaluated?
A high property assessed value is the main reason that individuals appeal the dollar amount they are paying on their property taxes. In a lot of cases, people feel that the assessment put on their residential property does not show the market value ought to they attempt to sell it today. The simplest method to discover this out is to call some local realtors. They must be able to inform you the series of values similar homes are selling for in your area. Keep in mind, the real market value of your residential property will not be known until a sale is closed. When you receive your home evaluation, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will need to wait till next year to appeal.
Can you get the actual value of your property?
It is most likely beneficial to get in touch with a regional realty representative or your assessor in Greenwood County, South Carolina. If you feel your home has actually been badly miscalculated, a professional valuation might prove very cost-efficient in the long run
Often people do not realize you are not entitled to contest your property tax bill directly in South Carolina, but you can undoubtedly lodge an assessed value appeal, remember that despite how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will need to reveal a minimum of 3 similar properties that have been evaluated at a lower value. The closer these properties remain in size and place to yours, the greater the possibility of success you will have on appeal
Specific situations that may have minimized the value of your property
If there are exceptional situations that directly result in the reduction of your home value and these are not shown in your evaluation, these are clear premises for appeal. Simply provide evidence of these situations, and the appeals procedure should be straightforward.
You have just recently bought your residential property in Greenwood County, South Carolina for less than the assessment value
If you have evidence of the purchase price of your home or you possess a recent appraisal that does not show the dollar amount your home has been assessed at by the assessor, this is clear premises for appeal. If an expert evaluates your residential property much lower than that of the tax assessment, this is substantial evidence to support your appeal. You can always pay for a brand-new appraisal despite the fact that 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 at the same time.
How do you contest your home assessed value in Greenwood County?
Every State has their own criteria for home assessed value appeals. Something they all have in common; the only argument that they will accept is that your property has actually been evaluated higher than itreal market value. As your Greenwood County house taxes are computed 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 house assessment value. Your only avenue of approach is to show your house is valued less than the value the assessor thinks.
Upon receiving your house assessment, your county will give you a predetermined window in which to appeal. These can vary 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 due date there’s absolutely nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your home assessed value!
The fastest and most convenient way to file an appeal in Greenwood County is to do so on the assessment website of your county, town or city. The costs associated with each appeal can vary based on the initial value of your property assessed value. The expense of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the process is to guarantee that your local tax assessor has included the appropriate house information to start with. In some cases, details may be in error such as, homes have actually been lifted with basements that do not exist; such examples are wrong and might lead to your house value being decreased immediately. The more information 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 obvious issues with the information on your property, you will need to find information of comparable homes in your community that have a lower assessment. This will be the easiest way to show your case. You will want to discover three or 4 houses that are all the same size as yours, in the 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 take place, don’t be intimidated. In general, these hearings are simply contacted us to enable you to provide the info you have actually collected in support of your claim. You will also be enabled to analyze any incorrect details that may be on file about your home. You ought to be prepared for this hearing and have all the data you‘ve gathered about comparable homes and sales of comparable homes in Greenwood 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 concern is more modern-day 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 embellishing on the facts to support their case. It’s is always crucial to remember that there are no additional penalties attached to submitting an appeal; the worst result being that your home assessment is the same.
Is it worth submitting an appeal?
If you truly feel that your house has actually been overvalued, a successful appeal of your Greenwood County property assessment value might result in significant cost savings. If there are just a few hundred dollars of potential 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 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 appropriate arrangements to possibly eliminate 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.