Property tax assessment appeal: Should you appeal your property’s assessed value in Orangeburg County, South Carolina?
Property owners in Orangeburg County are completely aware of the burden of property taxes; those that have spent their lives in locations where these taxes are traditionally high feel the effect more than a lot of. 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 increase year after year. But the bad news is possibly overpaying your real estate tax and be entirely uninformed. Here are some typical factors people are overpaying their properties tax.
Is your Orangeburg County property over evaluated?
A high home assessment is the main factor that individuals appeal the dollar amount they are paying on their property taxes. In a lot of cases, individuals feel that the assessment put on their home does not show the marketplace value need to they attempt to offer it today. The easiest method to discover this out is to call some local real estate agents. They should be able to tell you the range of worths comparable properties are selling for in your location. Keep in mind, the actual market value of your home will not be realized up until a sale is closed. When you receive your house valuation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will need to wait until next year to appeal.
Can you get the real market value of your home?
It is probably worthwhile to get in touch with a local real estate representative or your assessor in Orangeburg County, South Carolina. If you feel your property has been badly misestimated, a professional evaluation might show extremely economical in the long run
Often people do not know you are not allowed to challenge your tax bill in South Carolina, but you can undoubtedly file an assessment appeal, bear in mind that despite how you feel about the costs, if you do not pay, it can lead to the foreclosure of your house.
To successfully appeal, you will require to reveal at least three similar homes that have been assessed at a lower assessed value. The closer these properties are in size and place to yours, the greater the opportunity of success you will have on appeal
Specific circumstances that may have lowered the value of your residential property
If there are exceptional scenarios that directly lead to the decrease of your residential property value and these are not shown in your property assessment, these are clear grounds for appeal. Simply supply evidence of these scenarios, and the appeals procedure ought to be straightforward.
You have just recently purchased your home in Orangeburg County, South Carolina for less than the assessment value
If you have proof of the purchase price of your home or you have a current appraisal that does not reflect the amount your house has been assessed at by the assessor, this is clear premises for appeal. If a professional evaluates your residential property much lower than that of the assessed value, this is significant evidence to support your appeal. You can always pay for a brand-new appraisal although this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high real estate assessment; you can always appeal and get them reduced at the same time.
How do you contest your house assessment value in Orangeburg County?
Every State has their own requirements for real estate assessment appeals. Something they all have in common; the only groungs that they will accept is that your residential property has actually been evaluated higher than it‘s worth. As your Orangeburg County house taxes are calculated basically by multiplying the assessed value of your home by its areas 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 prove your house is valued less than the value the assessor believes.
Upon receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can differ considerably 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 more year for a chance to appeal your home assessed value!
The fastest and easiest method to submit an appeal in Orangeburg County is to do so on the website of your county, town or city. The fees related to each request can vary based on the preliminary value of your home 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 regional tax assessor has included the appropriate house info to start with. In some cases, facts on your home may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and could lead to your house value being decreased immediately. The more details that you can gather as to why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no clear problems with the information on your property, you will need to find details of equivalent homes in your neighborhood that are assessed at a lower value. This will be the easiest method to prove your case. You will want to discover three or four houses that are all the same size as yours, in the exact same area, whose value is much less lower than your property; 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 occur, do not be intimidated. In general, these hearings are simply called to enable you to present the information you have actually gathered in support of your claim. You will also be allowed to analyze any false info that might be on file about your residential property. You ought to be ready for this hearing and have all the data you have actually gathered about comparable homes and sales of comparable houses in Orangeburg 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 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 elaborating on the facts to support their case. It’s is always essential to remember that there are no additional charges connected to submitting an appeal; the worst result being that your property assessment value is the same.
Is it worth filing an appeal?
If you truly feel that your house has actually been misestimated, a successful appeal of your Orangeburg County real estate assessment value might lead to substantial cost savings. If there are only a few hundred dollars of potential savings, it may not be worth your time. You also need to consider that the hearing could be arranged throughout a workday, which might lead to a loss of revenues. 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.
Are Property Taxes Fair?
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.