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.
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.
When you are protesting the assessment of rental properties you own, you can use the income approach. The rent collected is what dictates market value. You'll have to research comparable rental properties and allow for any vacancies. The Texas uniform and equal approach is somewhat comparable to the sales comparison method.
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.
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.
When you are protesting the assessment of rental properties you own, you can use the income approach. The rent collected is what dictates market value. You'll have to research comparable rental properties and allow for any vacancies. The Texas uniform and equal approach is somewhat comparable to the sales comparison method.
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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