Property tax assessment appeal: Should you appeal your property’s assessed value in Fairfax County, Virginia?
Homeowners in Fairfax 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 impact more than most. The effect of these taxes can be even worse for those who have resided in their residential properties for some time, as they have actually experienced firsthand the taxes rise year after year. The bad news is possibly overpaying your home taxes and be completely unaware. Here are some typical reasons people are overpaying their properties tax.
Is your Fairfax County home over assessed?
A high home valuation is the primary reason that people appeal the amount they are paying on their real estate tax. In a lot of cases, individuals feel that the assessment placed on their home does not reflect the marketplace value need to they attempt to sell it today. The easiest way to discover this out is to call some local realtors. They must have the ability to inform you the series of values comparable homes are selling for in your location. Remember, the real value of your property will not be realized till a sale is finally closed. When you receive your property evaluation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will have to wait until next year to appeal.
Can you get the actual value of your house?
It is probably worthwhile to reach out to a local real estate representative or your assessor in Fairfax County, Virginia. If you feel your property has been badly misestimated, a professional appraisal might show extremely economical in the long run
Many do not know you are not entitled to dispute your property tax bill directly in Virginia, but you can undoubtedly submit an assessment appeal, bear in mind that despite how you feel about the bill, if you do not pay, it can lead to the foreclosure of your home.
To successfully appeal, you will need to show at least three equivalent properties that have actually been evaluated at a lower assessed value. The closer these properties are in size and place to yours, the higher the possibility of success you will have on appeal
Specific situations that may have actually minimized the value of your residential property
If there are extraordinary situations that directly result in the reduction of your home value and these are not reflected in your property assessment, these are clear premises for appeal. Simply offer proof of these situations, and the appeals process ought to be straightforward.
You have recently purchased your residential property in Fairfax County, Virginia for less than the assessment value
If you have proof of the purchase price of your home or you have a current appraisal that does not reflect the amount your house has been assessed at by the assessor, this is clear premises for appeal. If a professional evaluates your property much lower than that of the assessed value, this is significant proof to back your appeal. You can always request 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 Fairfax County?
Every State has their own criteria for real estate assessment appeals. Something they all have in common; the only argument that they will accept is that your property has been evaluated higher than it‘s worth. As your Fairfax County real estate 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 assessment. Your only avenue of approach is to prove your home is not worth the value the assessor believes.
Upon receiving your house assessment, your county will provide 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, keep in mind if you miss this deadline there’s nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your home assessment value!
The fastest and simplest way to file an appeal in Fairfax County is to do so on the website of your county, town or city. The fees related to each request can differ dependent on the preliminary value of your house assessment value. The expense of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the process is to make sure that your regional tax assessor has included the right home info to start with. Sometimes, facts on your home may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and might cause your house value being reduced right away. The more information that you can gather regarding why you feel your house is overvalued, the more powerful your case for an assessment appeal.
If there are no recognizable concerns with the information on your property, you will need to discover details of equivalent homes in your community that have a lower assessment. This will be the simplest way to prove your case. You will want to find 3 or 4 homes 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 occur, don’t be intimidated. In general, these hearings are just contacted us to permit you to provide the information you‘ve collected in support of your claim. You will also be enabled to take a look at any false details that may be on file about your home. You ought to be ready for this hearing and have all the information you have actually collected about comparable houses and sales of similar homes in Fairfax 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 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 position. It’s is always essential to keep in mind that there are no additional charges connected to filing an appeal; the worst outcome being that your home assessed value is the same.
Is it worth submitting an appeal?
If you really feel that your home has been overvalued, an effective appeal of your Fairfax County real estate assessment value could result in significant cost savings. If there are just a few hundred dollars of potential savings, it might not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which might 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 arrangements to possibly eliminate wage loss.
How Property Taxes Are Calculated On A Home
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?