Property tax dispute: Should you appeal your property assessment in Nolan County, Texas?
Homeowners in Nolan County are totally knowledgeable about the concern of real estate tax; those that have invested their lives in areas where these taxes are typically high feel the impact more than most. The effect 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 rise every year. The bad news is perhaps overpaying your property taxes and be totally uninformed. Here are some common reasons people are overpaying their homes tax.
Is your Nolan County house over assessed?
A high house assessment is the primary factor that people appeal the amount they are paying on their real estate tax. In a lot of cases, people feel that the appraisal placed on their residential property does not show the marketplace value must they try to offer it today. The easiest way to discover this out is to contact some local real estate agents. They ought to have the ability to inform you the range of worths similar residential properties are selling for in your area. Remember, the real value of your home will not be known till a sale is closed. When you receive your home assessed value, you will be provided a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait until next year to appeal.
Can you get the real market value of your home?
It is probably beneficial to get in touch with a local realty agent or your assessor in Nolan County, Texas. If you feel your property has been badly overvalued, a professional valuation might show very cost-effective in the long run
Many do not know you are not entitled to dispute your property tax bill directly in Texas, however you can undoubtedly submit an assessment appeal, bear in mind that despite how you feel about the bill, if you don’t pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show at least three similar residential properties that have been evaluated at a lower assessed value. The closer these residential properties are in size and area to yours, the higher the possibility of success you will have on appeal
Specific situations that may have actually reduced the value of your property
If there are exceptional circumstances that directly result in the decrease of your home value and these are not reflected in your property assessment, these are clear grounds for appeal. Just supply evidence of these circumstances, and the appeals process should be straightforward.
You have recently bought your home in Nolan County, Texas for a lower value than the assessed value
If you have proof of the purchase price of your home or you have a recent appraisal that does not reflect the amount your house has actually been valued 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 significant proof to support your petition. You can always pay for a brand-new appraisal even though this will cost a couple of hundred dollars it could be worth it in the end. Fortunately is that you do not need to accept a high property assessment; you can always appeal and get them decreased in the process.
How do you contest your property assessment in Nolan County?
Every State has their own criteria for house assessment appeals. Something they all have in common; the only argument that they will accept is that your home has actually been assessed higher than it‘s worth. As your Nolan County house taxes are calculated basically by multiplying the assessed value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment. Your only avenue of approach is to prove your home is less than the value the assessor thinks.
On receiving your home assessed value, your county will offer 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 absolutely nothing you can do, and you will be forced to wait an additional year for a chance to appeal your real estate assessment value!
The fastest and easiest way to file an appeal in Nolan County is to do so on the assessment website of your county, town or city. The costs associated with each appeal can differ based on the preliminary value of your real estate assessment. 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 guarantee that your local tax assessor has included the correct property info to start with. Sometimes, facts on your home may be incorrect such as, houses have been lifted with basements that don’t exist; such examples are wrong and might result in your house value being decreased right away. The more information that you can gather regarding why you feel your home is overvalued, the stronger your case for an assessment appeal.
If there are no recognizable concerns with the information on your property, you will need to discover details of comparable homes in your area that have a lower assessment. This will be the most convenient way to prove your case. You will want to discover three or four residential properties 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 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 just contacted us to enable you to provide the info you have actually gathered in support of your claim. You will likewise be enabled to examine any incorrect info that might be on file about your property. You should be ready for this hearing and have all the data you‘ve collected about comparable houses and sales of comparable houses in Nolan County.
Be ready 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 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 remember that there are no additional penalties connected to filing an appeal; the worst outcome being that your real estate assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been misestimated, a successful appeal of your Nolan County home assessment value might result in substantial savings. If there are just a few hundred dollars of prospective savings, it may not deserve your time. You also need to consider that the hearing could be scheduled 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 arrangements to reduce wage loss.
Property Tax - Pros and Cons
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.