Fight property taxes: Should you appeal your property assessment in Sevier County, Tennessee?
Homeowners in Sevier County are totally aware of the problem of property taxes; those that have actually invested their lives in areas where these taxes are generally high feel the impact more than a lot of. The impact of these taxes can be even worse for those who have lived in their residential properties for some time, as they have seen firsthand the taxes increase every year. But the bad news is maybe overpaying your property taxes and be entirely unaware. Here are some typical reasons people are overpaying their properties tax.
Is your Sevier County house over evaluated?
A high property valuation is the main reason that people appeal the amount they are paying on their property taxes. Oftentimes, people feel that the evaluation placed on their home does not show the marketplace value should they attempt to offer it today. The simplest method to find this out is to get in touch with some regional realtors. They ought to be able to tell you the range of values similar properties are selling for in your area. Keep in mind, the real market value of your residential property will not be known till a sale is closed. When you receive your house assessed value, you will be offered 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 property?
It is probably worthwhile to reach out to a local property representative or your assessor in Sevier County, Tennessee. If you feel your property has been significantly miscalculated, a professional assessment could prove very affordable in the long run
Most do not know you are not allowed to challenge your tax bill directly in Tennessee, however you can unquestionably file an appeal, keep in mind that despite how you feel about the bill, if you don’t pay, it can result in the foreclosure of your home.
To effectively appeal, you will need to reveal at least 3 equivalent homes that have been assessed at a lower value. The closer these homes are in size and place to yours, the higher the chance of success you will have on appeal
Particular scenarios that may have actually reduced the value of your home
If there are extraordinary situations that directly lead to the decrease of your residential property value and these are not accounted for in your evaluation, these are clear premises for appeal. Just provide evidence of these scenarios, and the appeals process should be straightforward.
You have actually recently bought your property in Sevier County, Tennessee for lower market value 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 home has actually been assessed at by the assessor, this is clear premises for appeal. If a professional evaluates your property much lower than that of the assessed value, this is significant evidence to back your petition. You can always request a new appraisal even though 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 real estate assessment; you can always appeal and get them decreased at the same time.
How do you contest your real estate assessment value in Sevier County?
Every State has their own criteria for home assessment value appeals. Something they all have in common; the only groungs that they will accept is that your home has been assessed higher than it‘s worth. As your Sevier County real estate 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. Your only opportunity of approach is to prove your house is valued less than the value the assessor believes.
Upon receiving your house assessed value, your county will provide you a predetermined window in which to appeal. These can vary significantly 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 due date there’s nothing you can do, and you will be required to wait a further year for a chance to appeal your real estate assessment!
The fastest and easiest way to file an appeal in Sevier County is to do so on the assessment website of your county, town or city. The costs related to each appeal can vary depending on the preliminary value of your property assessment 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 ensure that your local tax assessor has included the appropriate property info to start with. Sometimes, facts on your home may be in error such as, houses have been raised with basements that don’t exist; such examples are wrong and could cause your house value being lowered immediately. The more information that you can gather as to why you feel your house is overvalued, the more powerful 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 similar homes in your area that are assessed at a lower value. This will be the easiest method to prove your case. You will want to find three or four 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 grounds for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does occur, do not be daunted. In general, these hearings are just contacted us to allow you to present the info 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 home. You must be prepared for this hearing and have all the information you‘ve collected about similar houses and sales of similar homes in Sevier County.
Be ready for the tax assessor to argue his/her counter-argument. One of 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 point, 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 position. It’s is always important to remember that there are no additional penalties connected to submitting an appeal; the worst outcome being that your real estate assessment is the same.
Is it worth submitting an appeal?
If you really feel that your house has been misestimated, a successful appeal of your Sevier County property assessment could lead to considerable cost savings. If there are just a few hundred dollars of possible savings, it might 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 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 reduce wage loss.
Property Tax - Pros and Cons
Property tax is probably the fairest tax collected by municipalities. However, it is also probably the un-fairest tax collected by municipalities.
The state where an individual lives determines how much they pay, which may be higher or lower. An individual's economic status can also be a factor in how this type of tax impacts their pocketbook.
In fact when it comes to the decision on taxes and renting versus owning, this may be the only time renting is the best option. States collect property taxes on:
- Improvements to land such as additions to property
- Man made objects that are not stationary structures
It is usually assessed by individual county tax collectors in each state. Land and property are mailed tax payment notices that are the result of appraisals of the property's value. Notices of assessments can be disputed by contacting the tax collector in the land owner's county, and the tax bill is typically paid from a homeowner's escrow amount on their mortgage.
As mentioned, property taxes can disproportionately affect some homeowners. Increases in a state's tax rate can often double or even triple a homeowner's tax liability and often leave them with no option but to sale their residence or land.
Critics of this form of taxation have also decried the fact that it does address the situations of some individuals. Although it is ordinarily paid as part of an escrow account, increased property tax means they would have to pay more into escrow.
Senior citizens on a fixed income have been identified as a group sometimes hit hard by taxes on their property. Such individuals may have high taxes due to an increase in the value of their property, yet find them selves unable to pay because of a reduced income during retirement. This mandatory tax, in some cases, does not take into account factors that may impact someone's ability to pay, such as personal tragedy or acts of nature.
Property tax has also been criticized because of the difference individuals must pay between states. Alabama has the lowest rate at 1.3 percent on property value, while New Hampshire has the largest at 4.9 percent. The average percentage among is somewhere in the range of 2.3 percent.
While Alabama has a tax rate of 1.3, which would seem to make it an attractive location for a home or business owner, someone with property a few feet away in neighboring Georgia would have to pay 2.6 percent, and more than double in Florida with a tax rate of 3.1 percent.
Just how to spend the revenue (or waste it, as is the case with many governments) generated by taxing property values is determined by state legislatures. A state's legislature also has say over reducing or raising the tax rate along with determining how often it should be collected. Additionally, there may also set limits on how much increase, if any, there can be every year.
Property tax definitely helps states with revenue. But while much needed, property tax can also be a deciding factor in where an individual lives or their ability to retain the American Dream of owning land.