Contest property taxes: Should you appeal your property’s assessed value in Uintah County, Utah?
House owners in Uintah County are totally aware of 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 impact of these taxes can be even worse for those who have actually resided in their properties for a long time, as they have actually seen firsthand the taxes rise year after year. But the bad news is possibly overpaying your property taxes and be entirely uninformed. Here are some typical reasons people are overpaying their properties tax.
Is your Uintah County house over assessed?
A high home valuation is the main factor that people appeal the amount they are paying on their real estate tax. In many cases, individuals feel that the valuation put on their residential property does not show the marketplace value ought to they try to sell it today. The easiest method to find this out is to call some local realtors. They need to be able to tell you the variety of worths similar homes are selling for in your location. Keep in mind, the real value of your home will not be known up until a sale is closed. When you receive your property assessed value, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will need to wait up until next year to appeal.
Can you get the real value of your home?
It is probably beneficial to contact a local real estate agent or your assessor in Uintah County, Utah. If you feel your home has actually been severely miscalculated, an expert appraisal could show very cost-efficient in the long run
Many do not know you are not allowed to contest your real estate tax bill directly in Utah, however you can unquestionably file an appeal, remember that no matter how you feel about the costs, if you do not pay, it can result in the foreclosure of your house.
To effectively appeal, you will require to reveal at least three equivalent residential properties that have been assessed at a lower value. The closer these properties remain in size and area to yours, the higher the possibility of success you will have on appeal
Particular situations that may have actually reduced the value of your residential property
If there are exceptional circumstances that directly lead to the decrease of your residential property value and these are not accounted for in your property assessment, these are clear premises for appeal. Just offer evidence of these circumstances, and the appeals process should be straightforward.
You have actually recently bought your home in Uintah County, Utah for much less than the assessed value
If you have proof of the purchase price of your home or you possess 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 assessment, this is considerable proof to back your appeal. You can always pay for a brand-new appraisal even though this will cost a few hundred dollars it could be worth it in the end. The good news 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 house assessment in Uintah 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 property has been assessed higher than itreal market value. As your Uintah County home taxes are computed basically by multiplying the assessed value of your home by its locations set tax rate, you do not have any premises to appeal the tax rate just the property assessed value. Your only opportunity of approach is to prove your home is not worth the value the assessor believes.
On receiving your home 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 deadline there’s nothing you can do, and you will be required to wait a further year for an opportunity to appeal your property assessed value!
The fastest and easiest way to submit an appeal in Uintah County is to do so on the website of your county, town or city. The charges associated with each request can vary depending on the initial value of your home assessed value. 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 make sure that your regional tax assessor has included the correct home info to start with. Sometimes, information may be incorrect such as, homes have actually been lifted with basements that do not exist; such examples are wrong and might cause your home value being decreased immediately. The more information that you can gather as to why you feel your home is overvalued, the more powerful your case for an appeal.
If there are no obvious problems with the information on your property, you will need to find details of similar 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 discover 3 or four properties that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your premises for appeal.
In some locations, you’ll be asked to go to a property appeal hearing, so if this does happen, do not be intimidated. In general, these hearings are just called to permit you to provide the information you have actually collected in support of your claim. You will also be allowed to examine any incorrect information that may be on file about your property. You need to be ready for this hearing and have all the data you have actually collected about similar homes and sales of similar houses in Uintah 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 contemporary 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 assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always essential to remember 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 submitting an appeal?
If you really feel that your house has actually been misestimated, a successful appeal of your Uintah County property assessment value might result in considerable cost savings. If there are only a few hundred dollars of potential cost savings, it might 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 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 arrangements to possibly eliminate wage loss.
Property Tax Valuation - How to Calculate
How exactly does your city come up with your property tax value? Are you concerned that your real estate taxes might be unfairly high and want to see if you are eligible for a reduction? That is what we discuss here.
First of all, no matter how confusing your property tax statement is, with all of the various terms, ratios, millage rates, etc calculating your real estate taxes really boils down to only a few factors: the market value of your property, your cities assessment ratio and the tax rate.
The market value is what your property would sell for on the open market, without any "undue influences," like being in a state of foreclosure, structural issues with the property, short sales time frame, etc. Again it's what your property sells for under a normal sale.
Property Tax Valuation
The assessment ratio is very important to calculating your real estate taxes and is what is sometimes referred to as your "property tax value". What cities do is multiple your market value, by the assessment ratio, the resulting number is the assessed value.
For example if your properties market value is $500,000 and your cities assessment ratio is 80% your property tax value would be: $500,000 x.80= $400,000 assesed value. Assessment ratios vary from state to state and from jurisdictions. Your assessment rate could be totaling different than your neighboring town.
The tax rate is also known as a millage rate and is the actual rate that property owners pay in their given town. Like the assessment ratio the tax rate varies from town to town and also from building types. For example a commercial building will be taxed at a different rate than a single family home.
In addition, a single family home used as a rental property will normally be taxed at a high rate than a single family home that is occupied by the owner.
To figure out your annual taxes you multiple the tax rate by the assessed value. For example take the assessed value of $400,000 x.020 (tax rate/millage rate) = $8,000 in annual property taxes.
Property Tax Valuation
On a real estate tax appeal you can only debate the fair market value of your property. You cannot argue the tax rate or the assessment ratio (unless they made a mistake and recorded your property in the wrong category). But again, you can only argue the assessors opinion of your properties value. Keep in mind that most cities assessors are over worked and or under qualified, so they very often make outright mistakes. If you know of other similar properties in your area that sold for less than what they have recorded your property at, than you most likely have a case and could save a lot of money.
Don't be like the 98% of property owners that don't bother to appeal their real estate taxes. They are leaving thousands of dollars on the table for no reason. The process to appeal is really not complex and won't eat that much of your time.