Appeal tax assessment: Should you appeal your property assessment in Greenbrier County, West Virginia?
Property owners in Greenbrier County are totally knowledgeable about the problem of property taxes; 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 lived in their properties for a long time, as they have actually experienced firsthand the taxes increase year after year. But the bad news is perhaps overpaying your property taxes and be totally unaware. Here are some common reasons people are overpaying their residential properties tax.
Is your Greenbrier County home over assessed?
A high property evaluation is the primary factor that individuals appeal the dollar amount they are paying on their property taxes. Oftentimes, individuals feel that the assessment put on their residential property does not reflect the marketplace value ought to they attempt to sell it today. The simplest way to find this out is to call some local real estate agents. They must be able to inform you the variety of worths similar homes are selling for in your area. Remember, the actual value of your home will not be known till a sale is closed. When you receive your home assessed value, 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 actual value of your house?
It is most likely worthwhile to reach out to a local realty agent or your assessor in Greenbrier County, West Virginia. If you feel your home has actually been severely misestimated, an expert assessment might show extremely affordable in the long run
Many do not know you are not allowed to dispute your property tax bill in West Virginia, however you can certainly lodge an appeal, remember that despite how you feel about the bill, if you don’t pay, it can result in the foreclosure of your home.
To effectively appeal, you will require to reveal at least three comparable homes that have been assessed at a lower value. The closer these homes remain in size and place to yours, the higher the possibility of success you will have on appeal
Particular situations that may have decreased the value of your home
If there are exceptional scenarios that straight lead to the reduction of your property value and these are not shown in your evaluation, these are clear premises for appeal. Simply offer proof of these situations, and the appeals process ought to be straightforward.
You have actually just recently bought your property in Greenbrier County, West Virginia for less than the assessed value
If you have evidence of the purchase price of your home or you possess a current appraisal that does not show the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the assessment, this is considerable proof to support your appeal. You can always pay for a new appraisal despite the fact that 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 while doing so.
How do you appeal your real estate assessment in Greenbrier County?
Every State has their own criteria for real estate assessment appeals. Something they all have in common; the only argument that they will accept is that your property has been assessed higher than it‘s worth. As your Greenbrier County house taxes are determined basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any grounds to appeal the tax rate just the home assessment value. Your only opportunity of approach is to show your home is not worth the value the assessor thinks.
On receiving your house assessment, your county will give 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, keep in mind if you miss this due date there’s absolutely nothing you can do, and you will be required to wait a further year for a chance to appeal your house assessed value!
The fastest and easiest method to file an appeal in Greenbrier County is to do so on the website of your county, town or city. The charges associated with each request can differ dependent on the initial value of your property assessment 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 procedure is to ensure that your local tax assessor has included the correct real estate information to start with. Sometimes, information may be in error such as, homes have been lifted with basements that do not exist; such examples are wrong and could result in your house value being lowered instantly. The more information that you can gather regarding why you feel your home is overvalued, 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 have a lower assessment. This will be the easiest way to prove your case. You will want to find three or four residential properties that are all the same size as yours, in the same location, 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 take place, don’t be intimidated. In general, these hearings are simply contacted us to permit you to provide the details you‘ve collected in support of your claim. You will also be permitted to take a look at any incorrect info that may be on file about your home. You ought to be ready for this hearing and have all the information you‘ve collected about comparable homes and sales of comparable houses in Greenbrier 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 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 assessed value and will want to win his/her case by embellishing on the facts to support their position. It’s is always crucial to remember that there are no additional penalties attached to submitting an appeal; the worst result being that your home assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your house has been overvalued, a successful appeal of your Greenbrier County home assessment value might result in considerable cost savings. If there are just a few hundred dollars of prospective savings, it may not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which might result in 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 arrangements to possibly eliminate 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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