Property tax appeal: Should you appeal your property assessment in Garfield County, Oklahoma?
Property owners in Garfield County are fully knowledgeable about the burden of property taxes; those that have spent their lives in areas where these taxes are generally high feel the impact more than many. The effect of these taxes can be even worse for those who have actually lived in their homes for a long time, as they have seen firsthand the taxes rise every year. The bad news is perhaps overpaying your home taxes and be totally unaware. Here are some typical reasons individuals are overpaying their homes tax.
Is your Garfield County property over assessed?
A high home valuation is the primary factor that people appeal the amount they are paying on their real estate tax. In many cases, individuals feel that the evaluation put on their residential property does not reflect the market value ought to they attempt to offer it today. The simplest method to find this out is to contact some local real estate agents. They ought to have the ability to tell you the variety of worths similar residential properties are selling for in your area. Keep in mind, the real value of your home will not be known until a sale is closed. When you receive your home valuation, you will be given a 30-day window in which to appeal any evaluation. Otherwise, you will need to wait until next year to appeal.
Can you get the real value of your property?
It is probably beneficial to contact a regional property agent or your assessor in Garfield County, Oklahoma. If you feel your residential property has actually been significantly miscalculated, a professional appraisal could show extremely economical in the long run
Often people do not realize you are not entitled to contest your tax bill in Oklahoma, however you can undoubtedly lodge an assessed value appeal, bear in mind that regardless of how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your house.
To effectively appeal, you will require to show at least 3 similar homes that have been assessed at a lower assessment value. The closer these residential properties are in size and location to yours, the higher the opportunity of success you will have on appeal
Specific scenarios that may have lowered the value of your home
If there are exceptional circumstances that directly result in the decrease of your residential property value and these are not reflected in your assessment, these are clear grounds for appeal. Simply offer proof of these scenarios, and the appeals procedure ought to be straightforward.
You have actually just recently bought your home in Garfield County, Oklahoma for less than the assessment value
If you have proof of the purchase price of your home or you have a recent appraisal that does not reflect the amount your home has been assessed at by the assessor, this is clear grounds for appeal. If an expert evaluates your home much lower than that of the assessed value, this is considerable proof to support your petition. You can always pay for a brand-new appraisal although this will cost a couple of 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 reduced in the process.
How do you contest your property assessment in Garfield County?
Every State has their own requirements for house assessment appeals. One thing they all have in common; the only argument that they will accept is that your property has been evaluated higher than it‘s worth. As your Garfield County real estate taxes are calculated basically by multiplying the evaluated value of your house by its areas set tax rate, you do not have any premises to appeal the tax rate just the real estate assessment value. Your only opportunity of approach is to show your house is not worth the value the assessor believes.
On receiving your house assessment, your county will offer 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 deadline there’s absolutely nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your home assessed value!
The fastest and easiest way to submit an appeal in Garfield County is to do so on the website of your county, town or city. The charges associated with each request can vary depending on the preliminary value of your property assessed value. The expense of an appeal differs could be as little as $10 to $100, depending on where you live.
The first step in the process is to make sure that your local tax assessor has included the appropriate real estate info to start with. In many cases, details may be in error such as, houses have actually been raised with basements that don’t exist; such examples are wrong and could cause your home value being decreased immediately. The more details that you can gather as to why you feel your home is overvalued, the more powerful your case for an appeal.
If there are no recognizable issues with the details on your property, you will need to discover details of comparable homes in your community that have a lower assessment. This will be the easiest way to prove your case. You will want to discover 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 own; this will be your premises for appeal.
In some areas, you’ll be asked to go to a real estate appeal hearing, so if this does take place, do not be intimidated. In general, these hearings are just called to allow you to present the details you have actually gathered in support of your claim. You will likewise be permitted to analyze any incorrect details that may be on file about your home. You should be ready for this hearing and have all the information you‘ve collected about comparable homes and sales of similar homes in Garfield County.
Be prepared for the tax assessor to argue his or her counter-argument. One of the most popular ones here is that your home in question 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 assessment and will want to win his/her case by embellishing on the facts to support their case. It’s is always important to keep in mind that there are no additional penalties attached to filing an appeal; the worst result being that your property assessment value is the same.
Is it worth filing an appeal?
If you genuinely feel that your home has been misestimated, an effective appeal of your Garfield County home assessment could lead to substantial cost savings. If there are just 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 arranged throughout a workday, which may lead to 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 arrangements to minimize wage loss.
Property Tax - Pros and Cons
Real estate properties in the U.S. are taxed by the federal and state governments. Taxes on these properties are a major source of revenue for local governments. Property tax rates, in the form of percentage, are usually decided by city councils, school boards, town boards, village boards and county legislatures and are collected each year by municipalities such as cities, counties and districts. Every year normally during September or October, the board conducts budget hearings to find out how much funds they will need for their operations the following year. The tax rate is then determined by dividing the board's total taxes by the total assessed value of the jurisdiction.
Property taxes have a special purpose. The funds collected from taxpayers
are used by municipalities to improve vital public facilities and infrastructure such as schools, sewers, libraries, fire stations, hospitals, parks, roads and bridges.
Laws on the various aspects of real estate properties as well as forms of property tax vary from state to state. However, there's a standard formula in calculating property taxes on a home. The normal process involves multiplying the assessed value of a certain property by the prevailing tax rate. Exemptions, if any, are then deducted from the resulting figure. Currently, some 40 states give property tax credits or homestead exemptions that allow a property to have a lower taxable assessed value.
In some states, the property tax rate is known as a millage tax, millage rate or mill levy with one mill equivalent to 1/1,000 of a dollar. Simply put, an owner of a property will have to pay one dollar for every $1,000 in taxable value.
The assessed value of a property is vital in determining the property tax. It is here where the assessor comes in and not in calculating the property tax as some other people might believe. To get the assessed value, the assessor estimates the market value of a property or the price it would likely sell for in the real estate market. This is done by conducting studies and analysis of the local real estate market and taking into consideration new construction, improvements done to the property and demolition of structures.
On your own as a homeowner, you should get an idea of your home's market value based on the sale prices of comparable properties in your neighborhood. If in the event you find that your assessment is a bit high, there is still a chance to have the value reduced through administrative and judicial proceedings or by consultation with your local assessor.
In coming up with the assessed value for residential properties, the actual value is multiplied by the residential assessment rate. The residential assessment rate is usually set by the state thus, it differs in every state.
So for example, the actual value of a home is $120,000 and the assessment rate is 7 percent, the assessed value would be $8,400.
Meanwhile, in getting the property tax for the same home valued at $120,000 with a tax rate of say, 25 percent, multiply the assessed value with the tax rate ($8,400 x .025) and you'll have a property tax bill of $2,100.
Keep in mind that property taxes have to paid each year and failure to do so would mean penalties. If possible, learn more about this important tax and other related programs such as tax breaks and tax reliefs that could provide you and your family reduced taxes.