Property tax dispute: Should you appeal your property assessment in New Kent County, Virginia?
Property owners in New Kent County are fully aware of the problem of property taxes; those that have actually invested their lives in areas where these taxes are generally high feel the effect more than most. The effect of these taxes can be even worse for those who have lived in their homes for some time, as they have seen firsthand the taxes increase year after year. The bad news is maybe overpaying your residential property taxes and be totally uninformed. Here are some typical factors individuals are overpaying their properties tax.
Is your New Kent County house over assessed?
A high house assessed value is the main reason that people appeal the amount they are paying on their real estate tax. In most cases, individuals feel that the evaluation placed on their home does not reflect the marketplace value ought to they attempt to offer it today. The easiest way to discover this out is to call some local realtors. They must have the ability to inform you the variety of values equivalent homes are selling for in your location. Remember, the actual value of your property will not be known till a sale is finally closed. When you receive your property evaluation, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will have to wait till next year to appeal.
Can you get the actual value of your home?
It is most likely worthwhile to reach out to a local property agent or your assessor in New Kent County, Virginia. If you feel your home has actually been badly miscalculated, a professional evaluation could prove very affordable in the long run
Many do not realize you are not permitted to contest your real estate tax bill in Virginia, but you can certainly lodge an assessed value appeal, bear in mind 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 a minimum of 3 similar properties that have been evaluated at a lower assessment value. The closer these residential properties remain in size and area to yours, the higher the chance of success you will have on appeal
Specific circumstances that may have minimized the value of your residential property
If there are extraordinary scenarios that directly result in the reduction of your property value and these are not accounted for in your house assessment, these are clear grounds for appeal. Just offer proof of these circumstances, and the appeals procedure should be straightforward.
You have just recently purchased your home in New Kent County, Virginia for lower market value than the assessed 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 house has been valued at by the assessor, this is clear grounds for appeal. If an expert evaluates your home much lower than that of the assessed value, this is considerable evidence to support your petition. You can always pay for a brand-new appraisal although this will cost a few hundred dollars it could be worth it in the end. Fortunately is that you do not have to accept a high real estate assessment; you can always appeal and get them reduced while doing so.
How do you appeal your house assessment value in New Kent County?
Every State has their own criteria for real estate assessment appeals. One thing they all have in common; the only argument that they will accept is that your residential property has actually been evaluated higher than it‘s worth. As your New Kent County home taxes are computed basically by multiplying the evaluated value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to show your house is less than the value the assessor believes.
Upon receiving your house assessed value, your county will offer you a predetermined window in which to appeal. These can vary considerably 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 absolutely nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your property assessed value!
The fastest and easiest way to submit an appeal in New Kent County is to do so on the assessment website of your county, town or city. The fees associated with each request can differ depending on the initial value of your property assessment value. The cost 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 regional tax assessor has included the appropriate property details to start with. In some cases, details may be incorrect such as, homes have been lifted with basements that don’t exist; such examples are wrong and could result in your house value being decreased immediately. The more details that you can gather as to why you feel your house is miscalculated, the stronger your case for an assessment appeal.
If there are no obvious problems with the details on your property, you will need to find details of comparable homes in your community that have a lower assessment. This will be the simplest method to prove your case. You will want to discover three or 4 residential 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 real estate appeal hearing, so if this does occur, don’t be intimidated. In general, these hearings are simply called to permit you to present the information you have actually collected in support of your claim. You will also be allowed to take a look at any false information that might be on file about your residential property. You ought to be prepared for this hearing and have all the information you have actually gathered about comparable homes and sales of comparable houses in New Kent 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 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 assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always crucial to remember that there are no additional penalties attached to submitting an appeal; the worst outcome being that your real estate assessment value is the same.
Is it worth filing an appeal?
If you really feel that your home has actually been misestimated, a successful appeal of your New Kent County real estate assessed value could lead to considerable cost savings. If there are just a few hundred dollars of possible savings, it might not deserve your time. You also need to consider that the hearing could be set up throughout a workday, which might lead to 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.
Property Tax - Pros and Cons
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.