Fight property taxes: Should you appeal your property assessment in Mineral County, West Virginia?
Homeowners in Mineral County are totally aware of the burden of real estate tax; those that have spent their lives in locations where these taxes are traditionally high feel the effect more than most. The effect of these taxes can be even worse for those who have actually lived in their residential properties for a long time, as they have experienced firsthand the taxes increase year after year. But the bad news is perhaps overpaying your real estate tax and be completely unaware. Here are some common factors people are overpaying their homes tax.
Is your Mineral County home over assessed?
A high home evaluation 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 valuation placed on their home does not reflect the market value must they try to offer it today. The simplest way to discover this out is to contact some regional real estate agents. They must be able to tell you the series of values comparable properties are selling for in your area. Keep in mind, the actual value of your home will not be known up until a sale is finally closed. When you receive your house assessment, you will be given a 30-day window in which to appeal any valuation. Otherwise, you will have to wait till next year to appeal.
Can you get the real value of your property?
It is probably beneficial to call a regional realty agent or your assessor in Mineral County, West Virginia. If you feel your property has actually been significantly overvalued, a professional appraisal could prove very cost-effective in the long run
Most do not know you are not permitted to challenge your tax bill directly in West Virginia, however you can undoubtedly lodge an appeal, bear in mind that regardless of how you feel about the expense, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will require to show a minimum of 3 equivalent residential properties that have actually been evaluated at a lower assessed value. The closer these homes remain in size and place to yours, the higher the possibility of success you will have on appeal
Particular circumstances that may have minimized the value of your property
If there are exceptional circumstances that directly result in the reduction of your residential property value and these are not accounted for in your house assessment, these are clear premises for appeal. Simply provide evidence of these circumstances, and the appeals process ought to be straightforward.
You have actually just recently bought your residential property in Mineral 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 reflect the dollar amount your home has been valued 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 significant evidence to back your appeal. You can always pay for a new appraisal although this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not need to accept a high property assessment; you can always appeal and get them reduced at the same time.
How do you appeal your real estate assessment value in Mineral County?
Every State has their own criteria for real estate assessed value appeals. One thing they all have in common; the only groungs that they will accept is that your home has been evaluated higher than it‘s worth. As your Mineral County property taxes are computed 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. Your only avenue of approach is to prove your house is not worth the value the assessor thinks.
On receiving your house assessment, your county will offer you a predetermined window in which to appeal. These can differ significantly 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 an additional year for an opportunity to appeal your home assessment value!
The fastest and easiest way to file an appeal in Mineral County is to do so on the assessment website of your county, town or city. The fees related to each appeal can differ based on the initial value of your property assessment. 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 regional tax assessor has included the appropriate real estate details to start with. In some cases, details may be in error such as, homes have actually been raised with basements that do not exist; such examples are wrong and could result in your home value being reduced right away. The more details that you can gather regarding why you feel your house is miscalculated, the more powerful your case for an assessment appeal.
If there are no clear problems with the information on your property, you will need to find details of equivalent homes in your area that have a lower assessment. This will be the simplest way to show your case. You will want to find three or 4 residential properties 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 real estate appeal hearing, so if this does occur, do not be frightened. In general, these hearings are simply called to permit you to present the info you‘ve gathered in support of your claim. You will likewise be enabled to take a look at any false details that may be on file about your residential property. You need to be ready for this hearing and have all the information you have actually gathered about comparable homes and sales of comparable homes in Mineral County.
Be prepared for the tax assessor to argue his/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 stage, 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 important to remember that there are no additional charges attached to filing an appeal; the worst result being that your real estate assessment 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 Mineral County house assessed value might result in significant savings. If there are just a few hundred dollars of possible savings, it may not be worth your time. You also need to consider that the hearing could be arranged throughout a workday, which may 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 reduce wage loss.
Property Tax - Pros and Cons
We have many obligations to face in life. And, one of these obligations is to pay different taxes like income tax, property tax and many others. Since we have many obligations and not just these taxes, we sometimes take paying taxes for granted. This will cause a very big problem to non-payers.
Not being able to pay your taxes, (property taxes in particular) may lead to the following problems:
You may lose your property or house. Unpaid property tax leading to delinquent property tax may lead to losing your property. However, there are still second chances given. So, if ever you are given more time to pay your delinquent property tax, find a solution for this right away or you may really end up losing your property. You may only be given two years to settle your unpaid taxes.
If it happens that your property is forwarded to the county treasury, more interests and fees will be added. There will be a collection of four percent administration fee and one percent interest per month.
Your property may be forfeited. This means you still have one year to settle your delinquent tax or you may lose your property altogether or have it foreclosed. Foreclosed properties mean you will not be able to get it back as it will be auctioned off to recover the pending dues.
Before all these problems occur, you should make an effort to settle all pending property taxes. Surely, you do not want to end up losing your property, do you?