Property tax assessment appeal: Should you appeal your property’s assessed value in Howard County, Texas?
House owners in Howard County are totally knowledgeable about the concern of real estate tax; those that have spent their lives in locations 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 lived in their homes for some time, as they have witnessed firsthand the taxes increase every year. But the bad news is perhaps overpaying your real estate tax and be totally uninformed. Here are some typical factors people are overpaying their properties tax.
Is your Howard County house over evaluated?
A high house assessed value is the main reason that individuals appeal the dollar amount they are paying on their real estate tax. In a lot of cases, individuals feel that the assessment put on their property does not show the marketplace value need to they attempt to sell it today. The simplest method to find this out is to contact some local real estate agents. They should be able to tell you the range of values equivalent properties are selling for in your location. Keep in mind, the real value of your home will not be known till a sale is closed. When you receive your property evaluation, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will have to wait until next year to appeal.
Can you get the actual value of your home?
It is most likely worthwhile to get in touch with a local real estate representative or your assessor in Howard County, Texas. If you feel your residential property has actually been seriously miscalculated, an expert appraisal might prove really cost-effective in the long run
Most do not know you are not entitled to challenge your property tax bill directly in Texas, however you can certainly lodge an appeal, bear in mind that no matter how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will require to show a minimum of 3 similar properties that have actually been evaluated at a lower assessment value. The closer these homes remain in size and place to yours, the higher the opportunity of success you will have on appeal
Particular circumstances that may have reduced the value of your property
If there are exceptional situations that straight result in the decrease of your property value and these are not reflected in your house assessment, these are clear premises for appeal. Just supply proof of these scenarios, and the appeals procedure should be straightforward.
You have recently bought your property in Howard County, Texas for lower market value than the assessed value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not show the amount your house has been valued at by the assessor, this is clear grounds for appeal. If an expert values your residential property much lower than that of the assessed value, this is substantial proof to back your petition. You can always request a new appraisal even though this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not need to accept a high real estate assessment; you can always appeal and get them reduced while doing so.
How do you appeal your home assessment value in Howard County?
Every State has their own requirements for home assessment appeals. One thing they all have in common; the only argument that they will accept is that your home has actually been evaluated higher than it deserves. As your Howard County house taxes are computed basically by multiplying the evaluated value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessed value. Your only avenue of approach is to show your house is valued less than the value the assessor believes.
On 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, remember if you miss this due date there’s nothing you can do, and you will be required to wait a more year for a chance to appeal your real estate assessment value!
The fastest and easiest method to file an appeal in Howard County is to do so on the website of your county, town or city. The charges connected with each appeal can differ depending on the initial value of your property assessed 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 procedure is to make sure that your local tax assessor has included the appropriate home details to start with. Sometimes, facts on your home may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and might cause your house value being lowered instantly. The more information 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 info on your property, you will need to discover information of comparable homes in your area that have a lower assessment. This will be the simplest way to prove your case. You will want to discover 3 or 4 homes that are all the same size as yours, in the same area, whose value is much less lower than your own; this will be your premises for appeal.
In some areas, you’ll be asked to attend 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 provide the info you have actually gathered in support of your claim. You will likewise be enabled to analyze any incorrect info that may be on file about your property. You need to be ready for this hearing and have all the data you‘ve collected about similar homes and sales of similar homes in Howard County.
Be ready for the tax assessor to argue his or 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 assessed value and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to remember that there are no additional penalties attached to submitting an appeal; the worst outcome being that your property assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has actually been miscalculated, an effective appeal of your Howard County house assessment could result in considerable savings. If there are just a few hundred dollars of prospective cost savings, it may not deserve your time. You also need to consider that the hearing could be arranged throughout a workday, which may lead to a loss of earnings. 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.
How Property Taxes Are Calculated On A Home
To prorate means to divide something so that each person pays her fair share. The real estate term for dividing expenses that are paid after they are incurred or are prepaid is called prorations. For example, sometimes real estate taxes are paid in arrears. This means that they are paid currently for the year before. The practical effect of this is that the buyer will in many cases get a tax bill for time when she did not own the house and therefore was not responsible for the taxes.
An example will make this easier to understand. Let's say you closed on the house you bought on August 31, 2007. You are responsible for 4 months worth of real estate taxes for 2007. Unfortunately, the tax bill does not arrive until May of 2008. This is where prorations come into play. At the closing, you will be responsible for 1/3 of the tax bill that will arrive in May, 2008. That means the seller will give you, the buyer, an amount equal 2/3 of the agreed to prorated tax amount and you will pay the real estate tax bill.
The tricky part comes about because real estate taxes always seem to be going up. This is usually handled as part of the negotiations. The buyer will ask for an amount based on the seller's last year's tax bill plus a small percentage, usually 5 or 10% extra, and some agreement will be reached.
An unusually large increase in the real estate taxes due to a reassessment, rate increase or both can further complicate matters. With the gains in real estate prices in the recent past, many taxing bodies have become eager to capture at least part of that gain. So it is buyer beware and make sure you check with the local taxing authorities.
Prorations can also be used to adjust for any expenses that have been paid by the seller ahead of time, such as prepaid mortgage interest, prepaid casualty insurance, or such items as rent or utility bills.
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