Contest property taxes: Should you appeal your property assessment in Cabell County, West Virginia?
Homeowners in Cabell County are completely knowledgeable about the problem of property taxes; those that have invested their lives in areas where these taxes are traditionally high feel the impact more than the majority of. The effect of these taxes can be even worse for those who have resided in their residential properties for some time, as they have witnessed firsthand the taxes rise every year. The bad news is maybe overpaying your home taxes and be totally unaware. Here are some common factors individuals are overpaying their homes tax.
Is your Cabell County property over evaluated?
A high property valuation is the main factor that people appeal the amount they are paying on their real estate tax. In a lot of cases, people feel that the evaluation put on their property does not reflect the market value should they try to offer it today. The simplest way to find this out is to get in touch with some local real estate agents. They need to have the ability to inform you the series of worths similar residential properties 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 house valuation, you will be provided a 30-day window in which to appeal any assessment. Otherwise, you will need to wait up until next year to appeal.
Can you get the real market value of your property?
It is probably worthwhile to reach out to a regional realty agent or your assessor in Cabell County, West Virginia. If you feel your property has actually been badly overvalued, a professional assessment could prove really affordable in the long run
Most do not realize you are not entitled to contest your property tax bill directly in West Virginia, however you can undoubtedly file an appeal, bear in mind that despite how you feel about the costs, if you don’t pay, it can lead to the foreclosure of your home.
To effectively appeal, you will require to reveal a minimum of three similar homes that have been assessed at a lower assessed value. The closer these homes are in size and location to yours, the higher the possibility of success you will have on appeal
Specific circumstances that may have actually minimized the value of your home
If there are exceptional circumstances that directly result in the decrease of your property value and these are not reflected in your property assessment, these are clear premises for appeal. Simply provide evidence of these scenarios, and the appeals process should be straightforward.
You have actually just recently purchased your residential property in Cabell County, West Virginia for less than the assessment value
If you have proof of the purchase price of your home or you possess a recent appraisal that does not show the dollar amount your home has been assessed at by the assessor, this is clear premises for appeal. If an expert values your property much lower than that of the tax assessment, this is significant evidence to back your petition. 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. The good news is that you do not have 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 assessed value in Cabell County?
Every State has their own criteria for home assessment value appeals. Something they all have in common; the only groungs that they will accept is that your residential property has been evaluated higher than it‘s worth. As your Cabell County real estate taxes are calculated basically by multiplying the evaluated 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. Your only opportunity of approach is to prove your home is less than the value the assessor believes.
Upon receiving your home assessed value, 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 deadline there’s nothing you can do, and you will be required to wait a more year for an opportunity to appeal your house assessment value!
The fastest and simplest method to file an appeal in Cabell County is to do so on the assessment website of your county, town or city. The costs associated with each request can vary dependent on the preliminary value of your home assessed 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 process is to guarantee that your local tax assessor has included the correct real estate details to start with. In some cases, facts on your home may be in error such as, houses have been raised with basements that don’t exist; such examples are wrong and might cause your home value being lowered immediately. The more details that you can gather as to why you feel your house is overvalued, the more powerful your case for an appeal.
If there are no recognizable issues with the details on your property, you will need to discover information of comparable homes in your neighborhood that have a lower assessment. This will be the most convenient method to show your case. You will want to find 3 or four houses 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, don’t be intimidated. In general, these hearings are just called to permit you to present the details you‘ve collected in support of your claim. You will also 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 have actually gathered about similar homes and sales of comparable houses in Cabell County.
Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in question is more modern than the ones you’re comparing it to. Be ready for such an argument because if you get to this point, 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 connected to filing an appeal; the worst outcome being that your real estate assessment is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has been overvalued, a successful appeal of your Cabell County home assessed value might result in significant savings. If there are just a couple of hundred dollars of potential savings, it might not deserve your time. You also need to consider that the hearing could be arranged during a workday, which may 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 reduce wage loss.
Are Property Taxes Fair?
Property tax is probably the fairest tax collected by municipalities. However, it is also probably the un-fairest tax collected by municipalities.
The state where an individual lives determines how much they pay, which may be higher or lower. An individual's economic status can also be a factor in how this type of tax impacts their pocketbook.
In fact when it comes to the decision on taxes and renting versus owning, this may be the only time renting is the best option. States collect property taxes on:
- Improvements to land such as additions to property
- Man made objects that are not stationary structures
It is usually assessed by individual county tax collectors in each state. Land and property are mailed tax payment notices that are the result of appraisals of the property's value. Notices of assessments can be disputed by contacting the tax collector in the land owner's county, and the tax bill is typically paid from a homeowner's escrow amount on their mortgage.
As mentioned, property taxes can disproportionately affect some homeowners. Increases in a state's tax rate can often double or even triple a homeowner's tax liability and often leave them with no option but to sale their residence or land.
Critics of this form of taxation have also decried the fact that it does address the situations of some individuals. Although it is ordinarily paid as part of an escrow account, increased property tax means they would have to pay more into escrow.
Senior citizens on a fixed income have been identified as a group sometimes hit hard by taxes on their property. Such individuals may have high taxes due to an increase in the value of their property, yet find them selves unable to pay because of a reduced income during retirement. This mandatory tax, in some cases, does not take into account factors that may impact someone's ability to pay, such as personal tragedy or acts of nature.
Property tax has also been criticized because of the difference individuals must pay between states. Alabama has the lowest rate at 1.3 percent on property value, while New Hampshire has the largest at 4.9 percent. The average percentage among is somewhere in the range of 2.3 percent.
While Alabama has a tax rate of 1.3, which would seem to make it an attractive location for a home or business owner, someone with property a few feet away in neighboring Georgia would have to pay 2.6 percent, and more than double in Florida with a tax rate of 3.1 percent.
Just how to spend the revenue (or waste it, as is the case with many governments) generated by taxing property values is determined by state legislatures. A state's legislature also has say over reducing or raising the tax rate along with determining how often it should be collected. Additionally, there may also set limits on how much increase, if any, there can be every year.
Property tax definitely helps states with revenue. But while much needed, property tax can also be a deciding factor in where an individual lives or their ability to retain the American Dream of owning land.