Property tax assessment appeal: Should you appeal your property assessment in King County, Texas?
Homeowners in King County are totally aware of the burden of real estate tax; those that have spent their lives in areas where these taxes are typically high feel the effect more than the majority of. The effect of these taxes can be even worse for those who have lived in their homes for a long time, as they have experienced firsthand the taxes rise year after year. The bad news is maybe overpaying your residential property taxes and be totally unaware. Here are some common factors people are overpaying their properties tax.
Is your King County home over assessed?
A high property valuation is the primary factor that people appeal the amount they are paying on their property taxes. In many cases, individuals feel that the evaluation put on their home does not reflect the market value must they try to offer it today. The easiest method to find this out is to get in touch with some local realtors. They must have the ability to tell you the range of values equivalent properties are selling for in your location. Keep in mind, the actual market value of your home will not be realized until a sale is closed. When you receive your house valuation, you will be offered a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait till next year to appeal.
Can you get the actual value of your property?
It is probably worthwhile to contact a regional realty representative or your assessor in King County, Texas. If you feel your property has been significantly misestimated, an expert evaluation could prove very affordable in the long run
Many do not realize you are not allowed to contest your real estate tax bill in Texas, but you can unquestionably submit an assessment appeal, bear in mind that regardless of how you feel about the expense, if you do not pay, it can result in the foreclosure of your home.
To successfully appeal, you will require to reveal at least 3 comparable residential properties that have been evaluated at a lower value. The closer these properties remain in size and place to yours, the higher the possibility of success you will have on appeal
Particular situations that may have minimized the value of your property
If there are exceptional circumstances that straight result in the reduction of your property value and these are not shown in your house assessment, these are clear grounds for appeal. Simply provide proof of these circumstances, and the appeals procedure should be straightforward.
You have just recently purchased your property in King County, Texas for less than the assessment value
If you have proof of the purchase price of your home or you possess a recent appraisal that does not reflect the amount your home has actually been assessed at by the assessor, this is clear grounds for appeal. If a professional values your property much lower than that of the assessed value, this is considerable evidence to support your appeal. You can always request a brand-new appraisal despite the fact that this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not have to accept a high property assessment; you can always appeal and get them decreased while doing so.
How do you appeal your home assessment value in King County?
Every State has their own criteria for real estate assessment appeals. One thing they all have in common; the only groungs that they will accept is that your property has actually been assessed higher than it deserves. As your King County property taxes are determined basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to show your house is valued less than the value the assessor thinks.
Upon receiving your home assessed value, your county will give 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 deadline there’s absolutely nothing you can do, and you will be forced to wait an additional year for a chance to appeal your property assessed value!
The fastest and most convenient way to submit an appeal in King County is to do so on the website of your county, town or city. The costs related to each appeal can vary dependent on the initial value of your house assessment. The cost of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the process is to guarantee that your local tax assessor has included the appropriate house information to start with. In some cases, details may be incorrect such as, homes have been raised with basements that do not exist; such examples are wrong and could lead to your home value being reduced instantly. The more details that you can gather as to why you feel your house is miscalculated, the more powerful your case for an appeal.
If there are no recognizable concerns with the details on your property, you will need to find information of comparable 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 find 3 or four 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 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 called to permit you to provide the info you‘ve gathered in support of your claim. You will also be permitted to analyze any incorrect details that might be on file about your home. You ought to be ready for this hearing and have all the data you‘ve collected about comparable houses and sales of similar houses in King County.
Be prepared 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 modern-day than the ones you’re comparing it to. Be ready 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 case. It’s is always important to keep in mind that there are no additional penalties connected to filing an appeal; the worst result being that your property assessment is the same.
Is it worth submitting an appeal?
If you truly feel that your home has been miscalculated, a successful appeal of your King County house assessed value could result in significant cost savings. If there are just a few hundred dollars of possible cost savings, it may not deserve your time. You also need to consider that the hearing could be scheduled during 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 appropriate arrangements to reduce wage loss.
Are Property Taxes Fair?
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Not being able to pay your taxes, (property taxes in particular) may lead to the following problems:
You may lose your property or house. Unpaid property tax leading to delinquent property tax may lead to losing your property. However, there are still second chances given. So, if ever you are given more time to pay your delinquent property tax, find a solution for this right away or you may really end up losing your property. You may only be given two years to settle your unpaid taxes.
If it happens that your property is forwarded to the county treasury, more interests and fees will be added. There will be a collection of four percent administration fee and one percent interest per month.
Your property may be forfeited. This means you still have one year to settle your delinquent tax or you may lose your property altogether or have it foreclosed. Foreclosed properties mean you will not be able to get it back as it will be auctioned off to recover the pending dues.
Before all these problems occur, you should make an effort to settle all pending property taxes. Surely, you do not want to end up losing your property, do you?