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.
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.
If you do not find any discrepancies, you will have to move to establishing market value. You can do this in any one of three ways. You may use the income, sales comparison, or cost approach. Under certain circumstances, in Texas, there is a fourth approach you can try. This is the uniform and equal approach provided in the tax code. You might discuss the matter with a Broker or real estate attorney.
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.
The income approach is used for properties that have income sources such as rent. The amount of rent collected is an indication of market value. Rental comparables must be located and vacancy allowances figured. The uniform and equal approach is similar to the sales comparison. You have to find comparable sales and make allowances for differences.
Once you have all the information you request an informal meeting with the appraiser. The appraiser will either accept your argument and adjust the taxes or turn down your request. If you get turned down, you have the option of requesting a formal hearing by the review board.
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.
If you do not find any discrepancies, you will have to move to establishing market value. You can do this in any one of three ways. You may use the income, sales comparison, or cost approach. Under certain circumstances, in Texas, there is a fourth approach you can try. This is the uniform and equal approach provided in the tax code. You might discuss the matter with a Broker or real estate attorney.
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.
The income approach is used for properties that have income sources such as rent. The amount of rent collected is an indication of market value. Rental comparables must be located and vacancy allowances figured. The uniform and equal approach is similar to the sales comparison. You have to find comparable sales and make allowances for differences.
Once you have all the information you request an informal meeting with the appraiser. The appraiser will either accept your argument and adjust the taxes or turn down your request. If you get turned down, you have the option of requesting a formal hearing by the review board.
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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