Property tax assessment appeal: Should you appeal your property’s assessed value in Sumter County, South Carolina?
House owners in Sumter County are fully aware of the problem of property taxes; those that have actually invested their lives in locations where these taxes are generally high feel the impact more than many. The impact of these taxes can be even worse for those who have actually resided in their homes for some time, as they have witnessed firsthand the taxes increase year after year. But the bad news is possibly overpaying your property taxes and be entirely uninformed. Here are some common reasons people are overpaying their properties tax.
Is your Sumter County house over assessed?
A high property assessment 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 valuation put on their residential property does not show the market value ought to they attempt to offer it today. The easiest method to discover this out is to call some regional real estate agents. They need to be able to tell you the range of values similar properties are selling for in your location. Remember, the real value of your home will not be known till a sale is finally closed. When you receive your property 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 real value of your home?
It is probably worthwhile to contact a local property representative or your assessor in Sumter County, South Carolina. If you feel your home has been badly misestimated, a professional appraisal could prove very cost-efficient in the long run
Many do not realize you are not allowed to dispute your real estate tax bill in South Carolina, however you can undoubtedly file an assessment appeal, keep in mind that despite how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will need to reveal at least three comparable properties that have actually been assessed 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
Particular scenarios that may have decreased the value of your home
If there are exceptional scenarios that straight result in the reduction of your property value and these are not reflected in your evaluation, these are clear premises for appeal. Simply offer evidence of these situations, and the appeals procedure should be straightforward.
You have actually recently purchased your home in Sumter County, South Carolina for lower market value than the assessment value
If you have proof of the purchase price of your home or you have a recent appraisal that does not show the amount your house has actually been valued at by the assessor, this is clear premises for appeal. If an expert values your home much lower than that of the tax assessment, this is substantial 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. Fortunately is that you do not need to accept a high property assessment; you can always appeal and get them lowered in the process.
How do you appeal your home assessed value in Sumter County?
Every State has their own criteria for property assessment appeals. Something they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than it deserves. As your Sumter County property taxes are computed basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment value. Your only avenue of approach is to prove your home is less than the value the assessor thinks.
Upon receiving your house assessed value, your county will offer you a predetermined window in which to appeal. These can differ substantially 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 forced to wait a further year for an opportunity to appeal your property assessment value!
The fastest and simplest method to submit an appeal in Sumter County is to do so on the assessment website of your county, town or city. The costs connected with each request can vary dependent on the preliminary value of your home 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 ensure that your local tax assessor has included the correct house details to start with. In some cases, information may be in error such as, homes have been raised with basements that do not exist; such examples are wrong and might result in your home value being lowered right away. The more information that you can gather regarding why you feel your house is overvalued, the more powerful your case for an 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 have a lower assessment. This will be the most convenient method to prove your case. You will want to discover three or four residential properties that are all the same size as yours, in the exact same area, whose value is much less lower than your own; this will be your premises for appeal.
In some locations, you’ll be asked to participate in a property appeal hearing, so if this does take place, don’t be daunted. In general, these hearings are simply called to enable you to provide the information you have actually gathered in support of your claim. You will likewise be enabled to take a look at any incorrect details that might be on file about your property. You must be prepared for this hearing and have all the data you‘ve gathered about comparable homes and sales of similar homes in Sumter County.
Be prepared for the tax assessor to argue his or her counter-argument. One of 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 embellishing on the facts to support their case. It’s is always essential to keep in mind that there are no additional charges attached to submitting an appeal; the worst result being that your property assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your house has actually been miscalculated, an effective appeal of your Sumter County property assessment could result in substantial cost savings. If there are just a couple of hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which may lead to 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 arrangements to possibly eliminate wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
To prorate means to divide something so that each person pays her fair share. The real estate term for dividing expenses that are paid after they are incurred or are prepaid is called prorations. For example, sometimes real estate taxes are paid in arrears. This means that they are paid currently for the year before. The practical effect of this is that the buyer will in many cases get a tax bill for time when she did not own the house and therefore was not responsible for the taxes.
An example will make this easier to understand. Let's say you closed on the house you bought on August 31, 2007. You are responsible for 4 months worth of real estate taxes for 2007. Unfortunately, the tax bill does not arrive until May of 2008. This is where prorations come into play. At the closing, you will be responsible for 1/3 of the tax bill that will arrive in May, 2008. That means the seller will give you, the buyer, an amount equal 2/3 of the agreed to prorated tax amount and you will pay the real estate tax bill.
The tricky part comes about because real estate taxes always seem to be going up. This is usually handled as part of the negotiations. The buyer will ask for an amount based on the seller's last year's tax bill plus a small percentage, usually 5 or 10% extra, and some agreement will be reached.
An unusually large increase in the real estate taxes due to a reassessment, rate increase or both can further complicate matters. With the gains in real estate prices in the recent past, many taxing bodies have become eager to capture at least part of that gain. So it is buyer beware and make sure you check with the local taxing authorities.
Prorations can also be used to adjust for any expenses that have been paid by the seller ahead of time, such as prepaid mortgage interest, prepaid casualty insurance, or such items as rent or utility bills.
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