Contest property taxes: Should you appeal your property’s assessed value in Reagan County, Texas?
Homeowners in Reagan County are totally knowledgeable about the burden of property taxes; those that have actually spent their lives in areas where these taxes are traditionally high feel the effect more than many. The impact of these taxes can be even worse for those who have lived in their residential properties for a long time, as they have actually seen firsthand the taxes rise every year. The bad news is perhaps overpaying your home taxes and be totally unaware. Here are some common factors people are overpaying their homes tax.
Is your Reagan County home over assessed?
A high home valuation is the main reason that individuals appeal the dollar amount they are paying on their property taxes. In a lot of cases, individuals feel that the appraisal put on their residential property does not show the marketplace value should they try to sell it today. The easiest way to find this out is to call some local realtors. They ought to have the ability to inform you the range of values comparable properties are selling for in your location. Remember, the actual market value of your residential property will not be realized until a sale is finally closed. When you receive your house valuation, you will be provided a 30-day window in which to appeal any valuation. Otherwise, you will have to wait up until next year to appeal.
Can you get the actual value of your house?
It is probably worthwhile to reach out to a regional realty agent or your assessor in Reagan County, Texas. If you feel your residential property has been badly overvalued, an expert evaluation might show really affordable in the long run
Often people do not know you are not entitled to challenge your property tax bill in Texas, but you can undoubtedly lodge an assessed value appeal, keep in mind that despite how you feel about the expense, if you do not pay, it can lead to the foreclosure of your house.
To effectively appeal, you will need to show at least 3 comparable homes that have been evaluated at a lower value. The closer these properties are in size and area to yours, the higher the chance of success you will have on appeal
Particular circumstances that may have minimized the value of your home
If there are exceptional situations that directly lead to the decrease of your home value and these are not shown in your assessment, these are clear premises for appeal. Just offer evidence of these scenarios, and the appeals procedure ought to be straightforward.
You have recently purchased your home in Reagan County, Texas for much less than the assessment value
If you have evidence of the purchase price of your home or you have a recent appraisal that does not reflect the dollar amount your house has been valued at by the assessor, this is clear grounds for appeal. If a professional evaluates your residential property much lower than that of the assessed value, this is significant evidence 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. The good news is that you do not need to accept a high real estate assessment; you can always appeal and get them lowered at the same time.
How do you appeal your real estate assessed value in Reagan County?
Every State has their own requirements for home assessment appeals. Something they all have in common; the only argument that they will accept is that your home has been assessed higher than it deserves. As your Reagan County real estate taxes are computed basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only avenue of approach is to prove your home is not worth 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 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 nothing you can do, and you will be required to wait an additional year for a chance to appeal your real estate assessed value!
The fastest and easiest method to file an appeal in Reagan County is to do so on the website of your county, town or city. The charges related to each request can differ depending on the initial value of your property 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 procedure is to ensure that your local tax assessor has included the proper real estate info to start with. Sometimes, information may be incorrect such as, houses have actually been lifted with basements that do not exist; such examples are wrong and might cause your home value being lowered right away. The more information that you can gather as to why you feel your home is misestimated, the more powerful your case for an assessment appeal.
If there are no recognizable problems with the information on your property, you will need to find information of similar homes in your neighborhood that are assessed at a lower value. This will be the easiest method to show your case. You will want to discover 3 or four houses 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 grounds for appeal.
In some areas, you’ll be asked to attend a real estate appeal hearing, so if this does take place, do not be daunted. In general, these hearings are just contacted us to allow you to present the information you‘ve gathered in support of your claim. You will also be permitted to analyze any incorrect info that might be on file about your residential property. You ought to be prepared for this hearing and have all the data you‘ve collected about similar houses and sales of similar houses in Reagan 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 question 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 value and will want to win his/her case by elaborating on the facts to support their case. It’s is always crucial to remember that there are no additional penalties connected to filing an appeal; the worst result being that your home assessment value is the same.
Is it worth filing an appeal?
If you genuinely feel that your house has been misestimated, a successful appeal of your Reagan County property assessed value might lead to significant 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 arranged during a workday, which may result in a loss of incomes. 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.
Non-Payment of Property Taxes - Consequences to be Faced
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.
© 2007 Complete Books Publishing, Inc.