Contest property taxes: Should you appeal your property assessment in Lancaster County, Pennsylvania?
House owners in Lancaster County are totally knowledgeable about the concern of real estate tax; those that have actually spent their lives in areas where these taxes are typically high feel the effect more than many. The impact of these taxes can be even worse for those who have actually resided in their properties for a long time, as they have seen firsthand the taxes increase year after year. But the bad news is perhaps overpaying your property taxes and be entirely unaware. Here are some common factors people are overpaying their residential properties tax.
Is your Lancaster County house over assessed?
A high property 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 assessment put on their residential property does not reflect the marketplace value should they try to offer it today. The simplest method to discover this out is to contact some regional real estate agents. They need to have the ability to tell you the range of values comparable homes are selling for in your location. Keep in mind, the real market value of your residential property will not be realized up until a sale is finally closed. When you receive your home assessed value, you will be given a 30-day window in which to appeal any appraisal. Otherwise, you will need to wait until next year to appeal.
Can you get the real market value of your home?
It is most likely beneficial to contact a local property representative or your assessor in Lancaster County, Pennsylvania. If you feel your property has been seriously misestimated, a professional valuation might prove extremely economical in the long run
Many do not know you are not allowed to contest your real estate tax bill in Pennsylvania, however you can certainly lodge an assessment 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 home.
To successfully appeal, you will need to reveal at least three equivalent properties that have actually been evaluated at a lower assessed value. The closer these residential properties are in size and place to yours, the greater the opportunity of success you will have on appeal
Particular situations that may have actually lowered the value of your home
If there are extraordinary situations that straight result in the reduction of your residential property value and these are not accounted for in your assessment, these are clear premises for appeal. Simply supply evidence of these scenarios, and the appeals procedure ought to be straightforward.
You have recently bought your property in Lancaster County, Pennsylvania for less than the assessment value
If you have evidence of the purchase price of your home or you have a recent appraisal that does not reflect the amount your house has been valued at by the assessor, this is clear grounds for appeal. If an expert evaluates your residential property much lower than that of the assessment, this is substantial evidence to support 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. Fortunately is that you do not have to accept a high property assessment; you can always appeal and get them decreased in the process.
How do you appeal your house assessment in Lancaster County?
Every State has their own requirements for property assessment value appeals. Something they all have in common; the only groungs that they will accept is that your home has actually been assessed higher than it deserves. As your Lancaster County house taxes are computed basically by multiplying the evaluated value of your house by its areas 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 show your home is valued less than 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 due date there’s absolutely nothing you can do, and you will be forced to wait a further year for an opportunity to appeal your house assessed value!
The fastest and simplest method to submit an appeal in Lancaster County is to do so on the website of your county, town or city. The charges associated with each appeal can differ based on the initial value of your home 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 make sure that your local tax assessor has included the right real estate information to start with. In many cases, information may be incorrect such as, houses have been raised with basements that don’t exist; such examples are wrong and could lead to your house value being lowered right away. The more information that you can gather as to why you feel your home is overvalued, the more powerful your case for an assessment appeal.
If there are no recognizable problems with the information on your property, you will need to discover details of similar homes in your area that have a lower assessment. This will be the most convenient method to prove your case. You will want to discover 3 or 4 homes 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 premises for appeal.
In some locations, you’ll be asked to go to a property appeal hearing, so if this does occur, don’t be frightened. In general, these hearings are just called to enable you to present the info you‘ve gathered in support of your claim. You will also be allowed to examine any incorrect info that may be on file about your property. You ought to be ready for this hearing and have all the data you‘ve gathered about similar homes and sales of similar homes in Lancaster 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 concern is more modern-day 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 embellishing on the facts to support their position. It’s is always important to keep in mind that there are no additional penalties attached to submitting an appeal; the worst result being that your home assessment value is the same.
Is it worth submitting an appeal?
If you really feel that your house has been overvalued, a successful appeal of your Lancaster County home assessment value might lead to considerable savings. If there are just a few hundred dollars of potential savings, it may not deserve your time. You also need to consider that the hearing could be set up during a workday, which might lead to 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 arrangements to possibly eliminate wage loss.
Non-Payment of Property Taxes - Consequences to be Faced
Property tax can be the fairest and at the same time the not so fair tax collected by municipalities.
Two of the determining factors of how it can affect what an individual will pay for this type of tax are where you live and a person's economic condition.
Even though we all can appreciate the good points of owning a home vs. renting, when it comes to property tax, renting is by far the better option. States will collect property tax on the following:
Any additions to the property such as improvements to the land
Any structures that are not permanent to the property
The assessment is commonly made by an exclusive county tax collector in each state. An individual's property and land will be appraised of its value and subsequently mailed as a tax payment notice. This usually is paid through a homeowner's escrow amount stated on their mortgage.
Many times this can negatively affect a property or land owner as the taxes in a specific state can sometimes double or triple in amount and leave the homeowner unable to afford to pay their taxes, forcing them to sell their property or land.
People on a fixed income such as Senior citizens who have retired, can be greatly affected by the increase of property tax. The value of their homes increase, but at the same time they find themselves unable to pay their taxes because of their reduced income. Unfortunately, property tax doesn't allow much wiggle room in the event of acts of nature or personal tragedy.
Although 2.3 seems to be the average percentage for property tax, it varies greatly from state to state, making it seem highly unfair for certain states such as New Hampshire, as it is a high 4.9 percent.
It also seem unfair when states like Alabama pay 1.3 percent and yet just a little distance away in neighboring Georgia would be required to pay 2.6 percent, then even more in Florida at a rate of 3.1 percent.
So who determines how the money generated from this income is spent or in some cases wasted? The state legislatures will determine this along with the decision to increase or decrease property tax and how frequent it is collected.
Even though property tax can absolutely help states with income,the amount of property tax to be paid can be a determining factor in one's decision where to reside to achieve the American Dream of land or home ownership.