Contest property taxes: Should you appeal your property’s assessed value in Southampton County, Virginia?
Property owners in Southampton County are fully familiar with the concern of property taxes; those that have spent their lives in locations where these taxes are generally high feel the effect more than many. 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. But the bad news is maybe overpaying your real estate tax and be completely uninformed. Here are some typical factors individuals are overpaying their residential properties tax.
Is your Southampton County house over assessed?
A high house evaluation is the main factor that people appeal the dollar amount they are paying on their property taxes. Oftentimes, people feel that the valuation put on their property does not reflect the market value ought to they attempt to sell it today. The easiest method to discover this out is to get in touch with some local realtors. They should be able to inform you the range of worths similar properties are selling for in your location. Remember, the actual value of your home will not be realized until a sale is closed. When you receive your home assessment, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will have to wait until next year to appeal.
Can you get the actual value of your property?
It is most likely worthwhile to call a regional realty agent or your assessor in Southampton County, Virginia. If you feel your property has actually been seriously overvalued, an expert appraisal might prove extremely affordable in the long run
Most do not know you are not entitled to contest your property tax bill in Virginia, however you can certainly submit an appeal, keep 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 successfully appeal, you will need to show a minimum of 3 equivalent 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 circumstances that may have lowered the value of your property
If there are exceptional circumstances that straight lead to the reduction of your residential property value and these are not shown in your property assessment, these are clear premises for appeal. Just supply evidence of these circumstances, and the appeals procedure should be straightforward.
You have recently bought your home in Southampton County, Virginia for a lower value than the assessment value
If you have proof of the purchase price of your home or you have a recent appraisal that does not reflect the dollar amount your house has actually been valued 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 significant evidence to back your appeal. You can always pay for a new appraisal although this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high property assessment; you can always appeal and get them lowered in the process.
How do you contest your house assessment value in Southampton County?
Every State has their own requirements for real estate assessed value appeals. One thing they all have in common; the only argument that they will accept is that your property has been evaluated higher than it deserves. As your Southampton County home taxes are determined basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only avenue of approach is to show your home is valued less than the value the assessor believes.
Upon receiving your house assessment, 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, remember if you miss this deadline there’s absolutely nothing you can do, and you will be forced to wait a further year for a chance to appeal your real estate assessment value!
The fastest and easiest method to submit an appeal in Southampton County is to do so on the assessment website of your county, town or city. The charges connected with each request can differ dependent on the initial value of your house assessment value. The cost of an appeal varies could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to ensure that your local tax assessor has included the correct real estate information to start with. Sometimes, information may be incorrect such as, houses have actually been raised with basements that don’t exist; such examples are wrong and might lead to your house value being decreased right away. The more information that you can gather regarding why you feel your home is misestimated, the stronger your case for an assessment appeal.
If there are no recognizable problems with the info on your property, you will need to find information of similar homes in your area that are assessed at a lower value. This will be the easiest method to show your case. You will want to discover three or four homes 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 participate in a property appeal hearing, so if this does take place, don’t be intimidated. In general, these hearings are simply called to allow you to provide the details you have actually gathered in support of your claim. You will also be enabled to examine any incorrect info that might be on file about your home. You ought to be prepared for this hearing and have all the information you have actually gathered about comparable homes and sales of similar homes in Southampton County.
Be ready for the tax assessor to argue his/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 prepared 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 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 house assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your home has been overvalued, a successful appeal of your Southampton County real estate assessment value could result in significant cost savings. If there are just a couple of hundred dollars of prospective cost savings, it might not deserve your time. You also need to consider that the hearing could be scheduled throughout a workday, which might lead to 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 possibly eliminate wage loss.
Prorations - Real Estate Tax and Property
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.