Property tax appeal: Should you appeal your property’s assessed value in Spartanburg County, South Carolina?
House owners in Spartanburg County are completely familiar with the problem of property taxes; those that have spent their lives in areas where these taxes are traditionally high feel the effect more than many. The effect of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have experienced firsthand the taxes increase every year. However the bad news is possibly overpaying your real estate tax and be completely unaware. Here are some common factors people are overpaying their residential properties tax.
Is your Spartanburg County home over assessed?
A high home assessed value is the main reason that people appeal the dollar amount they are paying on their real estate tax. In a lot of cases, people feel that the assessment put on their property does not show the marketplace value need to they try to sell it today. The easiest way to find this out is to contact some local realtors. They ought to have the ability to tell you the variety of worths similar homes are selling for in your location. Remember, the actual value of your residential property will not be realized up until a sale is finally closed. When you receive your house evaluation, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will have to wait until next year to appeal.
Can you get the actual value of your home?
It is most likely worthwhile to contact a local property agent or your assessor in Spartanburg County, South Carolina. If you feel your home has actually been badly miscalculated, an expert appraisal might show very cost-efficient in the long run
Most do not realize you are not allowed to challenge your property tax bill directly in South Carolina, but you can unquestionably submit an assessment appeal, remember 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 show at least 3 similar homes that have actually been assessed at a lower assessment value. The closer these properties are in size and location to yours, the higher the opportunity of success you will have on appeal
Particular scenarios that may have minimized the value of your home
If there are exceptional scenarios that directly lead to the reduction of your residential property value and these are not accounted for in your assessment, these are clear premises for appeal. Simply provide evidence of these circumstances, and the appeals procedure should be straightforward.
You have recently purchased your residential property in Spartanburg County, South Carolina for lower market value than the assessed value
If you have evidence of the purchase price of your home or you have a current appraisal that does not show the amount your home has been valued at by the assessor, this is clear grounds for appeal. If a professional evaluates your property much lower than that of the assessed value, this is considerable proof to support your petition. You can always request 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 property assessment; you can always appeal and get them reduced at the same time.
How do you contest your home assessment in Spartanburg County?
Every State has their own criteria for property assessed value appeals. Something they all have in common; the only groungs that they will accept is that your property has actually been evaluated higher than it deserves. As your Spartanburg County real estate taxes are computed basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only opportunity of approach is to prove your home is valued less than the value the assessor thinks.
On receiving your home assessed value, your county will provide you a predetermined window in which to appeal. These can vary 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 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 house assessment!
The fastest and easiest way to submit an appeal in Spartanburg County is to do so on the assessment website of your county, town or city. The costs associated with each appeal can differ based on the preliminary value of your real estate assessed value. The cost 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 regional tax assessor has included the proper home info to start with. Sometimes, information may be in error such as, homes have been lifted with basements that do not exist; such examples are wrong and could cause your home value being decreased right away. The more details that you can gather as to why you feel your house is misestimated, the stronger your case for an assessment appeal.
If there are no recognizable concerns with the info on your property, you will need to discover details of equivalent homes in your neighborhood that have a lower assessment. This will be the easiest method to show your case. You will want to find three or 4 homes that are all the same size as yours, in the same location, whose value is much less lower than your property; this will be your premises for appeal.
In some locations, you’ll be asked to attend a property appeal hearing, so if this does happen, do not be frightened. In general, these hearings are simply contacted us to allow you to present the information you‘ve gathered in support of your claim. You will also be enabled to take a look at any false details that may be on file about your residential property. You ought to be ready for this hearing and have all the information you have actually gathered about similar homes and sales of similar homes in Spartanburg County.
Be ready for the tax assessor to argue his/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 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 embellishing on the facts to support their case. It’s is always crucial to keep in mind that there are no additional charges connected to filing an appeal; the worst outcome being that your house assessment value is the same.
Is it worth filing an appeal?
If you genuinely feel that your home has actually been miscalculated, a successful appeal of your Spartanburg County house assessed value might result in considerable cost savings. If there are just a couple of hundred dollars of possible cost savings, it may not deserve your time. You also need to consider that the hearing could be set up during a workday, which may 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 arrangements to minimize wage loss.
Prorations - Real Estate Tax and Property
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.