It’s that time of year again when the 2023 property tax appraisal statements from the county are received. According to the area, the county’s tax-assessed value of your property is set by what they believe the current fair market value is. This means they are not evaluating comparable properties or performing individual market analyses on every home. Therefore, depending on your home, your assessed value may be too high.
So, what can you do?
You can appeal your home’s appraised value by filing a written protest which in most counties must be completed by May 15th.
A couple of options for filing 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 you hire a professional, typically, upfront fees are small or, in some cases, zero unless the service provider reduces your assessed value. For example, if they save you $1,000 in property taxes, you will typically owe them 40-50% of the savings. So, the bill for the service provider would be $400-500, which still nets a $500-600 tax savings.
For those who just purchased a home whose assessed value is more than the purchase price, this should be an easy victory and can likely be done yourself. However, in many circumstances, a professional may be the best choice because this could be a lengthy and ineffective use of your time.
Are you unsure what to do?
Consider contacting your Real Estate agent, as they may be able to provide comparable properties to determine your home's current fair market value.
Here are a few service providers to consider if you choose to seek professional help:
Five Stone Tax
http://www.fivestonetax.com/property-tax
Texas Protax
http://texasprotax.com/
Discount Property Taxes
https://www.discountpropertytaxes.com/
O'Connor & Associates
https://www.poconnor.com/
Please let us know if you have questions or need help.
Sincerely,
Lake Hills Wealth Management