Beware Massachusetts Fiscal Year 2016 Property Tax Bills To Be Sent Out
The 2016 Fiscal Year for cities and towns in Massachusetts runs from July 1, 2015 to June 30, 2016. Most jurisdictions will send out there Actual Fiscal Year 2016 Property Tax Bills in December of 2015. The Actual Property Tax Bill is the first tax bill of the Fiscal Year that contains an assessed value and a tax rate. It is from this Actual Property Tax Bill that rights of appeal accrue. In most cases the Fiscal Year 2016 filing deadline is February 1, 2016. It is important to review your Actual Property Tax Bill as approximately one-third of the 351 cities and towns in the Commonwealth are revaluing in their jurisdictions for Fiscal Year 2016. It is important to note that in most cases the timely payment of property tax is a jurisdictional prerequisite to a valid tax appeal. Timely payment means that payment must be delivered by the due date.
Rhode Island Accounts are Due by January 31, 2016
In Rhode Island in most cases a taxpayer must file an Account by January 31 of each year with the local Assessor in order to preserve a future right of tax appeal. The next Account is due on January 31, 2016. The Account must list and describe all property owned by the taxpayer both real and personal. The Account must also claim a value for each parcel and/or piece of property. The Account must be signed and notarized. A taxpayer can obtain an extension until March 15, 2016 to file the Account. An extension can be obtained only if the Assessor is notified by January 31, 2016. Assessors sometimes send out Account forms to taxpayers and sometimes they do not. It is necessary for the taxpayer to supply the complete information required, in proper form, regardless of whether or not the Assessor sends out an Account form.
New Hampshire 2015 Property Tax Bills Have Been Sent Out
Most jurisdictions in New Hampshire have sent out there 2015 property tax bills. The valuation date for the 2015 property tax bills is April 1, 2015. If a party is aggrieved by the assessment he has until March 1, 2016 to file an Abatement Application. An Applicant must be careful to consider the tax assessment on all property that he owns in the jurisdiction. New Hampshire has an unusual rule whereby the Assessors may take into account the assessment of each parcel of property owned by the Applicant despite the fact that only one parcel of property is being appealed. The Assessors can deny the Applicant’s Abatement on one over assessed parcel of property if the Applicant owns an under assessed parcel of property in the same jurisdiction. In other words, the Assessors may set off one property tax assessment against another property tax assessment if it is owned by the same entity.
SURPRISE! YOU JUST RECEIVED AN OMITTED OR REVISED ASSESSMENT
In Massachusetts June 20, 2015 is generally the last day that the assessors can assess real property that has been unintentionally omitted from the fiscal year 2015 annual assessment. The June 20, 2015 date is also generally the last day that the assessors can revise an assessment of real property that was unintentionally assessed incorrectly for fiscal year 2015.
The June 20, 2015 date applies to fiscal year 2015 assessments of real property only. The assessors cannot go back before fiscal year 2015 to assess an omitted assessment or to revise an assessment. Generally, if the assessors do not correct the omission or error by June 20, 2015, the fiscal year 2015 assessed value for real property cannot be changed. If you are aggrieved by an omitted or revised assessment you have three months from the date of notice of the assessment is sent to file an Application for Abatement with the assessors.
NEW HAMPSHIRE TO PUBLISH INSTRUCTIVE RATIO LISTS
The New Hampshire Department of Revenue Administration should be publishing its Tax Year 2014 ratio lists soon. These lists are extremely important to a property tax appeal case as they contain the median assessment ratio for each community as of April 1, 2014. The filing deadline for Tax Year 2014 was generally March 1, 2015. In many cases Applicants could not be fully aware of the merits of their case at the time of filing. To a certain extent Applicants are acting on a “hunch” until the ratio lists are made public. The market value of real estate must be multiplied by the assessment ratio in order to arrive at a proper assessed value. This assessment ratio can be more than 100% or less than 100% depending upon market conditions. A proper assessed value can be more than market value or less than market value.
RHODE ISLAND JURISDICTIONS SENDING OUT 2015 PROPERTY TAX BILLS
Most Communities in Rhode Island have sent out their 2015 property tax bills. These tax bills have an assessing date of December 31, 2014. The assessed value is generally established in the year of a revaluation and is carried for each tax year until the next revaluation. Therefore, the issue on an appeal is the value of the property on December 31 of the revaluation year and not December 31, 2014 unless December 31, 2014 was a revaluation year in the community where the property is located. If a party is aggrieved he has ninety days from the date that the first payment is due without interest to file an appeal with the local assessor. The assessor has forty five days to review the appeal, render a decision and notify the taxpayer of the decision. If the taxpayer is still aggrieved he may file a further appeal with the local Board of Assessment Review.
IN SOME NEW HAMPSHIRE TOWNS APRIL 15TH IS A TAX FILING DEADLINE
In New Hampshire some taxing jurisdictions send out what is known as an “inventory blank” to each property owner. This form asks for a description of all real estate owned as well as other questions to assist the assessors in assessing property within their jurisdiction. If an inventory blank is sent out by the assessors they do so by March 25th. If you receive an inventory blank it must be completed and filed with the assessors by April 15th. The failure to file the inventory blank will result in the barring of a future tax appeal. In addition, there may be a penalty assessed to the owner of up to $50.00. Many taxing jurisdictions do not send out inventory blanks. In the jurisdictions that due send them out, take care to respond fully and timely. The viability of your future tax appeal may depend on it.
IGNORING THE ASSESSORS’ REQUEST FOR INFORMATION HAS CONSEQUENCES
Most jurisdictions in Massachusetts will be sending out their fiscal year 2016 property tax bills at the end of this year. In most cases the fair market value as of January 1, 2015 is pertinent in valuing the property for fiscal year 2016. Prior to sending out the property tax bills the assessors often send out requests for information to owners of commercial and industrial properties. These requests usually ask for calendar year 2014 in come and expenses and a rent roll as of January 1, 2015. A response to these requests is generally due within sixty days of the request. The failure to respond to the information requisition will likely result in a dismissal of any fiscal year 2016 tax appeal. Also the assessors may levy a $250 penalty for failing to respond to the request. In most cases it is not advisable to ignore the assessors’ information requisitions.