Property taxes can be overwhelming for anyone. However, when you are trying to navigate the complicated world of property taxes while simultaneously running and growing your business, the task can see...
Protest season is quickly approaching, and with the May 15th deadline looming over Texan property owners’ heads, proper preparation is a must. Protesting your property taxes is one of the most critical rights you possess as a taxpayer, allowing you to use your voice and stand against the appraisal district's value or any of their other actions pertaining to your property.
If you’ve decided to exercise your right to protest your property taxes, we have compiled a blog full of tips and tricks to properly prepare for that task.
Understand the Appraisal Process
Before you begin the journey to protesting your property taxes, it is crucial to develop an understanding of how property taxes are calculated. In Texas, county appraisal districts assess property values annually. The amount you end up owing in taxes is based on the amount your property has been appraised at. This amount is determined by factors such as:
- The market value of your home.
- Comparable sales in the area.
- Property size, location, and condition.
Understanding how your home is valued can help you determine whether you still believe the appraisal amount is too high or if it may be fair, after all.
Review Your Appraisal Notice
As a property owner, you will receive a property appraisal notice detailing the value of your home from your county’s appraisal district. As you review your notice, keep an eye out for factors such as:
- Appraised value: How much does the county believe your home is worth?
- Market value: About how much is your home worth based on local market trends?
- Taxable value: How much of the previously mentioned values is used to determine the taxes you owe?
- Exemptions: What exemptions did you qualify for?
Carefully review the appraisal notice, keeping an eye out for any inaccuracies that may help boost your case.
Know Your Deadlines
In Texas, the deadline for filing a protest is May 15th or 30 days after the delivery of your property’s appraised value. If you miss this deadline, you miss out on the opportunity to contest your property’s value for the year.
Gather Your Evidence
To make a strong case, you’ll need to present distinct evidence that proves your home has been overvalued. Some evidence to consider adding to your collection includes:
- Comparable property sales: search for recently sold homes in your neighborhood that are similar to your own home in size, age, and condition. Zillow, Redfin, or the local county tax office are excellent places to find these properties and compare their sale prices to the assessed value of your property.
- Photos of your property: If your home has significant issues, like structural damage or other factors that lower its value, take detailed photos to support your claim.
- Independent appraisal: Hiring a professional appraiser to conduct an independent valuation of your property helps provide powerful evidence for your case.
- Repair estimates: If your home requires major repairs that would lower its market value, obtain quotes for the estimated cost of these repairs.
It is important to remember that the more detailed and relevant your evidence, the better your chances of winning the protest!
File Form 50-132, Property Owner’s Notice of Protest with the ARB
Once you have gathered all the necessary evidence to support your case, it is time to file a Form 50-132, Property Owner’s Notice of Protest with the Appraisal Review Boards (ARB).
Prepare for the Hearing
If your property tax protest requires it, you may need to have a formal hearing with the ARB. To prepare, you will need to:
- Have your evidence ready so you are able to present it clearly and easily.
- Have an explanation for your case planned and ready. The more you practice presenting your case, the more at ease you will be in presenting it.
- Learn the rules and expectations for your local hearing processes.
Consider Hiring a Professional
Protesting your property tax appraisal can be a daunting process, but with the right preparation — and perhaps a little guidance from residential property tax experts —you’ll be better equipped to navigate your property tax protest, potentially lowering your tax bill. SWBC’s property tax experts are here for you. With a track record of successfully lowering property tax bills for many Texas residents, we will work to help you navigate the process with ease and confidence.
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