Property tax appeal: Should you appeal your property assessment in Sanpete County, Utah?
Homeowners in Sanpete County are completely familiar with the concern of property taxes; those that have actually 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 actually resided in their properties for a long time, as they have seen firsthand the taxes increase year after year. But the bad news is possibly overpaying your property taxes and be completely unaware. Here are some common factors people are overpaying their homes tax.
Is your Sanpete County house over assessed?
A high house evaluation is the main factor that individuals appeal the dollar amount they are paying on their property taxes. In most cases, individuals feel that the evaluation placed on their residential property does not reflect the marketplace value ought to they attempt to offer it today. The simplest method to discover this out is to call some local realtors. They should be able to inform you the range of values comparable homes are selling for in your area. Remember, the real value of your residential property will not be known up until a sale is closed. When you receive your home assessed value, you will be given a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your home?
It is most likely worthwhile to reach out to a regional real estate agent or your assessor in Sanpete County, Utah. If you feel your property has been significantly misestimated, an expert assessment could prove really cost-efficient in the long run
Often people do not know you are not permitted to contest your property tax bill directly in Utah, but you can unquestionably file an assessment appeal, keep in mind that regardless of how you feel about the costs, if you do not pay, it can result in the foreclosure of your home.
To successfully appeal, you will need to show a minimum of 3 similar properties that have actually been assessed at a lower value. The closer these homes remain in size and place to yours, the higher the possibility of success you will have on appeal
Specific scenarios that may have decreased the value of your home
If there are exceptional circumstances that directly result in the reduction of your home value and these are not shown in your evaluation, these are clear grounds for appeal. Just offer proof of these situations, and the appeals process ought to be straightforward.
You have recently purchased your residential property in Sanpete County, Utah for lower market value than the assessed 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 actually been assessed at by the assessor, this is clear grounds for appeal. If a professional values your home much lower than that of the tax assessment, this is significant evidence to support your appeal. You can always request 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 real estate assessment; you can always appeal and get them decreased in the process.
How do you contest your real estate assessment value in Sanpete County?
Every State has their own criteria for home assessment appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has been evaluated higher than it‘s worth. As your Sanpete County home taxes are determined basically by multiplying the evaluated 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 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 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 due date there’s absolutely nothing you can do, and you will be required to wait a further year for an opportunity to appeal your home assessment!
The fastest and easiest method to file an appeal in Sanpete County is to do so on the website of your county, town or city. The costs related to each appeal can differ based on the preliminary value of your real estate assessment. The expense of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to make sure that your local tax assessor has included the right real estate details to start with. Sometimes, details may be incorrect such as, homes have been raised with basements that do not exist; such examples are wrong and could result in your house value being decreased right away. The more details that you can gather as to why you feel your house is overvalued, the more powerful your case for an appeal.
If there are no recognizable concerns with the info on your property, you will need to find information of equivalent homes in your community that have a lower assessment. This will be the easiest way to show your case. You will want to discover three 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 premises for appeal.
In some areas, you’ll be asked to participate in a property appeal hearing, so if this does happen, do not be daunted. In general, these hearings are just contacted us to enable you to present the info you‘ve gathered in support of your claim. You will also be enabled to analyze any incorrect information that may be on file about your residential property. You need to be prepared for this hearing and have all the information you‘ve collected about similar homes and sales of comparable houses in Sanpete 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 concern 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 elaborating on the facts to support their position. It’s is always crucial to bear in mind that there are no additional charges attached to submitting an appeal; the worst result being that your property assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your home has actually been miscalculated, an effective appeal of your Sanpete County home assessed value might lead to substantial savings. If there are just a couple of hundred dollars of potential savings, it might not be worth your time. You also need to consider that the hearing could be scheduled during a workday, which may result in a loss of earnings. 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.
Pay Your Property Tax Or Lose Your Property
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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