Tax Protest

Keeping your taxes in check every year is a good habit for happy home owners.

Photo by Nataliya Vaitkevich: https://www.pexels.com/photo/black-smartphone-on-top-of-pink-paper-6863514/

Stop paying too much

Every Texas Homeowner has the right to and should protest the property tax valuation with the appraisal review board (ARB) within the specified timeline stated on the “Notice of Appraised Value”. Around April each year, each county mails out a copy of this notice along with instructions on how to file a protest for that specific county. Here is some information to keep in mind when reviewing the “Notice of Appraised Value”.

 

  1. Total Market Value – The price at which the property will sell for in the open market.

  2. Appraised Value – The value the taxing authority will use as a basis for levying taxes. 

 

Tips & Tricks for Protesting Taxes

  1. Request a CMA from your REALTOR®

    1. This provides further insight regarding the true market value based on similar comparables that have sold in your subdivision.

  2. Request evidence from the ARB on comparables used when calculating the property total market value

    1. Sometimes there are discrepancies and the properties used may be significantly different from your property.

  3. Keep records of any issues with your property

    1. Photos of deteriorating areas, issues with traffic or noise levels (anything you can think of that brings down the desirability of your property!)

      1. Present this if an official hearing is scheduled

  4. File your property tax protest at the very last day prior to the deadline if possible

    1. If your neighbor submits their protest before you, they get preference (first come, first served). If their values are lowered, that becomes a tool that can be used in your favor to further lower yours.

 

Note: Property taxes are based on the appraised value and not the market value; however, when protesting taxes, only the market value can be protested. Even a lower market value may not be sufficient to reduce the appraised value if the numbers are significantly different. We still highly recommend protesting your taxes each year as simply reducing the market value may save you on taxes the following year.

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The Modified Realty Group

All entries are original material provided by Vienna Le and Sandra Olekanma, REALTOR® Team | © All Rights Reserved

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