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.
You need to get a record card for the real estate you are being taxed on. You will find it in the district office. This record has all the pertinent information about the property, such as acreage, square footage of improved properties, amenities and more. If you find any discrepancies on the record card, you have grounds for protesting the appraisal amount.
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.
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.
You need to get a record card for the real estate you are being taxed on. You will find it in the district office. This record has all the pertinent information about the property, such as acreage, square footage of improved properties, amenities and more. If you find any discrepancies on the record card, you have grounds for protesting the appraisal amount.
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.
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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