Fight property taxes: Should you appeal your property’s assessed value in Pickens County, South Carolina?
House owners in Pickens County are fully familiar with the burden of real estate tax; those that have actually invested their lives in areas where these taxes are traditionally high feel the effect more than most. The impact of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have seen firsthand the taxes rise year after year. The bad news is possibly overpaying your property taxes and be completely uninformed. Here are some common reasons individuals are overpaying their homes tax.
Is your Pickens County home over evaluated?
A high house assessed value is the main factor that individuals appeal the amount they are paying on their real estate tax. In a lot of cases, individuals feel that the valuation placed on their residential property does not show the market value should they attempt to sell it today. The easiest method to discover this out is to contact some regional realtors. They ought to have the ability to inform you the range of worths comparable residential properties are selling for in your location. Remember, the actual value of your home will not be realized up until a sale is closed. When you receive your home assessment, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to reach out to a local realty agent or your assessor in Pickens County, South Carolina. If you feel your home has been badly miscalculated, a professional appraisal might prove very cost-efficient in the long run
Many do not know you are not permitted to contest your real estate tax bill in South Carolina, but you can unquestionably submit an assessed value appeal, remember that despite how you feel about the expense, if you do not pay, it can result in the foreclosure of your home.
To successfully appeal, you will require to show at least three comparable homes that have been evaluated at a lower assessment value. The closer these residential properties remain in size and place to yours, the higher the possibility of success you will have on appeal
Particular circumstances that may have actually lowered the value of your residential property
If there are exceptional circumstances that directly result in the reduction of your property value and these are not reflected in your property assessment, these are clear premises for appeal. Just provide proof of these situations, and the appeals process ought to be straightforward.
You have just recently purchased your property in Pickens County, South Carolina for lower market value than the assessed value
If you have proof of the purchase price of your home or you possess a recent appraisal that does not reflect the dollar amount your house has been valued at by the assessor, this is clear grounds for appeal. If a professional values your property much lower than that of the tax assessment, this is significant evidence to support your appeal. You can always order a brand-new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high property assessment; you can always appeal and get them lowered while doing so.
How do you contest your property assessment value in Pickens County?
Every State has their own criteria for property assessment value appeals. One thing they all have in common; the only argument that they will accept is that your property has been assessed higher than itreal market value. As your Pickens County real estate taxes are computed basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the house assessment. Your only opportunity of approach is to show your house is valued less than the value the assessor believes.
Upon receiving your home assessment, your county will give 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, keep in mind if you miss this deadline there’s nothing you can do, and you will be required to wait an additional year for a chance to appeal your house assessment!
The fastest and easiest method to submit an appeal in Pickens County is to do so on the website of your county, town or city. The fees associated with each request can differ depending on the initial value of your real estate assessed value. The cost of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to make sure that your regional tax assessor has included the proper real estate details to start with. Sometimes, facts on your home may be in error such as, homes have been raised with basements that don’t exist; such examples are wrong and might cause your house value being lowered right away. The more information that you can gather regarding why you feel your home is overvalued, 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 equivalent homes in your community that have a lower assessment. This will be the simplest way to show your case. You will want to discover three or 4 residential properties that are all the same size as yours, in the same area, whose value is much less lower than your property; this will be your premises for appeal.
In some areas, you’ll be asked to attend a real estate appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are simply contacted us to enable you to provide the details you have actually gathered in support of your claim. You will also be permitted to take a look at any incorrect info that may be on file about your home. You need to be prepared for this hearing and have all the information you have actually gathered about similar homes and sales of similar houses in Pickens 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 prepared for such an argument because if you get to this point, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by elaborating on the facts to support their position. It’s is always essential to remember that there are no additional charges connected to filing an appeal; the worst outcome being that your real estate assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been miscalculated, a successful appeal of your Pickens County property assessed value might result in significant cost savings. If there are only a few hundred dollars of potential cost savings, it might not be worth your time. You also need to consider that the hearing could be scheduled 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 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.