Property tax dispute: Should you appeal your property’s assessed value in Salt Lake County, Utah?
Homeowners in Salt Lake County are completely aware of the problem of real estate tax; those that have actually invested their lives in areas where these taxes are generally high feel the effect more than the majority of. The effect of these taxes can be even worse for those who have actually resided in their properties for a long time, as they have actually witnessed firsthand the taxes rise year after year. The bad news is maybe overpaying your property taxes and be completely unaware. Here are some common reasons people are overpaying their properties tax.
Is your Salt Lake County house over assessed?
A high house assessed value is the main factor that people appeal the dollar amount they are paying on their real estate tax. In many cases, individuals feel that the evaluation placed on their residential property does not reflect the marketplace value need to they attempt to sell it today. The simplest method to find this out is to get in touch with some regional real estate agents. They should be able to inform you the variety of values comparable properties are selling for in your area. Remember, the real market value of your home will not be realized until a sale is finally closed. When you receive your home valuation, you will be given a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait up until next year to appeal.
Can you get the actual value of your home?
It is probably worthwhile to call a local property agent or your assessor in Salt Lake County, Utah. If you feel your property has actually been severely miscalculated, an expert assessment might show really cost-effective in the long run
Many do not realize you are not entitled to dispute your property tax bill in Utah, however you can undoubtedly lodge an assessed value appeal, remember that regardless of how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your home.
To effectively appeal, you will need to reveal at least 3 similar homes that have actually been evaluated at a lower value. The closer these properties remain in size and area to yours, the higher the chance of success you will have on appeal
Particular situations that may have minimized the value of your property
If there are exceptional scenarios that directly lead to the reduction of your home value and these are not reflected in your property assessment, these are clear premises for appeal. Simply supply proof of these situations, and the appeals procedure ought to be straightforward.
You have just recently bought your property in Salt Lake County, Utah for less than the assessment value
If you have proof of the purchase price of your home or you possess a current appraisal that does not show the amount your home has been assessed at by the assessor, this is clear premises for appeal. If an expert values your property much lower than that of the assessed value, this is substantial evidence to support your petition. You can always order a brand-new appraisal although this will cost a few hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high real estate assessment; you can always appeal and get them decreased at the same time.
How do you appeal your property assessment in Salt Lake County?
Every State has their own criteria for home assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your property has been assessed higher than it‘s worth. As your Salt Lake County real estate taxes are determined basically by multiplying the evaluated value of your home by its locations set tax rate, you do not have any premises to appeal the tax rate just the real estate assessed value. Your only opportunity of approach is to prove your home is not worth the value the assessor believes.
On receiving your house assessment, your county will provide you a predetermined window in which to appeal. These can differ substantially 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 due date there’s absolutely nothing you can do, and you will be required to wait a more year for a chance to appeal your home assessed value!
The fastest and most convenient way to submit an appeal in Salt Lake County is to do so on the website of your county, town or city. The charges connected with each request can differ based on the initial value of your home 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 procedure is to guarantee that your local tax assessor has included the proper home details to start with. In many cases, information may be in error such as, homes have actually been raised with basements that don’t exist; such examples are wrong and could result in your home value being reduced right away. The more information that you can gather regarding why you feel your house is miscalculated, the stronger your case for an appeal.
If there are no clear concerns 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 easiest way to prove your case. You will want to find 3 or four 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 go to a real estate appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are simply contacted us to permit you to provide the details you have actually collected in support of your claim. You will likewise be permitted to examine any false info that might be on file about your home. You should be ready for this hearing and have all the data you have actually collected about similar houses and sales of similar houses in Salt Lake County.
Be prepared 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 prepared for such an argument because if you get to this stage, the Assessor believes you are not deserving of a reduction in value and will want to win his/her case by embellishing on the facts to support their position. It’s is always important to keep in mind that there are no additional penalties connected to submitting an appeal; the worst result being that your real estate assessment is the same.
Is it worth filing an appeal?
If you genuinely feel that your home has actually been misestimated, a successful appeal of your Salt Lake County property assessed value could result in substantial cost savings. If there are just a few hundred dollars of prospective cost savings, it might not deserve 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 possibly eliminate wage loss.
Property Tax Valuation - How to Calculate
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.