Property tax assessment appeal: Should you appeal your property’s assessed value in Matagorda County, Texas?
Property owners in Matagorda County are totally familiar with the concern of property taxes; those that have invested their lives in areas where these taxes are traditionally high feel the impact more than many. The impact of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have actually witnessed firsthand the taxes increase every year. The bad news is maybe overpaying your property taxes and be completely unaware. Here are some typical reasons individuals are overpaying their properties tax.
Is your Matagorda County home over assessed?
A high property valuation is the primary factor that individuals appeal the dollar amount they are paying on their real estate tax. In most cases, individuals feel that the appraisal put on their residential property does not reflect the market value should they try to sell it today. The most convenient method to find this out is to contact some regional real estate agents. They need to be able to tell you the series of values equivalent homes are selling for in your location. Remember, the real value of your home will not be realized up until a sale is closed. When you receive your home valuation, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.
Can you get the real market value of your house?
It is probably beneficial to get in touch with a local real estate representative or your assessor in Matagorda County, Texas. If you feel your residential property has actually been severely misestimated, an expert valuation might show very affordable in the long run
Many do not realize you are not permitted to contest your tax bill directly in Texas, but you can undoubtedly submit an assessed value appeal, remember that no matter how you feel about the expense, if you don’t pay, it can result in the foreclosure of your house.
To effectively appeal, you will require to show at least 3 comparable homes that have been evaluated at a lower value. The closer these homes remain in size and location to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have lowered the value of your home
If there are extraordinary scenarios that directly lead to the reduction of your property value and these are not accounted for in your property assessment, these are clear grounds for appeal. Simply offer proof of these situations, and the appeals procedure ought to be straightforward.
You have just recently purchased your residential property in Matagorda 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 reflect the amount your home 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 tax assessment, this is considerable evidence to support 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 good news is that you do not need to accept a high property assessment; you can always appeal and get them decreased at the same time.
How do you appeal your real estate assessed value in Matagorda County?
Every State has their own requirements for real estate assessment appeals. Something they all have in common; the only argument that they will accept is that your home has been evaluated higher than it deserves. As your Matagorda County property 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 property assessment value. Your only avenue of approach is to show your house is less than the value the assessor believes.
On receiving your home assessed value, your county will provide you a predetermined window in which to appeal. These can differ significantly 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 nothing you can do, and you will be forced to wait a more year for a chance to appeal your house assessed value!
The fastest and easiest way to file an appeal in Matagorda County is to do so on the assessment website of your county, town or city. The charges related to each appeal can differ depending on the initial value of your home assessment 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 procedure is to guarantee that your local tax assessor has included the correct property information to start with. Sometimes, information 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 lowered immediately. 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 clear issues with the info on your property, you will need to discover details of equivalent homes in your area that are assessed at a lower value. This will be the most convenient method to show your case. You will want to discover 3 or 4 houses that are all the same size as yours, in the same location, 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 real estate appeal hearing, so if this does happen, do not be frightened. In general, these hearings are simply called to allow you to provide the details you‘ve collected in support of your claim. You will also be permitted to examine any false info that might be on file about your home. You need to be prepared for this hearing and have all the information you‘ve collected about similar houses and sales of similar houses in Matagorda 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 position. It’s is always essential to remember that there are no additional charges connected to submitting an appeal; the worst result being that your real estate assessed value is the same.
Is it worth filing an appeal?
If you genuinely feel that your house has been overvalued, an effective appeal of your Matagorda County home assessment value could result in considerable savings. If there are just a few hundred dollars of potential cost savings, it may not be worth your time. You also need to consider that the hearing could be arranged throughout a workday, which may 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 minimize 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.