Appeal tax assessment: Should you appeal your property’s assessed value in Ohio County, West Virginia?
House owners in Ohio County are totally familiar with the burden of real estate tax; those that have actually invested their lives in locations where these taxes are generally high feel the effect more than a lot of. The effect of these taxes can be even worse for those who have 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 maybe overpaying your property taxes and be completely unaware. Here are some common reasons individuals are overpaying their homes tax.
Is your Ohio County property over assessed?
A high home assessment is the main factor that individuals appeal the dollar amount they are paying on their property taxes. In many cases, people feel that the valuation put on their home does not reflect the marketplace value must they try to sell it today. The most convenient method to discover this out is to get in touch with some local real estate agents. They must have the ability to tell you the series of worths equivalent residential properties are selling for in your location. Remember, the actual value of your home will not be realized till a sale is finally closed. When you receive your property evaluation, you will be provided a 30-day window in which to appeal any appraisal. Otherwise, you will have to wait till next year to appeal.
Can you get the actual value of your house?
It is probably worthwhile to contact a local property representative or your assessor in Ohio County, West Virginia. If you feel your home has been severely overvalued, a professional appraisal could prove very cost-effective in the long run
Often people do not realize you are not entitled to challenge your real estate tax bill directly in West Virginia, but you can unquestionably file an assessment appeal, bear in mind that despite how you feel about the costs, if you don’t pay, it can result in the foreclosure of your house.
To effectively appeal, you will need to show a minimum of three equivalent homes that have actually been assessed at a lower assessment value. The closer these properties remain in size and location to yours, the higher the opportunity of success you will have on appeal
Specific circumstances that may have actually lowered the value of your property
If there are exceptional scenarios that directly result in the reduction of your property value and these are not accounted for in your evaluation, these are clear grounds for appeal. Just offer proof of these situations, and the appeals procedure ought to be straightforward.
You have recently bought your residential property in Ohio County, West Virginia for less 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 home has been valued at by the assessor, this is clear grounds for appeal. If an expert evaluates your residential property much lower than that of the assessment, this is considerable proof to support your petition. You can always order a new appraisal despite the fact that this will cost a couple of hundred dollars it could be worth it in the end. The bright side is that you do not have to accept a high real estate assessment; you can always appeal and get them lowered in the process.
How do you contest your home assessment in Ohio County?
Every State has their own requirements for house assessed value 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 Ohio County home taxes are computed basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any grounds to appeal the tax rate just the real estate assessment value. Your only avenue of approach is to show your house is not worth the value the assessor thinks.
Upon receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can vary 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 absolutely 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 most convenient method to submit an appeal in Ohio County is to do so on the website of your county, town or city. The fees connected with each request can vary based on the preliminary value of your home assessment value. The expense of an appeal varies could be as little as $10 to $100, depending upon where you live.
The first step in the process is to make sure that your regional tax assessor has included the proper house info to start with. Sometimes, facts on your home may be in error such as, houses have actually been lifted with basements that do not exist; such examples are wrong and could cause your home value being reduced right away. The more details that you can gather as to why you feel your home is miscalculated, the stronger your case for an assessment appeal.
If there are no clear concerns with the information on your property, you will need to find information of equivalent homes in your neighborhood that are assessed at a lower value. This will be the easiest way to prove your case. You will want to find three or four properties that are all the same size as yours, in the exact same location, whose value is much less lower than your property; this will be your premises for appeal.
In some locations, you’ll be asked to attend a real estate appeal hearing, so if this does take place, don’t be frightened. In general, these hearings are just contacted us to allow you to present the info you‘ve gathered in support of your claim. You will likewise be permitted to take a look at any false details that may be on file about your home. You should be prepared for this hearing and have all the information you‘ve gathered about similar houses and sales of similar homes in Ohio County.
Be prepared for the tax assessor to argue his/her counter-argument. Among the most popular ones here is that your home in concern is more modern 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 assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always crucial to bear in mind that there are no additional penalties attached to submitting an appeal; the worst outcome being that your real estate assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your home has actually been overvalued, a successful appeal of your Ohio County home assessment might result in considerable savings. If there are just a few hundred dollars of possible cost savings, it may not deserve your time. You also need to consider that the hearing could be set up during a workday, which may lead to 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.
How Property Taxes Are Calculated On A Home
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.