Property tax assessment appeal: Should you appeal your property’s assessed value in Robertson County, Tennessee?
House owners in Robertson County are completely knowledgeable about the problem of real estate tax; those that have invested their lives in areas where these taxes are typically high feel the effect more than many. The effect of these taxes can be even worse for those who have resided in their homes for some time, as they have actually experienced firsthand the taxes increase year after year. But the bad news is perhaps overpaying your property taxes and be entirely uninformed. Here are some typical reasons people are overpaying their residential properties tax.
Is your Robertson County property over evaluated?
A high house evaluation is the primary reason that individuals appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the appraisal placed on their property does not show the market value should they try to offer it today. The most convenient way to find this out is to call some regional realtors. They ought to be able to tell you the series of worths equivalent homes are selling for in your location. Keep in mind, the actual value of your residential property will not be realized until a sale is finally closed. When you receive your property assessment, you will be provided a 30-day window in which to appeal any valuation. Otherwise, you will need to wait up until next year to appeal.
Can you get the actual market value of your home?
It is probably worthwhile to call a local property agent or your assessor in Robertson County, Tennessee. If you feel your home has been significantly misestimated, a professional appraisal could prove very economical in the long run
Many do not realize you are not permitted to contest your tax bill in Tennessee, but you can certainly file an assessed value appeal, remember that no matter how you feel about the bill, if you do not pay, it can result in the foreclosure of your home.
To effectively appeal, you will require to reveal a minimum of 3 comparable homes that have been evaluated at a lower value. The closer these homes remain in size and place to yours, the greater the possibility of success you will have on appeal
Particular situations that may have reduced the value of your residential property
If there are exceptional circumstances that straight result in the reduction of your property value and these are not accounted for in your assessment, these are clear grounds for appeal. Just supply proof of these scenarios, and the appeals process ought to be straightforward.
You have actually just recently purchased your property in Robertson County, Tennessee for a lower value than the assessment value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your home 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 tax assessment, this is significant evidence to back your appeal. You can always order a new appraisal even though 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 appeal your real estate assessment in Robertson County?
Every State has their own criteria for property assessment value 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 Robertson County house taxes are computed basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the house assessment. Your only avenue of approach is to prove your house is valued less than the value the assessor thinks.
On receiving your house assessed value, your county will offer 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 absolutely nothing you can do, and you will be forced to wait a more year for a chance to appeal your property assessment!
The fastest and most convenient way to submit an appeal in Robertson County is to do so on the website of your county, town or city. The charges connected with each request can vary depending on the initial 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 procedure is to guarantee that your local tax assessor has included the appropriate real estate details to start with. In some cases, details may be in error such as, homes have been raised with basements that do not exist; such examples are wrong and might cause your house value being decreased immediately. The more information that you can gather as to why you feel your home is miscalculated, the more powerful your case for an appeal.
If there are no obvious concerns with the information on your property, you will need to find details of equivalent homes in your community that have a lower assessment. This will be the easiest method to show your case. You will want to discover 3 or 4 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 premises for appeal.
In some areas, you’ll be asked to go to a property appeal hearing, so if this does occur, do not be intimidated. In general, these hearings are simply contacted us to permit you to present the details you‘ve gathered in support of your claim. You will also be allowed to examine any incorrect details that might be on file about your residential property. You must be ready for this hearing and have all the data you‘ve collected about similar homes and sales of comparable houses in Robertson 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 contemporary than the ones you’re comparing it to. Be prepared for such an argument because if you get to this stage, 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 important to keep in mind that there are no additional penalties attached to filing an appeal; the worst outcome being that your house assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your house has been miscalculated, a successful appeal of your Robertson County real estate assessed value might lead to substantial cost savings. If there are just a few hundred dollars of potential cost savings, it may 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 arrangements to possibly eliminate wage loss.
Pay Your Property Tax Or Lose Your Property
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.