Contest property taxes: Should you appeal your property’s assessed value in Hockley County, Texas?
Homeowners in Hockley County are completely familiar with the concern of real estate tax; those that have invested their lives in locations where these taxes are typically high feel the impact more than the majority of. The impact of these taxes can be even worse for those who have lived in their properties for some time, as they have experienced firsthand the taxes rise year after year. The bad news is perhaps overpaying your home taxes and be entirely unaware. Here are some typical reasons individuals are overpaying their residential properties tax.
Is your Hockley County property over assessed?
A high property assessed value is the primary reason that individuals appeal the amount they are paying on their property taxes. In many cases, individuals feel that the valuation put on their home does not reflect the market value need to they attempt to offer it today. The simplest method to discover this out is to contact some local realtors. They need to have the ability to tell you the variety of worths comparable properties are selling for in your location. Remember, the actual value of your residential property will not be known until a sale is closed. When you receive your home assessment, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the real market value of your property?
It is most likely beneficial to call a regional property representative or your assessor in Hockley County, Texas. If you feel your home has actually been significantly misestimated, a professional evaluation could prove very cost-efficient in the long run
Most do not know you are not allowed to dispute your real estate tax bill in Texas, but you can certainly file an appeal, remember that regardless of how you feel about the expense, if you don’t pay, it can result in the foreclosure of your house.
To successfully appeal, you will require to show a minimum of three equivalent homes that have actually been evaluated at a lower assessed value. The closer these residential properties remain in size and place to yours, the greater the possibility of success you will have on appeal
Specific scenarios that may have decreased the value of your home
If there are exceptional situations that directly lead to the reduction of your home value and these are not reflected in your evaluation, these are clear grounds for appeal. Simply supply proof of these scenarios, and the appeals procedure ought to be straightforward.
You have actually recently purchased your home in Hockley County, Texas for much less than the assessed value
If you have proof of the purchase price of your home or you possess a current appraisal that does not reflect the amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If an expert values your property much lower than that of the assessment, this is significant proof to back your appeal. You can always pay for a new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high real estate assessment; you can always appeal and get them lowered at the same time.
How do you appeal your home assessment in Hockley County?
Every State has their own requirements for house assessed value appeals. One thing they all have in common; the only argument that they will accept is that your home has been evaluated higher than it‘s worth. As your Hockley County home taxes are computed basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the house assessment. Your only avenue of approach is to prove your house is less than the value the assessor thinks.
Upon receiving your home assessment, 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 required to wait a more year for an opportunity to appeal your home assessment value!
The fastest and simplest way to submit an appeal in Hockley County is to do so on the assessment website of your county, town or city. The costs connected with each appeal can differ depending on the initial value of your real estate assessed value. The cost 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 right home info to start with. In some cases, facts on your home may be incorrect such as, homes have been lifted with basements that don’t exist; such examples are wrong and might result in your house value being lowered right away. The more details that you can gather regarding why you feel your house is misestimated, the more powerful your case for an appeal.
If there are no obvious problems with the information on your property, you will need to discover details of similar homes in your community that are assessed at a lower value. This will be the most convenient way to show your case. You will want to discover three or 4 homes that are all the same size as yours, in the same area, whose value is much less lower than your property; this will be your grounds for appeal.
In some areas, you’ll be asked to participate in a property appeal hearing, so if this does happen, do not be daunted. In general, these hearings are simply contacted us to permit you to provide the details you‘ve gathered in support of your claim. You will likewise be enabled to analyze any incorrect info that may be on file about your residential property. You ought to be ready for this hearing and have all the data you‘ve collected about comparable homes and sales of comparable homes in Hockley County.
Be prepared 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 point, 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 crucial to bear in mind that there are no additional charges attached to filing an appeal; the worst result being that your property assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has been miscalculated, an effective appeal of your Hockley County home assessed value might lead to substantial savings. If there are just a couple of hundred dollars of possible savings, it may not deserve your time. You also need to consider that the hearing could be arranged throughout a workday, which might lead to a loss of revenues. 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 appropriate arrangements to reduce wage loss.
Property Tax - Pros and Cons
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.