Property Tax Valuation and How to Appeal Your Property Taxes
If you are considering contesting your property tax appraisal, the following information will serve as an outline for protesting your property taxes:
Why is tax-assessed value different than market value? The tax-assessed value is what your county believes your home or condo is worth. The county attempts to set their values at a market value. However, they do not evaluate comparables nor do they perform individual market analysis on every home. The county simply values your home according to the area, not the house. Meaning, the value may be too high or too low, depending on the size, location, amenities and condition of the specific home.
How do you determine your market value? You can contact your Realtor who can provide you with market information, collect information from neighbors who have recently purchased their homes, or contract a company who specializes in assisting with tax assessor valuation protests.
Should you appeal your property valuation? If the market value on your home is lower than your tax-assessed value, then you should consider appealing.
When should you receive your property valuation and how long do you have to appeal? The County Appraisal Districts began mailing property valuations sometime after April 15th. Most homeowners should have received their valuation on or before May 1st. Homeowners have until May 15th or 30 days from the date they receive their valuation (whichever is later), to appeal.
How to Appeal Your Property Taxes
If you believe your property valuation is higher than the current market value, you should appeal your taxes. When people don’t appeal, the taxing authority accepts that their value is correct which affects all homeowners in a given area. By appealing the assessed value, we all help keep our real estate taxing authority valuations in line with market value.
1. File your protest using the protest form available from the County Appraisal District. After you have filed, it can take several months for the Travis County Appraisal District to schedule your informal hearing.
2. At the hearing: The purpose of the informal hearing is for you to present your evidence and facts to support your claim that they have over-valued your Austin home or condo.
Hays County: www.hayscad.com
Travis County: www.traviscad.org
Williamson County: www.wcad.org
If you have questions regarding your property tax appraisal value, please give us a call at 512-464-1211.