Property tax dispute: Should you appeal your property assessment in Lee County, North Carolina?
Property owners in Lee County are completely knowledgeable about the burden of property taxes; those that have actually spent their lives in locations 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 a long time, as they have witnessed firsthand the taxes rise year after year. But the bad news is maybe overpaying your property taxes and be totally unaware. Here are some common factors individuals are overpaying their residential properties tax.
Is your Lee County property over evaluated?
A high house assessment is the primary reason that individuals appeal the amount they are paying on their real estate tax. Oftentimes, individuals feel that the evaluation put on their property does not reflect the marketplace value should they try to sell it today. The simplest way to find this out is to contact some local realtors. They ought to be able to inform you the series of worths similar properties are selling for in your location. Keep in mind, the actual market value of your home will not be realized until a sale is closed. When you receive your home assessment, you will be offered a 30-day window in which to appeal any valuation. Otherwise, you will need to wait until next year to appeal.
Can you get the actual value of your property?
It is probably beneficial to get in touch with a local property agent or your assessor in Lee County, North Carolina. If you feel your residential property has actually been badly miscalculated, a professional valuation might prove extremely affordable in the long run
Most do not know you are not entitled to challenge your tax bill in North Carolina, but you can unquestionably submit an 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 home.
To successfully appeal, you will require to show at least three equivalent homes that have been assessed at a lower assessment value. The closer these residential properties are in size and place to yours, the greater the possibility of success you will have on appeal
Particular scenarios that may have reduced the value of your property
If there are extraordinary scenarios that straight result in the decrease of your home value and these are not accounted for in your evaluation, these are clear premises for appeal. Just supply evidence of these situations, and the appeals process ought to be straightforward.
You have just recently bought your residential property in Lee County, North Carolina 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 show the amount your home has been valued at by the assessor, this is clear grounds for appeal. If a professional evaluates your home much lower than that of the assessment, this is significant proof to support your appeal. You can always pay for a new appraisal although this will cost a few hundred dollars it could be worth it in the end. Fortunately is that you do not need to accept a high real estate assessment; you can always appeal and get them decreased in the process.
How do you contest your real estate assessment value in Lee County?
Every State has their own criteria for property assessed value appeals. One thing they all have in common; the only argument that they will accept is that your property has actually been assessed higher than it‘s worth. As your Lee County house taxes are determined basically by multiplying the assessed value of your house by its locations set tax rate, you do not have any grounds to appeal the tax rate just the property assessment. Your only avenue of approach is to show your home is not worth the value the assessor thinks.
On receiving your home assessment, your county will offer 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, remember if you miss this deadline there’s absolutely nothing you can do, and you will be required to wait a further year for a chance to appeal your real estate assessed value!
The fastest and simplest method to submit an appeal in Lee County is to do so on the website of your county, town or city. The charges connected with each request can differ based on the initial value of your house assessment. The cost 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 ensure that your regional tax assessor has included the correct house information to start with. In many cases, information may be in error such as, homes have actually been raised with basements that do not exist; such examples are wrong and might lead to your house value being decreased instantly. The more information 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 details on your property, you will need to find details of comparable homes in your area that have a lower assessment. This will be the most convenient way to prove 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 property; this will be your premises for appeal.
In some areas, 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 simply contacted us to enable you to present the details you have actually gathered in support of your claim. You will also be enabled to analyze any incorrect info that might be on file about your home. You ought to be prepared for this hearing and have all the information you have actually collected about similar homes and sales of similar homes in Lee 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 question is more modern-day 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 value and will want to win his/her case by elaborating on the facts to support their case. It’s is always important to keep in mind that there are no additional penalties connected to filing an appeal; the worst outcome being that your real estate assessment value is the same.
Is it worth submitting an appeal?
If you truly feel that your home has been misestimated, an effective appeal of your Lee County house assessment value could lead to significant cost savings. If there are just a couple of hundred dollars of prospective cost savings, it may not deserve your time. You also need to consider that the hearing could be scheduled during a workday, which may result in a loss of revenues. 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 appropriate arrangements to reduce wage loss.
How Property Taxes Are Calculated On A Home
The property taxes are the largest bills that are received every year. Property taxes are paid in order to fund the local government for necessary programs such as schools, and for maintaining roads in the locality in which we live in. What if the bills are too high and one cannot afford to pay the tax this year?
First thing to be done is to look into the assessor of taxes' valuation of the home. Whatever is determined by the assessor of taxes will have to be paid as property tax. However if you think that your home has been valued more than the required amount, you can make an appeal to reconsider the valuation. If the appeal is in your favor then you will need to pay only the lower and newer valuation for your home. This will bring down your tax bills greatly.
Next, see to that if there are exemptions you are not taking. In many places, there is a homestead exemption that can be taken on your primary home. This will definitely reduce your bills. However if you own more that one property, then you will be able to take the homestead exemption only on you main residence. This homestead exemption can be taken at the local tax office if they are permitted. There is also a hardship exemption but it is offered on a yearly basis.
Also you need to request for a plan of payment for all you properties. Most of the local offices will give you the plan of payment that allows you to pay the taxes over a period of time. In some places, you can pay the taxes in installments until you have completely paid the taxes without needing to make a request for a plan of payment. This can be done to prevent tax foreclosure of your property. Once your property is tax foreclosed then it is not possible for a plan payment to be set up.
If the property taxes are not paid on the due dates it will lead to accrue penalties and interest will start to build up on the unpaid balances even though you have a payment plan. If the taxes are not paid a long period even after the extended time then your property will be tax foreclosed. Different states handle these foreclosures differently. However in all states there is particular point at which the property is seized. Then they sell it off to the local government to in order to pay the delinquent tax. Mostly the government will work with these tax payers to ensure that the properties are not seized.