Contest property taxes: Should you appeal your property’s assessed value in Boone County, West Virginia?
Property owners in Boone County are fully knowledgeable about the problem of property taxes; those that have spent their lives in locations where these taxes are traditionally high feel the impact more than many. The impact of these taxes can be even worse for those who have lived in their properties for a long time, as they have actually witnessed firsthand the taxes increase year after year. However the bad news is maybe overpaying your real estate tax and be completely unaware. Here are some typical factors people are overpaying their residential properties tax.
Is your Boone County home over evaluated?
A high home assessed value is the main factor that people appeal the dollar amount they are paying on their property taxes. In a lot of cases, people feel that the appraisal placed on their property does not reflect the marketplace value should they try to offer it today. The most convenient way to discover this out is to call some regional realtors. They should be able to tell you the variety of values similar residential properties are selling for in your location. Keep in mind, the actual market value of your property will not be known till a sale is finally closed. When you receive your property valuation, you will be provided a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait until next year to appeal.
Can you get the actual market value of your house?
It is probably worthwhile to contact a regional property representative or your assessor in Boone County, West Virginia. If you feel your home has been seriously misestimated, a professional appraisal might prove really affordable in the long run
Many do not realize you are not permitted to challenge your tax bill directly in West Virginia, however you can unquestionably submit an assessment appeal, remember that regardless of how you feel about the costs, if you do not pay, it can result in the foreclosure of your house.
To successfully appeal, you will need to show at least 3 similar homes that have actually been evaluated at a lower assessed value. The closer these residential properties remain in size and place to yours, the higher the chance of success you will have on appeal
Specific scenarios that may have actually decreased the value of your residential property
If there are exceptional scenarios that straight result in the reduction of your residential property value and these are not shown in your house assessment, these are clear premises for appeal. Just provide proof of these situations, and the appeals process should be straightforward.
You have actually just recently purchased your home in Boone County, West Virginia for lower market 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 reflect the amount your house has actually been assessed at by the assessor, this is clear grounds for appeal. If an expert values your property much lower than that of the assessed value, this is significant proof to support your appeal. You can always order a new appraisal despite the fact that 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 reduced at the same time.
How do you contest your house assessment value in Boone County?
Every State has their own requirements for home assessment value appeals. Something they all have in common; the only argument that they will accept is that your residential property has been evaluated higher than it‘s worth. As your Boone County home taxes are calculated 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 opportunity of approach is to prove your house is not worth 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 differ 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 due date there’s nothing you can do, and you will be forced to wait a further year for a chance to appeal your property assessment!
The fastest and easiest way to file an appeal in Boone County is to do so on the website of your county, town or city. The costs associated with each request can differ based on the preliminary value of your real estate assessed 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 guarantee that your local tax assessor has included the correct home details to start with. Sometimes, details may be incorrect such as, houses have been lifted with basements that don’t exist; such examples are wrong and might result in your home value being reduced right away. The more details that you can gather as to why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no clear concerns with the info on your property, you will need to find information of equivalent homes in your area that are assessed at a lower value. This will be the most convenient method to show your case. You will want to discover three or 4 homes 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 locations, you’ll be asked to go to a property appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are simply contacted us to enable you to present the info you‘ve gathered in support of your claim. You will likewise be allowed to examine any false details 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 comparable houses and sales of similar houses in Boone County.
Be prepared for the tax assessor to argue his or her counter-argument. One of 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 stage, the Assessor believes you are not deserving of a reduction in assessed value and will want to win his/her case by elaborating on the facts to support their position. It’s is always important to remember that there are no additional penalties attached to submitting an appeal; the worst result being that your property assessment is the same.
Is it worth submitting an appeal?
If you really feel that your home has been overvalued, an effective appeal of your Boone County house assessed value could result in substantial savings. If there are just a couple of hundred dollars of potential savings, it may not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which might result in 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.
Are Property Taxes Fair?
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.