Property Tax Lawyers in Covington
Laws of Covington, Virginia require all property owners to pay a tax on the value of their property. Property taxes only apply to real property (as opposed to personal property). This includes land, buildings, and assets that are permanently or semi-permanently adhered to the land.
The property tax in Covington, Virginia is simply a percentage of a piece of property's appraised value, paid to the state and/or local government on a periodic - usually annual - basis.
Generally, property taxes are not levied by the federal government. This applies to everywhere in the U.S.. Usually, property taxes are imposed by state and local governments.
How Property Tax is Calculated in Covington, Virginia
Usually, Covington, Virginia property taxes are determined as a percentage of the property's value. Tax rates vary widely, but they typically run from less than 1% up to about 5%.
To collect the property tax in a fair and consistent manner, Covington, Virginia tax authorities need to have an objective formula for determining the value of land under its jurisdiction.
Value, in some ways, is not an objective thing. For example, your childhood home is probably worth much more to you than its simple market value. However, the tax authorities use only objective factors in calculating a home's taxable value.
With that in mind, the land appraisers in Covington, Virginia look at several factors, including the state of the local real estate market, the square footage of the house, and the permissible use (zoning) of the land.
How A Covington, Virginia Property Tax Attorney Can Help.
In Covington, Virginia, property taxes can become pretty complex. Legal disputes can arise in the property tax context, even if there is no wrongdoing, and the dispute arises from an honest misunderstanding. You might have a good reason to suspect that a mistake was made when your property was appraised, resulting in a higher tax bill than you believe you legally owe, for example.
If you encounter a legal issue with your Covington, Virginia property taxes, and don't handle it properly, unnecessary inconvenience and expense can result. If you have the help of a competent tax attorney in Covington, Virginia, however, the odds of encountering such a problem will be small.