Fight property taxes: Should you appeal your property assessment in Laurens County, South Carolina?
House owners in Laurens County are totally familiar with the problem of real estate tax; those that have actually spent their lives in locations where these taxes are typically high feel the impact more than the majority of. The impact of these taxes can be even worse for those who have actually lived in their properties for some time, as they have experienced firsthand the taxes increase every year. The bad news is perhaps overpaying your property taxes and be entirely unaware. Here are some common reasons individuals are overpaying their homes tax.
Is your Laurens County house over evaluated?
A high home assessed value is the primary reason that individuals appeal the amount they are paying on their property taxes. Oftentimes, individuals feel that the assessment placed on their residential property does not show the marketplace value need to they attempt to sell it today. The most convenient method to discover this out is to contact some local realtors. They must be able to inform you the series of values equivalent properties are selling for in your location. Remember, the actual market value of your residential property will not be known until a sale is finally closed. When you receive your home assessment, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait up until next year to appeal.
Can you get the real market value of your property?
It is probably beneficial to get in touch with a regional property agent or your assessor in Laurens County, South Carolina. If you feel your home has been badly overvalued, a professional assessment could show really cost-efficient in the long run
Many do not realize you are not entitled to challenge your property tax bill directly in South Carolina, however you can certainly submit an assessment appeal, remember that no matter how you feel about the bill, if you don’t pay, it can result in the foreclosure of your home.
To effectively appeal, you will require to reveal a minimum of 3 comparable residential properties that have been evaluated at a lower assessment value. The closer these residential properties remain in size and place to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have actually decreased the value of your home
If there are extraordinary scenarios that straight result in the reduction of your residential property value and these are not reflected in your property assessment, these are clear premises for appeal. Simply provide proof of these situations, and the appeals procedure ought to be straightforward.
You have just recently purchased your property in Laurens County, South Carolina for lower market 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 show the amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If an expert evaluates your home much lower than that of the assessed value, this is substantial evidence to support your appeal. You can always pay for a new appraisal although 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 decreased while doing so.
How do you appeal your property assessed value in Laurens County?
Every State has their own criteria for home assessment value appeals. Something they all have in common; the only argument that they will accept is that your home has actually been evaluated higher than it deserves. As your Laurens 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 real estate assessed value. Your only opportunity of approach is to prove your home is less than the value the assessor believes.
On receiving your home assessed value, your county will offer 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 due date there’s absolutely nothing you can do, and you will be required to wait a more year for a chance to appeal your real estate assessment value!
The fastest and easiest way to submit an appeal in Laurens County is to do so on the website of your county, town or city. The costs associated with each appeal can vary dependent on the initial value of your real estate assessed value. The cost of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to guarantee that your local tax assessor has included the appropriate real estate information to start with. In many cases, details may be in error such as, homes have actually been raised with basements that do not exist; such examples are wrong and might lead to your house value being decreased right away. The more details that you can gather regarding why you feel your home is overvalued, the stronger your case for an appeal.
If there are no obvious concerns with the details on your property, you will need to discover details of comparable homes in your community that are assessed at a lower value. This will be the simplest way to prove your case. You will want to discover 3 or 4 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 attend a real estate appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are just contacted us to allow you to present the information you‘ve collected in support of your claim. You will also be enabled to take a look at any false info that might be on file about your property. You need to be prepared for this hearing and have all the information you have actually gathered about comparable houses and sales of similar homes in Laurens County.
Be ready 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 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 elaborating on the facts to support their position. It’s is always essential to bear in mind that there are no additional penalties attached to filing an appeal; the worst result being that your property assessment value is the same.
Is it worth submitting an appeal?
If you truly feel that your home has been overvalued, a successful appeal of your Laurens County home assessment could lead to considerable savings. If there are just a couple of hundred dollars of prospective cost savings, it might 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 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 reduce 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.