2017 Property Tax Appraisal

Property Taxes Too High?

Provided by Lake Hills Wealth Management

It’s that time of year again when the much-anticipated 2017 property tax appraisal statements from the county arrive.  The county’s tax-assessed value of your home/condo is set by what they believe the current fair market value is, according to the area.  This means they aren’t evaluating comparables, nor are they performing an individual market analysis on every home. Depending on your home, your actual value may be too high or too low.  

So, what can you do?

Appeal your home’s appraised value by filing a written protest. This must be done by May 31st or no later than 30 days after the appraisal district mailed the notice of appraised value, whichever is later.

A couple options for filling the written protest:

1.      File the written protest yourself either by mail or online (if available in your county)

2.      Hire a professional that specializes in filing a property tax protest

If option 2 is selected, there is typically no charge unless the service provider reduces your assessed value. For example, if they save you $1,000 in property taxes, then you will owe them typically 40-50% of the savings. So, the bill for the service provider would be $400-500 dollars which still nets a $500-600 tax savings.

For those who just purchased a home and the assessed value is more than the purchase price, this should be an easy victory and can be done most likely yourself.  However, in many circumstances, a professional may be the best choice because this COULD be a lengthy and an ineffective use of your time.

Unsure what to do?

Consider contacting your Real Estate agent, as they may be able to provide current comparables to determine the current fair market value of your home.

Here are a few service providers if you choose to hire this out:

1.      Texas Protax


2.      Five Stone Tax


3.      O’Connor & Associates