Most taxpayers will grudgingly pay taxes they owe if they are convinced the taxation is in line. The problems arise when property owners think the assessments are too high, and they're being charged more than they should be. If you've experienced this, you have the option of filing a Texas property tax protest as a way of reducing your tax bill.
As soon as you get your assessment in the mail, you need to start making plans. You have a limited window of opportunity to file your complaint, only thirty days or so after the receipt of the assessment. You can get a copy of the form you need from the appraiser's office or send a letter indicating you are protesting the assessment based on equal appraisal and the appraisal value versus market value.
Records cards aren't always accurate, so you need to get copies of yours from the district office. They will have all the pertinent information regarding the real estate you own on them. This includes the size of lots and any improvements on them as well as amenities and more. If you find inaccuracies on the record cards, you can protest the appraised value.
When you don't find inaccuracies, you will have to take the step of establishing market value. There are three ways to do this. They are the sales comparison, cost, and income approaches. In the state of Texas, there is a fourth option which is known as the uniform and equal approach. It's a good idea to familiarize yourself with each one of these methods.
The sales comparison approach is normally used for residential, owner-occupied properties and involves sales comparable to your real estate. You have to make adjustments to account for any differences between the properties. If you own a new building, you might be able to use the cost approach. This involves adding up the cost of the land and the construction costs of the improvements.
If the assessment you are protesting involves income producing properties, you can use the income approach to find market value. You must factor in the rent, obtain rent comparables, and allow for vacancies. The uniform and equal approach is somewhat like the sale comparison. You research comparable sales and factor in allowances for differences.
Once you've gathered your information, you can request an informal meeting with the district appraiser. After you've presented your case, the appraiser will accept your argument or dismiss it. If you are not successful here, you can go before the review board for a formal hearing.
Suing is not an option if the review board turns you down, but you may appeal the decision in district court. This has a cost associated with it. It may cost more to appeal than to pay the taxes you are protesting. On a positive note, most Texas courts grant these appeals.
As soon as you get your assessment in the mail, you need to start making plans. You have a limited window of opportunity to file your complaint, only thirty days or so after the receipt of the assessment. You can get a copy of the form you need from the appraiser's office or send a letter indicating you are protesting the assessment based on equal appraisal and the appraisal value versus market value.
Records cards aren't always accurate, so you need to get copies of yours from the district office. They will have all the pertinent information regarding the real estate you own on them. This includes the size of lots and any improvements on them as well as amenities and more. If you find inaccuracies on the record cards, you can protest the appraised value.
When you don't find inaccuracies, you will have to take the step of establishing market value. There are three ways to do this. They are the sales comparison, cost, and income approaches. In the state of Texas, there is a fourth option which is known as the uniform and equal approach. It's a good idea to familiarize yourself with each one of these methods.
The sales comparison approach is normally used for residential, owner-occupied properties and involves sales comparable to your real estate. You have to make adjustments to account for any differences between the properties. If you own a new building, you might be able to use the cost approach. This involves adding up the cost of the land and the construction costs of the improvements.
If the assessment you are protesting involves income producing properties, you can use the income approach to find market value. You must factor in the rent, obtain rent comparables, and allow for vacancies. The uniform and equal approach is somewhat like the sale comparison. You research comparable sales and factor in allowances for differences.
Once you've gathered your information, you can request an informal meeting with the district appraiser. After you've presented your case, the appraiser will accept your argument or dismiss it. If you are not successful here, you can go before the review board for a formal hearing.
Suing is not an option if the review board turns you down, but you may appeal the decision in district court. This has a cost associated with it. It may cost more to appeal than to pay the taxes you are protesting. On a positive note, most Texas courts grant these appeals.
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