Contest property taxes: Should you appeal your property assessment in Fayette County, Ohio?
Property owners in Fayette County are completely familiar with the problem of real estate tax; those that have actually spent their lives in locations where these taxes are traditionally high feel the impact more than most. The impact of these taxes can be even worse for those who have resided in their homes for some time, as they have witnessed firsthand the taxes increase every year. The bad news is maybe overpaying your property taxes and be entirely uninformed. Here are some common factors individuals are overpaying their residential properties tax.
Is your Fayette County property over assessed?
A high house assessed value is the main reason that people appeal the dollar amount they are paying on their real estate tax. In most cases, people feel that the appraisal placed on their property does not show the marketplace value ought to they attempt to offer it today. The simplest method to discover this out is to get in touch with some local realtors. They should have the ability to tell you the variety of worths equivalent residential properties are selling for in your location. Remember, the real value of your residential property will not be realized 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 assessment. Otherwise, you will have to wait until next year to appeal.
Can you get the real value of your house?
It is probably beneficial to get in touch with a local realty agent or your assessor in Fayette County, Ohio. If you feel your property has actually been seriously misestimated, an expert evaluation could prove very cost-efficient in the long run
Often people do not know you are not entitled to contest your tax bill in Ohio, however you can certainly file an assessed value appeal, bear in mind that no matter how you feel about the costs, if you do not pay, it can result in the foreclosure of your house.
To successfully appeal, you will require to show a minimum of 3 similar residential properties that have been evaluated at a lower assessed value. The closer these homes are in size and area to yours, the greater the opportunity of success you will have on appeal
Specific scenarios that may have lowered the value of your property
If there are exceptional circumstances that straight result in the reduction of your property value and these are not reflected in your assessment, these are clear grounds for appeal. Simply supply evidence of these situations, and the appeals procedure should be straightforward.
You have just recently purchased your property in Fayette County, Ohio for a lower value than the assessment value
If you have proof of the purchase price of your home or you possess a current appraisal that does not show the dollar amount your house has actually been assessed at by the assessor, this is clear premises for appeal. If a professional values your residential property much lower than that of the assessed value, this is significant evidence to back your petition. You can always pay for 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 property assessment; you can always appeal and get them lowered in the process.
How do you contest your property assessment in Fayette County?
Every State has their own requirements for home assessed value appeals. One thing they all have in common; the only argument that they will accept is that your home has been evaluated higher than itreal market value. As your Fayette 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 premises to appeal the tax rate just the real estate assessed value. Your only avenue of approach is to prove your home is not worth the value the assessor believes.
On receiving your home assessed value, your county will offer you a predetermined window in which to appeal. These can vary substantially 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 required to wait an additional year for a chance to appeal your real estate assessed value!
The fastest and easiest way to file an appeal in Fayette County is to do so on the website of your county, town or city. The charges associated with each appeal can vary based on the initial value of your real estate assessment. The cost of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the procedure is to make sure that your local tax assessor has included the right house details to start with. In some cases, information may be in error such as, homes have been lifted with basements that don’t exist; such examples are wrong and could lead to your home value being decreased right away. The more details that you can gather as to why you feel your home is misestimated, the more powerful your case for an appeal.
If there are no obvious problems with the details on your property, you will need to discover details of comparable homes in your community that are assessed at a lower value. This will be the easiest way to prove your case. You will want to find three or 4 properties that are all the same size as yours, in the same location, whose value is much less lower than your property; this will be your grounds for appeal.
In some locations, you’ll be asked to attend a real estate appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are just called to allow you to provide the details you have actually collected in support of your claim. You will also be allowed to take a look at any incorrect info that may be on file about your property. You need to be prepared for this hearing and have all the information you‘ve gathered about similar houses and sales of comparable houses in Fayette County.
Be prepared for the tax assessor to argue his or her counter-argument. Among the most popular ones here is that your home in question 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 value and will want to win his/her case by elaborating on the facts to support their position. It’s is always crucial to keep in mind that there are no additional penalties attached to filing an appeal; the worst result being that your house assessment value is the same.
Is it worth submitting an appeal?
If you genuinely feel that your house has actually been overvalued, a successful appeal of your Fayette County real estate assessment value could lead to substantial cost savings. If there are only a few hundred dollars of possible cost savings, it may not be worth your time. You also need to consider that the hearing could be scheduled throughout a workday, which may result in a loss of earnings. 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.
Are Property Taxes Fair?
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.