Fight property taxes: Should you appeal your property assessment in Blanco County, Texas?
House owners in Blanco County are totally familiar with the problem of property taxes; those that have invested their lives in locations where these taxes are traditionally high feel the impact more than most. The effect of these taxes can be even worse for those who have actually resided in their properties for a long time, as they have actually seen firsthand the taxes increase year after year. However the bad news is possibly overpaying your real estate tax and be completely unaware. Here are some common factors individuals are overpaying their homes tax.
Is your Blanco County house over evaluated?
A high house assessment is the primary reason that individuals appeal the dollar amount they are paying on their property taxes. In many cases, people feel that the appraisal put on their home does not show the market value ought to they attempt to offer it today. The simplest way to find this out is to contact some regional realtors. They ought to have the ability to tell you the range of values comparable residential properties are selling for in your location. Keep in mind, the real market value of your residential property will not be known till a sale is closed. When you receive your home assessed value, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait till next year to appeal.
Can you get the actual market value of your property?
It is most likely worthwhile to contact a local property agent or your assessor in Blanco County, Texas. If you feel your residential property has been badly misestimated, a professional assessment could prove extremely cost-effective in the long run
Often people do not realize you are not allowed to challenge your tax bill in Texas, but you can unquestionably lodge an appeal, keep in mind that no matter how you feel about the costs, if you do not pay, it can result in the foreclosure of your home.
To effectively appeal, you will need to reveal a minimum of 3 similar homes that have been evaluated at a lower assessment value. The closer these properties remain in size and place to yours, the greater the chance of success you will have on appeal
Particular circumstances that may have lowered the value of your home
If there are exceptional situations that straight result in the reduction of your residential property value and these are not shown in your evaluation, these are clear grounds for appeal. Just offer evidence of these circumstances, and the appeals procedure should be straightforward.
You have recently purchased your residential property in Blanco County, Texas for a lower value than the assessed value
If you have proof of the purchase price of your home or you possess a current appraisal that does not show the dollar amount your home has actually been valued at by the assessor, this is clear premises for appeal. If an expert evaluates your residential property much lower than that of the assessment, this is considerable proof to back your appeal. 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 have to accept a high real estate assessment; you can always appeal and get them decreased in the process.
How do you appeal your home assessed value in Blanco County?
Every State has their own criteria for property assessment value appeals. One thing they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than itreal market value. As your Blanco 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 grounds to appeal the tax rate just the real estate assessment. Your only avenue of approach is to prove your house is valued less than the value the assessor believes.
Upon receiving your house 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, remember if you miss this deadline there’s nothing you can do, and you will be forced to wait a further year for a chance to appeal your house assessment value!
The fastest and most convenient way to file an appeal in Blanco County is to do so on the assessment website of your county, town or city. The fees related to each appeal can differ based on the preliminary value of your house assessment value. The expense of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to make sure that your regional tax assessor has included the correct real estate information to start with. Sometimes, facts on your home may be incorrect such as, homes have been raised with basements that don’t exist; such examples are wrong and might cause your house value being decreased immediately. The more details 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 recognizable issues 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 3 or 4 residential properties that are all the same size as yours, in the exact same location, whose value is much less lower than your own; this will be your premises for appeal.
In some locations, you’ll be asked to attend a real estate appeal hearing, so if this does happen, do not be daunted. In general, these hearings are just called to allow you to provide the details you‘ve collected in support of your claim. You will also be permitted to take a look at any incorrect details that may be on file about your home. You should be ready for this hearing and have all the data you‘ve collected about similar homes and sales of similar homes in Blanco County.
Be ready for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more modern-day 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 case. It’s is always important to remember that there are no additional penalties attached to filing an appeal; the worst outcome being that your real estate assessed value is the same.
Is it worth submitting an appeal?
If you really feel that your house has actually been miscalculated, a successful appeal of your Blanco County property assessment could lead to significant savings. If there are just a few hundred dollars of possible cost 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 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 arrangements to minimize wage loss.
Prorations - Real Estate Tax and 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.