Kitsap County Property Tax Appeal

Property tax appeal: Should you appeal your property assessment in Kitsap County, Washington?

Homeowners in Kitsap County are completely familiar with the burden of real estate tax; those that have invested their lives in locations where these taxes are generally high feel the effect more than the majority of. The effect 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 rise every year. However the bad news is possibly overpaying your real estate tax and be totally unaware. Here are some typical factors people are overpaying their properties tax.

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Is your Kitsap County home over assessed?

A high property valuation is the primary reason that people appeal the dollar 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 need to they try to sell it today. The easiest method to discover this out is to call some regional real estate agents. They must have the ability to tell you the variety of worths similar homes are selling for in your area. Keep in mind, the actual value of your residential property will not be realized until a sale is finally closed. When you receive your property assessment, you will be given a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.

Can you get the actual value of your property?

It is probably worthwhile to get in touch with a local property representative or your assessor in Kitsap County, Washington. If you feel your property has actually been seriously miscalculated, a professional appraisal could show extremely cost-effective in the long run

Many do not know you are not permitted to contest your real estate tax bill in Washington, however you can undoubtedly submit an assessed value appeal, remember that no matter how you feel about the bill, if you do not pay, it can result in the foreclosure of your home.

To successfully appeal, you will require to show a minimum of three comparable residential properties that have actually been evaluated at a lower assessment value. The closer these homes are in size and location to yours, the greater the chance of success you will have on appeal

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Particular circumstances that may have actually reduced the value of your home

If there are extraordinary situations that straight result in the decrease of your home value and these are not reflected in your assessment, these are clear premises for appeal. Simply supply proof of these scenarios, and the appeals procedure should be straightforward.

You have actually recently purchased your property in Kitsap County, Washington for a lower value than the assessment value

If you have evidence of the purchase price of your home or you have a current appraisal that does not show the amount your house has been assessed at by the assessor, this is clear grounds for appeal. If an expert values your home much lower than that of the assessment, this is considerable proof to back your appeal. You can always pay for a brand-new appraisal even though this will cost a few hundred dollars it could be worth it in the end. Fortunately 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.

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How do you appeal your house assessed value in Kitsap County?

Every State has their own requirements for property assessment value appeals. Something they all have in common; the only groungs that they will accept is that your residential property has been assessed higher than it deserves. As your Kitsap County property taxes are calculated 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 value. Your only avenue of approach is to prove 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 differ substantially from 30 to 90 days so your county appeal deadline is the first thing you want to determine. However, remember if you miss this due date there’s nothing you can do, and you will be required to wait an additional year for an opportunity to appeal your house assessed value!

The fastest and easiest method to submit an appeal in Kitsap County is to do so on the assessment website of your county, town or city. The charges connected with each request can vary depending on the preliminary value of your house assessed value. The expense 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 ensure that your local tax assessor has included the appropriate real estate info to start with. In some cases, information may be in error such as, homes have been lifted with basements that do not exist; such examples are wrong and might result in your house value being reduced right away. The more information that you can gather regarding why you feel your home is misestimated, the more powerful your case for an assessment appeal.

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If there are no obvious problems with the info on your property, you will need to find information of comparable 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 participate in a property appeal hearing, so if this does occur, don’t be daunted. In general, these hearings are just contacted us to enable you to present the details you‘ve gathered in support of your claim. You will likewise be allowed to analyze any false information that might be on file about your property. You ought to be prepared for this hearing and have all the information you have actually collected about comparable houses and sales of comparable houses in Kitsap County.

Be ready for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more contemporary 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 position. It’s is always crucial to keep in mind 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 genuinely feel that your home has been misestimated, an effective appeal of your Kitsap County home assessed value might lead to substantial cost savings. If there are just a couple of hundred dollars of possible savings, it might not be worth your time. You also need to consider that the hearing could be set up during a workday, which may 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 appropriate arrangements to reduce wage loss.

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Prorations - Real Estate Tax and Property

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.

© 2007 Complete Books Publishing, Inc.

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