Property tax appeal: Should you appeal your property’s assessed value in Bedford County, Pennsylvania?
Property owners in Bedford County are totally familiar with 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 many. The impact of these taxes can be even worse for those who have lived in their residential properties for a long time, as they have seen firsthand the taxes increase every year. The bad news is maybe overpaying your home taxes and be entirely unaware. Here are some common reasons individuals are overpaying their properties tax.
Is your Bedford County home over assessed?
A high house assessed value is the primary reason that individuals appeal the amount they are paying on their property taxes. In most cases, individuals feel that the appraisal put on their residential property does not show the marketplace value should they try to sell it today. The easiest method to discover this out is to call some regional realtors. They need to have the ability to inform you the variety of values equivalent properties are selling for in your area. Remember, the actual market value of your property will not be known until a sale is closed. When you receive your property assessed value, you will be offered a 30-day window in which to appeal any assessment. Otherwise, you will have to wait till next year to appeal.
Can you get the real market value of your house?
It is most likely worthwhile to reach out to a local property agent or your assessor in Bedford County, Pennsylvania. If you feel your home has been severely overvalued, a professional assessment could prove extremely cost-efficient in the long run
Often people do not realize you are not allowed to contest your property tax bill directly in Pennsylvania, but you can unquestionably file an assessment appeal, keep in mind that despite how you feel about the bill, if you don’t pay, it can lead to the foreclosure of your home.
To successfully appeal, you will require to reveal at least three comparable homes that have actually been assessed at a lower assessment value. The closer these homes are in size and area to yours, the higher the possibility of success you will have on appeal
Specific situations that may have reduced the value of your home
If there are exceptional scenarios that straight result in the decrease of your home value and these are not shown in your evaluation, these are clear grounds for appeal. Just supply proof of these scenarios, and the appeals process ought to be straightforward.
You have actually recently bought your property in Bedford County, Pennsylvania for much less than the assessed 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 house has actually been assessed at by the assessor, this is clear grounds for appeal. If a professional evaluates your home much lower than that of the assessed value, this is considerable proof to support your appeal. You can always request a 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 have to accept a high real estate assessment; you can always appeal and get them lowered at the same time.
How do you appeal your real estate assessment value in Bedford County?
Every State has their own requirements for property assessed value appeals. Something they all have in common; the only groungs that they will accept is that your residential property has actually been evaluated higher than itreal market value. As your Bedford County home taxes are determined basically by multiplying the evaluated value of your home by its areas set tax rate, you do not have any premises to appeal the tax rate just the home assessment value. Your only avenue of approach is to show your home is less than the value the assessor thinks.
Upon receiving your house assessment, your county will provide you a predetermined window in which to appeal. These can vary significantly 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 due date there’s absolutely nothing you can do, and you will be forced to wait a more year for an opportunity to appeal your real estate assessment value!
The fastest and simplest method to submit an appeal in Bedford County is to do so on the website of your county, town or city. The fees related to each request can vary depending on the preliminary value of your home 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 process is to guarantee that your local tax assessor has included the appropriate real estate information to start with. Sometimes, information may be in error such as, houses have actually been raised with basements that don’t exist; such examples are wrong and could lead to your home value being reduced instantly. The more details that you can gather regarding why you feel your home is misestimated, the stronger your case for an appeal.
If there are no recognizable problems with the information on your property, you will need to find details of equivalent homes in your area that have a lower assessment. This will be the simplest way to prove your case. You will want to find three or four homes that are all the same size as yours, in the exact same area, whose value is much less lower than your own; this will be your grounds for appeal.
In some areas, you’ll be asked to participate in a property appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are just called to permit you to present the information you have actually gathered in support of your claim. You will likewise be permitted to analyze any incorrect info that might be on file about your home. You should be ready for this hearing and have all the information you‘ve collected about similar homes and sales of comparable houses in Bedford 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-day than the ones you’re comparing it to. Be prepared 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 elaborating on the facts to support their case. It’s is always crucial to remember that there are no additional charges attached to submitting an appeal; the worst result being that your house assessment value is the same.
Is it worth filing an appeal?
If you really feel that your home has actually been overvalued, a successful appeal of your Bedford County real estate assessment could result in significant savings. If there are just a few hundred dollars of prospective cost savings, it may not deserve 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 appropriate arrangements to possibly eliminate wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
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.