Appeal tax assessment: Should you appeal your property assessment in Prince George County, Virginia?
Property owners in Prince George County are totally knowledgeable about the burden of property taxes; those that have invested their lives in areas where these taxes are typically high feel the effect 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 seen firsthand the taxes increase every year. The bad news is possibly overpaying your home taxes and be totally uninformed. Here are some typical reasons people are overpaying their residential properties tax.
Is your Prince George County house over assessed?
A high property evaluation is the primary factor that people appeal the dollar amount they are paying on their real estate tax. In many cases, individuals feel that the valuation placed on their residential property does not show the market value should they attempt to sell it today. The simplest way to discover this out is to call some local real estate agents. They should have the ability to tell you the range of worths comparable homes are selling for in your area. Remember, the real market value of your residential property will not be realized up until a sale is finally closed. When you receive your property assessed value, you will be provided 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 house?
It is most likely beneficial to reach out to a local real estate agent or your assessor in Prince George County, Virginia. If you feel your property has been significantly overvalued, an expert assessment could show really economical in the long run
Many do not know you are not allowed to challenge your tax bill in Virginia, however you can unquestionably file an assessment appeal, remember that regardless of how you feel about the expense, if you do not pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show a minimum of 3 similar properties that have actually been evaluated at a lower value. The closer these residential properties are in size and location to yours, the greater the opportunity of success you will have on appeal
Specific circumstances that may have actually lowered the value of your property
If there are extraordinary scenarios that straight result in the decrease of your home value and these are not reflected in your evaluation, these are clear grounds for appeal. Simply supply evidence of these situations, and the appeals process should be straightforward.
You have just recently bought your residential property in Prince George County, Virginia for less than the assessed value
If you have evidence of the purchase price of your home or you have a current appraisal that does not reflect the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional values your home much lower than that of the assessment, this is substantial evidence to support your petition. You can always request a brand-new appraisal even though this will cost a couple of hundred dollars it could be worth it in the end. Fortunately is that you do not have to accept a high property assessment; you can always appeal and get them decreased while doing so.
How do you appeal your property assessment value in Prince George County?
Every State has their own requirements for real estate assessment value appeals. One thing they all have in common; the only groungs that they will accept is that your home has been assessed higher than it‘s worth. As your Prince George County real estate taxes are calculated basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any premises to appeal the tax rate just the house assessment value. Your only opportunity of approach is to prove your house is less than the value the assessor believes.
Upon receiving your house assessed value, 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, keep in mind if you miss this deadline there’s absolutely nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your real estate assessed value!
The fastest and simplest way to submit an appeal in Prince George County is to do so on the website of your county, town or city. The charges related to each request can vary depending on the initial value of your house 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 process is to make sure that your regional tax assessor has included the correct property info to start with. In some cases, details may be in error such as, homes have been lifted with basements that don’t exist; such examples are wrong and could lead to your house value being decreased immediately. The more details that you can gather as to why you feel your house is misestimated, the stronger your case for an assessment appeal.
If there are no recognizable issues with the details on your property, you will need to discover information of comparable homes in your area that have a lower assessment. This will be the most convenient way to show your case. You will want to discover 3 or four properties that are all the same size as yours, in the exact same area, whose value is much less lower than your property; this will be your grounds for appeal.
In some locations, you’ll be asked to attend a property appeal hearing, so if this does happen, do not be frightened. In general, these hearings are just contacted us to allow 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 residential property. You should be ready for this hearing and have all the information you‘ve gathered about similar homes and sales of similar houses in Prince George 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 prepared 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 bear in mind that there are no additional penalties connected to filing an appeal; the worst outcome being that your house assessment value is the same.
Is it worth filing an appeal?
If you really feel that your house has actually been overvalued, an effective appeal of your Prince George County house assessment value could result in considerable savings. If there are only a few hundred dollars of possible cost savings, it might not be worth your time. You also need to consider that the hearing could be set up during a workday, which might result in 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.
Are Property Taxes Fair?
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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