Fight property taxes: Should you appeal your property’s assessed value in Prince Edward County, Virginia?
Property owners in Prince Edward County are fully aware of the problem of property taxes; those that have actually spent their lives in areas where these taxes are traditionally high feel the impact more than most. The impact of these taxes can be even worse for those who have lived in their homes for a long time, as they have experienced firsthand the taxes increase year after year. But the bad news is perhaps overpaying your property taxes and be totally unaware. Here are some typical factors people are overpaying their residential properties tax.
Is your Prince Edward County house over assessed?
A high property evaluation is the main reason that people appeal the dollar amount they are paying on their real estate tax. Oftentimes, individuals feel that the valuation put on their residential property does not reflect the marketplace value ought to they try to offer it today. The simplest way to find this out is to call some local realtors. They need to have the ability to inform you the variety of values similar homes are selling for in your area. Keep in mind, the real value of your property will not be realized up until a sale is finally closed. When you receive your home evaluation, you will be offered a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait up until next year to appeal.
Can you get the real market value of your property?
It is most likely worthwhile to contact a regional realty agent or your assessor in Prince Edward County, Virginia. If you feel your home has actually been severely miscalculated, an expert assessment might prove really cost-effective in the long run
Often people do not know you are not allowed to contest your real estate tax bill directly in Virginia, however you can certainly lodge an assessment appeal, remember that no matter how you feel about the expense, if you do not pay, it can result in the foreclosure of your home.
To effectively appeal, you will need to reveal at least three similar homes that have been evaluated at a lower value. The closer these residential properties are in size and area to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have minimized the value of your residential property
If there are extraordinary situations that straight lead to the decrease of your home value and these are not reflected in your house assessment, these are clear premises for appeal. Just provide proof of these circumstances, and the appeals procedure ought to be straightforward.
You have just recently purchased your property in Prince Edward County, Virginia for much less than the assessed value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not show the dollar amount your home has been valued at by the assessor, this is clear grounds for appeal. If a professional values your residential property much lower than that of the tax assessment, this is considerable evidence to support your petition. You can always request a new appraisal although 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 at the same time.
How do you appeal your home assessment value in Prince Edward County?
Every State has their own criteria for real estate assessment appeals. Something they all have in common; the only groungs that they will accept is that your property has been evaluated higher than it deserves. As your Prince Edward County home taxes are computed 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 property assessment value. Your only avenue of approach is to show your home is not worth the value the assessor thinks.
On receiving your house assessed value, your county will provide you a predetermined window in which to appeal. These can vary 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 absolutely nothing you can do, and you will be required to wait a further year for a chance to appeal your house assessment!
The fastest and most convenient method to submit an appeal in Prince Edward County is to do so on the website of your county, town or city. The costs associated with each appeal can vary based on the preliminary value of your house assessment value. The cost of an appeal varies 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 right property info to start with. Sometimes, details may be incorrect such as, homes have been lifted with basements that don’t exist; such examples are wrong and could lead to your home value being decreased instantly. The more details that you can gather as to why you feel your house is misestimated, the stronger your case for an appeal.
If there are no recognizable problems with the information on your property, you will need to find details of equivalent homes in your neighborhood 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 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 grounds for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does take place, don’t be frightened. In general, these hearings are simply contacted us to allow you to provide the information you‘ve collected in support of your claim. You will likewise be enabled to examine any false info that might be on file about your residential property. You must be ready for this hearing and have all the information you‘ve collected about similar homes and sales of similar homes in Prince Edward County.
Be ready for the tax assessor to argue his/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 assessed value and will want to win his/her case by embellishing on the facts to support their case. It’s is always crucial to keep in mind that there are no additional charges connected to filing an appeal; the worst outcome being that your property assessed value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has been miscalculated, a successful appeal of your Prince Edward County real estate assessment value might lead to considerable cost savings. If there are only a few hundred dollars of potential cost savings, it may not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which might lead to a loss of profits. 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 minimize wage loss.
Property Tax Valuation - How to Calculate
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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