Contest property taxes: Should you appeal your property’s assessed value in Monongalia County, West Virginia?
Homeowners in Monongalia County are completely 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 many. The effect of these taxes can be even worse for those who have actually lived in their residential properties for some time, as they have actually experienced firsthand the taxes increase year after year. But the bad news is possibly overpaying your real estate tax and be totally unaware. Here are some typical reasons individuals are overpaying their homes tax.
Is your Monongalia County home over assessed?
A high property evaluation is the main factor that individuals appeal the dollar amount they are paying on their property taxes. In most cases, individuals feel that the evaluation put on their residential property does not reflect the marketplace value need to they try to offer it today. The most convenient method to discover this out is to contact some local realtors. They should be able to inform you the variety of worths similar residential properties are selling for in your area. Keep in mind, the real market value of your property will not be known up until a sale is closed. When you receive your house valuation, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will need to wait till next year to appeal.
Can you get the actual value of your home?
It is probably worthwhile to reach out to a local property representative or your assessor in Monongalia County, West Virginia. If you feel your property has been badly miscalculated, a professional appraisal might show very economical in the long run
Many do not realize you are not entitled to dispute your real estate tax bill directly in West Virginia, however you can certainly file an assessment appeal, bear in mind that no matter how you feel about the expense, if you do not pay, it can lead to the foreclosure of your home.
To effectively appeal, you will need to show at least three equivalent homes that have actually been evaluated at a lower assessment value. The closer these properties remain in size and place to yours, the greater the opportunity of success you will have on appeal
Specific situations that may have actually lowered the value of your residential property
If there are extraordinary situations that directly result in the reduction of your home value and these are not shown in your property assessment, these are clear grounds for appeal. Just supply proof of these situations, and the appeals procedure ought to be straightforward.
You have recently purchased your home in Monongalia County, West Virginia for lower market value than the assessment 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 been assessed at by the assessor, this is clear grounds for appeal. If an expert values your home much lower than that of the tax assessment, this is substantial evidence to back your petition. You can always pay for a new appraisal despite the fact that this will cost a couple of 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 in the process.
How do you appeal your home assessed value in Monongalia County?
Every State has their own requirements for house assessment value appeals. One thing they all have in common; the only groungs that they will accept is that your residential property has actually been evaluated higher than it‘s worth. As your Monongalia County property taxes are computed basically by multiplying the assessed value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the house assessment. Your only avenue of approach is to prove your house is not worth the value the assessor thinks.
Upon receiving your house assessed value, your county will provide you a predetermined window in which to appeal. These can vary significantly 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 nothing you can do, and you will be forced to wait an additional year for an opportunity to appeal your property assessment!
The fastest and easiest way to submit an appeal in Monongalia County is to do so on the assessment website of your county, town or city. The fees associated with each appeal can vary depending on the preliminary value of your home assessment 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 ensure that your regional tax assessor has included the proper property information to start with. In many cases, facts on your home may be in error such as, homes have actually been lifted with basements that don’t exist; such examples are wrong and could result in your house value being reduced right away. The more information that you can gather regarding why you feel your house is misestimated, the stronger your case for an appeal.
If there are no clear problems with the information on your property, you will need to find details of comparable homes in your area that are assessed at a lower value. This will be the easiest method to show your case. You will want to discover 3 or 4 residential properties that are all the same size as yours, in the same area, whose value is much less lower than your own; this will be your grounds for appeal.
In some locations, you’ll be asked to participate in a property appeal hearing, so if this does happen, do not be daunted. In general, these hearings are just contacted us to allow you to present the details you‘ve gathered in support of your claim. You will also be allowed to examine any incorrect details that might be on file about your home. You ought to be ready for this hearing and have all the information you‘ve collected about comparable houses and sales of similar homes in Monongalia County.
Be ready 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 ready 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 case. It’s is always crucial to bear in mind that there are no additional charges connected 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 overvalued, an effective appeal of your Monongalia County house assessed value might result in substantial savings. If there are just a couple of hundred dollars of prospective cost 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 reduce wage loss.
Pay Your Property Tax Or Lose Your Property
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.