Appeal tax assessment: Should you appeal your property assessment in Montgomery County, North Carolina?
Homeowners in Montgomery County are fully familiar with the burden of property taxes; those that have actually spent their lives in areas where these taxes are typically high feel the impact more than the majority of. The impact of these taxes can be even worse for those who have resided in their properties for some time, as they have experienced firsthand the taxes increase every year. The bad news is maybe overpaying your home taxes and be entirely unaware. Here are some typical factors individuals are overpaying their homes tax.
Is your Montgomery County house over assessed?
A high house assessment is the main factor that people appeal the amount they are paying on their property taxes. In a lot of cases, individuals feel that the appraisal put on their residential property does not reflect the market value ought to they attempt to sell it today. The simplest way to find this out is to get in touch with some regional realtors. They should have the ability to tell you the series of values comparable residential properties are selling for in your location. Keep in mind, the actual market value of your home will not be known until a sale is closed. When you receive your home assessment, you will be given 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 most likely worthwhile to call a regional real estate representative or your assessor in Montgomery County, North Carolina. If you feel your residential property has been significantly miscalculated, a professional evaluation could show really affordable in the long run
Many do not know you are not entitled to dispute your tax bill directly in North Carolina, but you can certainly lodge an assessment appeal, remember that regardless of how you feel about the bill, if you do not pay, it can lead to the foreclosure of your house.
To successfully appeal, you will need to show at least 3 similar homes that have been assessed at a lower assessed value. The closer these properties are in size and area to yours, the higher the opportunity of success you will have on appeal
Specific circumstances that may have lowered the value of your residential property
If there are exceptional scenarios that directly lead to the decrease of your residential property value and these are not reflected in your property assessment, these are clear grounds for appeal. Just offer evidence of these circumstances, and the appeals procedure should be straightforward.
You have recently purchased your property in Montgomery County, North Carolina for a lower value than the assessed value
If you have evidence of the purchase price of your home or you have a current appraisal that does not show the dollar amount your home has been assessed at by the assessor, this is clear grounds for appeal. If a professional values your home much lower than that of the tax assessment, this is substantial evidence to support your petition. You can always request a new appraisal even though this will cost a few hundred dollars it could be worth it in the end. The good news is that you do not need to accept a high real estate assessment; you can always appeal and get them lowered at the same time.
How do you contest your home assessed value in Montgomery County?
Every State has their own requirements for home assessment appeals. Something they all have in common; the only groungs that they will accept is that your home has actually been evaluated higher than itreal market value. As your Montgomery County real estate taxes are calculated basically by multiplying the evaluated value of your home by its locations set tax rate, you do not have any grounds to appeal the tax rate just the home assessment. Your only opportunity of approach is to prove your house is not worth the value the assessor thinks.
On receiving your home assessed value, your county will give you a predetermined window in which to appeal. These can differ substantially 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 deadline there’s nothing you can do, and you will be forced to wait an additional year for an opportunity to appeal your real estate assessment value!
The fastest and easiest way to submit an appeal in Montgomery County is to do so on the website of your county, town or city. The costs associated with each request can vary depending on the initial value of your house assessment value. The cost of an appeal differs could be as little as $10 to $100, depending upon where you live.
The first step in the procedure is to ensure that your regional tax assessor has included the proper property details to start with. Sometimes, facts on your home may be in error such as, houses have been raised with basements that do not exist; such examples are wrong and could result in your home value being decreased immediately. The more information that you can gather as to why you feel your home is miscalculated, the more powerful your case for an appeal.
If there are no clear concerns with the information on your property, you will need to discover details of equivalent homes in your community that have a lower assessment. This will be the simplest way to show your case. You will want to find 3 or 4 houses 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 premises for appeal.
In some locations, you’ll be asked to participate in a real estate appeal hearing, so if this does take place, do not be frightened. In general, these hearings are just contacted us to permit you to provide the information you‘ve collected in support of your claim. You will likewise be permitted to take a look at any incorrect info that might be on file about your residential property. You must be prepared for this hearing and have all the data you have actually collected about similar houses and sales of similar homes in Montgomery County.
Be ready for the tax assessor to argue his or 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 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 embellishing on the facts to support their position. It’s is always important to bear in mind that there are no additional charges attached to submitting an appeal; the worst outcome being that your property assessed value is the same.
Is it worth submitting an appeal?
If you truly feel that your house has actually been overvalued, a successful appeal of your Montgomery County house assessed value could result in considerable savings. If there are only a few hundred dollars of potential savings, it may not be worth your time. You also need to consider that the hearing could be set up throughout a workday, which might 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 appropriate arrangements to reduce wage loss.
Property Tax Valuation - How to Calculate
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?