Property tax appeal: Should you appeal your property assessment in Midland County, Texas?
Property owners in Midland County are fully aware of the concern of real estate tax; those that have invested their lives in areas where these taxes are generally high feel the effect more than most. The effect of these taxes can be even worse for those who have lived in their homes for a long time, as they have actually witnessed firsthand the taxes rise every year. But the bad news is perhaps overpaying your property taxes and be entirely unaware. Here are some typical reasons people are overpaying their properties tax.
Is your Midland County house over assessed?
A high house evaluation is the main reason that individuals appeal the dollar amount they are paying on their real estate tax. In many cases, people feel that the appraisal placed on their home does not reflect the marketplace value need to they attempt to sell it today. The easiest way to find this out is to call some regional realtors. They must be able to tell you the range of worths equivalent properties are selling for in your location. Keep in mind, the actual value of your residential property will not be known till a sale is finally closed. When you receive your house evaluation, you will be given a 30-day window in which to appeal any assessment. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your property?
It is most likely beneficial to reach out to a local real estate representative or your assessor in Midland County, Texas. If you feel your residential property has been severely misestimated, an expert assessment could show really affordable in the long run
Many do not realize you are not permitted to dispute your real estate tax bill in Texas, but you can undoubtedly file an assessment appeal, keep in mind that regardless of how you feel about the bill, if you do not pay, it can lead to the foreclosure of your house.
To effectively appeal, you will need to reveal at least 3 similar residential properties that have actually been evaluated at a lower value. The closer these properties are in size and location to yours, the greater the possibility of success you will have on appeal
Specific circumstances that may have reduced the value of your home
If there are exceptional situations that straight result in the reduction of your home value and these are not shown in your house assessment, these are clear premises for appeal. Simply provide evidence of these situations, and the appeals procedure should be straightforward.
You have actually just recently purchased your home in Midland County, Texas for less than the assessed value
If you have proof of the purchase price of your home or you have a recent appraisal that does not show the dollar amount your house has been valued at by the assessor, this is clear premises for appeal. If an expert evaluates your property much lower than that of the assessment, this is considerable proof to support your petition. You can always pay for a brand-new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. Fortunately is that you do not have to accept a high property assessment; you can always appeal and get them reduced in the process.
How do you appeal your real estate assessment in Midland County?
Every State has their own requirements for house assessment appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has actually been assessed higher than it deserves. As your Midland County house taxes are computed 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 home assessed value. Your only avenue of approach is to prove your house is valued less than the value the assessor thinks.
On receiving your home assessment, your county will provide you a predetermined window in which to appeal. These can vary substantially 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 nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your house assessment value!
The fastest and simplest way to file an appeal in Midland County is to do so on the website of your county, town or city. The fees associated with each appeal can vary based on the initial value of your house assessed value. The expense 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 guarantee that your regional tax assessor has included the correct home info to start with. In many cases, information may be in error such as, houses have been raised with basements that don’t exist; such examples are wrong and could cause your home value being lowered right away. The more details that you can gather regarding why you feel your house is overvalued, the stronger your case for an assessment appeal.
If there are no clear concerns with the details on your property, you will need to discover information of comparable homes in your area that are assessed at a lower value. This will be the easiest method to prove your case. You will want to find 3 or four homes that are all the same size as yours, in the same location, whose value is much less lower than your own; this will be your grounds for appeal.
In some areas, you’ll be asked to go to a property appeal hearing, so if this does occur, do not be daunted. In general, these hearings are just called to enable you to provide the information you have actually gathered in support of your claim. You will also be allowed to examine any incorrect info that might be on file about your property. You ought to be ready for this hearing and have all the data you‘ve collected about similar houses and sales of comparable houses in Midland County.
Be ready for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question is more modern 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 position. It’s is always essential to keep in mind that there are no additional penalties attached to filing an appeal; the worst result being that your home assessed value is the same.
Is it worth filing an appeal?
If you truly feel that your home has actually been miscalculated, a successful appeal of your Midland County real estate assessment might lead to substantial savings. If there are only a few hundred dollars of possible 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 result in 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 arrangements to reduce wage loss.
Are Property Taxes Fair?
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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