Contest property taxes: Should you appeal your property assessment in Arlington County, Virginia?
House owners in Arlington County are fully familiar with the problem of real estate tax; those that have actually spent their lives in locations where these taxes are traditionally high feel the impact more than a lot of. The impact of these taxes can be even worse for those who have resided in their properties for a long time, as they have actually experienced firsthand the taxes rise every year. The bad news is maybe overpaying your residential property taxes and be completely uninformed. Here are some common factors people are overpaying their properties tax.
Is your Arlington County house over evaluated?
A high house assessed value is the primary factor that people appeal the amount they are paying on their real estate tax. Oftentimes, individuals feel that the evaluation put on their home does not show the marketplace value need to they try to offer it today. The simplest way to find this out is to get in touch with some local real estate agents. They ought to be able to inform you the variety of worths equivalent residential properties are selling for in your area. Remember, the actual value of your home will not be known until a sale is finally closed. When you receive your house valuation, you will be given a 30-day window in which to appeal any assessment. Otherwise, you will have to wait till next year to appeal.
Can you get the actual market value of your home?
It is probably worthwhile to reach out to a local realty representative or your assessor in Arlington County, Virginia. If you feel your residential property has actually been badly misestimated, an expert valuation might prove really cost-effective in the long run
Many do not realize you are not allowed to challenge your tax bill directly in Virginia, but you can certainly submit an assessed value appeal, bear in mind that regardless of how you feel about the costs, if you do not pay, it can lead to the foreclosure of your home.
To successfully appeal, you will need to reveal at least 3 comparable residential properties that have been assessed at a lower value. The closer these homes are in size and place to yours, the greater the chance of success you will have on appeal
Specific situations that may have lowered the value of your property
If there are exceptional situations that straight lead to the decrease of your home value and these are not reflected in your property assessment, these are clear grounds for appeal. Simply offer evidence of these circumstances, and the appeals process ought to be straightforward.
You have recently bought your property in Arlington County, Virginia for a lower value 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 home has 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 substantial proof to support your appeal. You can always pay for a new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not need to accept a high real estate assessment; you can always appeal and get them reduced at the same time.
How do you appeal your property assessment value in Arlington County?
Every State has their own criteria for home assessment value appeals. Something they all have in common; the only groungs that they will accept is that your property has actually been evaluated higher than it‘s worth. As your Arlington County house taxes are computed basically by multiplying the assessed value of your home by its areas 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 show your home is valued less than the value the assessor believes.
Upon receiving your house assessment, your county will give 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, remember if you miss this deadline there’s nothing you can do, and you will be forced to wait an additional year for a chance to appeal your property assessment value!
The fastest and simplest method to submit an appeal in Arlington County is to do so on the assessment website of your county, town or city. The costs associated with each request can differ dependent on the preliminary value of your real estate assessment. The expense 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 make sure that your local tax assessor has included the proper real estate details to start with. Sometimes, details may be in error such as, houses have actually been lifted with basements that don’t exist; such examples are wrong and might lead to your home value being lowered immediately. The more information that you can gather as to why you feel your house is miscalculated, the stronger your case for an appeal.
If there are no obvious concerns with the info on your property, you will need to discover information of comparable homes in your neighborhood that have a lower assessment. This will be the most convenient way to show your case. You will want to find three or 4 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 premises for appeal.
In some locations, you’ll be asked to go to a real estate appeal hearing, so if this does happen, don’t be daunted. In general, these hearings are simply contacted us to enable you to present the information you have actually gathered in support of your claim. You will also be allowed to examine any false info that might be on file about your home. You ought to be prepared for this hearing and have all the information you‘ve gathered about comparable homes and sales of similar houses in Arlington County.
Be ready for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in concern is more contemporary than the ones you’re comparing it to. Be ready for such an argument because if you get to this stage, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by embellishing on the facts to support their position. It’s is always important to remember that there are no additional charges connected to submitting an appeal; the worst outcome being that your property assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been miscalculated, a successful appeal of your Arlington County property assessment could lead to substantial savings. If there are just a few hundred dollars of possible cost savings, it may 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 arrangements to reduce wage loss.
Are Property Taxes Fair?
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Not being able to pay your taxes, (property taxes in particular) may lead to the following problems:
You may lose your property or house. Unpaid property tax leading to delinquent property tax may lead to losing your property. However, there are still second chances given. So, if ever you are given more time to pay your delinquent property tax, find a solution for this right away or you may really end up losing your property. You may only be given two years to settle your unpaid taxes.
If it happens that your property is forwarded to the county treasury, more interests and fees will be added. There will be a collection of four percent administration fee and one percent interest per month.
Your property may be forfeited. This means you still have one year to settle your delinquent tax or you may lose your property altogether or have it foreclosed. Foreclosed properties mean you will not be able to get it back as it will be auctioned off to recover the pending dues.
Before all these problems occur, you should make an effort to settle all pending property taxes. Surely, you do not want to end up losing your property, do you?