Fight property taxes: Should you appeal your property’s assessed value in Ector County, Texas?
House owners in Ector County are completely knowledgeable about the problem of real estate tax; those that have invested their lives in areas where these taxes are traditionally high feel the impact more than the majority of. The impact of these taxes can be even worse for those who have resided in their homes for a long time, as they have actually witnessed firsthand the taxes increase every year. However the bad news is maybe overpaying your real estate tax and be completely unaware. Here are some typical reasons people are overpaying their residential properties tax.
Is your Ector County house over assessed?
A high property evaluation is the primary factor that people appeal the dollar amount they are paying on their property taxes. In many cases, people feel that the evaluation put on their residential property does not show the market value ought to they try to offer it today. The simplest way to discover this out is to call some local real estate agents. They ought to have the ability to tell you the range of values similar homes are selling for in your area. Keep in mind, the real value of your home will not be realized up until a sale is closed. When you receive your home assessed value, you will be provided a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait until next year to appeal.
Can you get the real market value of your house?
It is probably worthwhile to get in touch with a local realty agent or your assessor in Ector County, Texas. If you feel your property has been seriously overvalued, a professional evaluation could show very economical in the long run
Often people do not know you are not permitted to challenge your real estate tax bill directly in Texas, but you can certainly submit an appeal, keep in mind that no matter how you feel about the bill, if you don’t pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show at least three similar homes that have been evaluated at a lower value. The closer these residential properties are in size and place to yours, the greater the possibility of success you will have on appeal
Specific scenarios that may have lowered the value of your residential property
If there are exceptional scenarios that straight result in the decrease of your residential property value and these are not shown in your evaluation, these are clear grounds for appeal. Just offer evidence of these situations, and the appeals procedure should be straightforward.
You have just recently purchased your property in Ector 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 recent appraisal that does not reflect the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If an expert values your home much lower than that of the assessment, this is significant evidence to support your petition. You can always pay for 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 real estate assessment; you can always appeal and get them lowered at the same time.
How do you appeal your house assessment value in Ector County?
Every State has their own criteria for house assessment appeals. One thing they all have in common; the only groungs that they will accept is that your property has been assessed higher than itreal market value. As your Ector County property taxes are determined 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 assessed value. Your only avenue of approach is to prove your house is valued less than the value the assessor believes.
On receiving your home assessment, 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, remember if you miss this due date there’s nothing you can do, and you will be required to wait a further year for an opportunity to appeal your home assessment!
The fastest and simplest way to file an appeal in Ector County is to do so on the website of your county, town or city. The fees related to each appeal can vary depending on the preliminary value of your property 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 process is to ensure that your regional tax assessor has included the proper real estate information to start with. Sometimes, details may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and might lead to your home value being decreased right away. The more details that you can gather as to why you feel your house is overvalued, the stronger your case for an assessment appeal.
If there are no recognizable problems with the information on your property, you will need to find information of similar homes in your area that have a lower assessment. This will be the most convenient way to show your case. You will want to find 3 or 4 homes 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 grounds for appeal.
In some locations, you’ll be asked to attend a property appeal hearing, so if this does take place, do not be frightened. In general, these hearings are simply called to enable you to present the details you have actually collected in support of your claim. You will also be allowed to take a look at any incorrect details that might be on file about your residential property. You must be ready for this hearing and have all the information you‘ve collected about similar houses and sales of similar homes in Ector County.
Be prepared 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 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 assessment and will want to win his/her case by elaborating on the facts to support their position. It’s is always crucial to keep in mind that there are no additional charges connected to submitting an appeal; the worst outcome being that your property assessed value is the same.
Is it worth filing an appeal?
If you genuinely feel that your home has actually been misestimated, a successful appeal of your Ector County house assessed value could lead to significant savings. If there are only a few hundred dollars of prospective savings, it might not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which might 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 reduce wage loss.
Property Tax Valuation - How to Calculate
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.