When is the deadline to file a protest?
The deadline to protest property values is the later of May 15th, or 30 days after you receive your Notice of Appraised Value.
What is the difference between my market and appraised value?
Your Market Value represents what the appraisal district believes your property could be sold for on the open market as of January 1st of the tax year in question.
What is a homestead cap?
In Texas, the homestead cap limits the annual increase of the taxable value of a homeowner's primary residence to 10%. This means that the taxable value of the property can only increase by a maximum of 10% each year, regardless of the actual increase in property value. The purpose of the cap is to protect homeowners from sharp increases in property taxes.
What methods do you use to challenge my valuation?
Valuation methods include the Cost Approach, Comparable Sales Approach, and the Income Approach.
The Cost Approach estimates value based on the typical cost of materials and labor necessary to build a structure of similar size and quality in that location while accounting for depreciation due to age and condition.
The Sales Comparison Approach estimates value based upon the price, in the local market, necessary to acquire a property of similar location, quality, size, age, and condition. The Income Approach estimates value based upon typical market income of a similar property.
We also perform an Assessment Comparable Analysis on every property. The Assessment Comparable Analysis (sometimes referred to as Equity Analysis, compares your property's assessed value with the assessed values of similar properties.
It's also important to check the appraisal district's records for accuracy. We often find errors such as inaccurate square footage figures or overstated condition and grade ratings.
You may have bids for repairs, photos, and other issues you would like addressed. You can easily upload documentation for us to use in your Client Portal. We ensure all any and all relevant information you provide is presented at your hearing.
Can protesting my value actually increase my taxes?
No! There is absolutely no risk in having your taxes increase by protesting your property valuation.
How does the Over-65 Exemption work?
The Over-65 property tax exemption in Texas works as follows:
Eligibility: To be eligible, a homeowner must be 65 years of age or older and must have owned and lived in the property as their primary residence for at least one year. There may be additional eligibility requirements, such as income limits, so it's best to check with the local appraisal district.
Assessment freeze: Once the Over-65 exemption is granted, the assessed value of the property for property tax purposes is frozen at its value on the date the homeowner turned 65.
Reduced taxes: The homeowner is only taxed on the frozen assessed value, which is typically lower than the current market value of the property. This reduces the property tax bill for the homeowner.
Permanent protection: The Over-65 exemption remains in effect as long as the homeowner continues to own and live in the property as their primary residence. If the homeowner moves or sells the property, the exemption may no longer be in effect.
Reapplication: If the homeowner moves to a new property, they may reapply for the Over-65 exemption on their new home.
What are the benefits of hiring a property tax consultant?
Here are some reasons why a property owner might choose to hire a property tax consultant:
Expertise: Property tax consultants have specialized knowledge and experience in navigating the property tax system and negotiating with appraisal districts.
Time-saving: The property tax protest process can be time-consuming and complex. A consultant can handle the process for you, freeing up your time for other things.
Better results: A property tax consultant can negotiate with the appraisal district to achieve a lower taxable value for your property, potentially resulting in lower property taxes.
Increased chances of success: Consultants are skilled in presenting evidence and making a persuasive case to the appraisal district. Hiring a consultant can increase your chances of a successful protest.
Reduced stress: The property tax protest process can be stressful, especially if you are not familiar with the process or are uncomfortable negotiating with the appraisal district. A consultant can take on this burden for you.
Objective perspective: A consultant can provide an objective perspective and help you avoid mistakes that could harm your case.
In conclusion, hiring a property tax consultant can be a good investment for property owners who want to reduce their property tax burden, save time, and increase their chances of success.
What are the basic annual property tax processes?
The property tax year can be broken down into four main parts:
Appraising Taxable Property: A major function of appraisal districts is to determine what your property is worth as of January 1.
Protesting the Appraised Values: The Appraisal Review Board begins to hear protests in April from property owners who believe their property values are incorrect.
Adopting the Tax Rates: Tax Rates are adopted around August or September by the elected officials of each taxing unit.
Collecting the Taxes: Collecting taxes begins around October 1 as tax bills are sent out. Taxpayers have until January 31 of the following year to pay their taxes. Penalty and interest begin to accumulate on February 1.