Most people understand the importance of taxes and are willing to pay their fair share. The taxes that go into the community to make necessary improvements and make sure first responders are adequately compensated are especially easy to pay. It becomes a problem when property owners feel that they have been unfairly assessed and required to pay more than they think is just. If you've experienced this, you have options. You can file a Texas property tax protest in an effort of have your tax bill adjusted down.
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.
If the record card is accurate, you can move on to establishing the market value. This can be done in one of three ways. You might use the cost, income, or sales comparison approach. In Texas, you may also be able to utilize the uniform and equal approach as provided by the tax code. You have to become familiar with these approaches in order to prove your case.
You use the sales comparison approach when you have residential property that is occupied by the owner. The method involves researching properties that have recently sold and are similar to your own. You make any necessary adjustments to offset the differences in the two properties. The cost approach is only appropriate if you have new structures. In this method the value of the land is added to the cost of construction.
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.
You can't sue if your request is turned down by the review board, but you may appeal it in district court. This can get costly, so you need to weigh the cost of appealing against paying the taxes. On the upside, most appeals in Texas are granted.
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.
If the record card is accurate, you can move on to establishing the market value. This can be done in one of three ways. You might use the cost, income, or sales comparison approach. In Texas, you may also be able to utilize the uniform and equal approach as provided by the tax code. You have to become familiar with these approaches in order to prove your case.
You use the sales comparison approach when you have residential property that is occupied by the owner. The method involves researching properties that have recently sold and are similar to your own. You make any necessary adjustments to offset the differences in the two properties. The cost approach is only appropriate if you have new structures. In this method the value of the land is added to the cost of construction.
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.
You can't sue if your request is turned down by the review board, but you may appeal it in district court. This can get costly, so you need to weigh the cost of appealing against paying the taxes. On the upside, most appeals in Texas are granted.
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