This year, all of our hard work tracking property tax trends may not be helpful. It remains to be seen how significantly the COVID-19 pandemic will impact our property taxes this year and in the years to come. In the meantime, let’s take a look at some trends in property taxes over the last few years, so we can understand the importance of the summer months in the Texas property tax cycle – specifically, learning the benefit of the appeal process and importance of avoiding tax payment delinquency. If you ever have questions about your property values, tax rates, or how to pay your bill with a property tax loan, the Home Tax Solutions team is here for you.
Property Tax Appeal Outcomes
In Dallas County, 65% of property tax appeals are successful. Why is that? It’s simple. There are just not enough property appraisers on staff at the Dallas County Appraisal District or enough hours in the day for them to be able to carefully assess the value of each property every year. Instead, they rely on comparable property comparisons, estimates, and other statistics to determine annual appraised property values. This means, there is a lot of room for potential error, and the ARB recognizes this. If you’re not appealing your property value annually, you may be missing an opportunity to save hundreds or even thousands of dollars each year. Since 2012, the reduction in total market value of Dallas County homes based on appeal has increased has resulted in a total savings of more than $500 million for homeowners. That indicates a real need for appeals, so if you’re concerned that your property values are too high – appeal them!
Since the reduction of property values following appeal has more than doubled since 2012, you are probably not surprised to hear that the assessed market value of properties in Dallas County has been on the rise as well. While the overall value of properties in Dallas County has grown, the number of properties has remained relatively stagnant. That tells us that the increase is almost entirely related to the assessed value of the properties themselves increasing rather than the addition of new properties. The average market value increase year over year in Dallas County properties is about 10%. Again, this means it’s important to pay attention to your home’s assessed value and file for appeals – every year. We know it’s a lot of work, but even if you only file informal appeals (without a hearing) with the ARB that are accepted half the time, you can still end up saving thousands of dollars.
Work with Home Tax Solutions
In addition to appealing the appraised value of your home to lower your property tax bill, it’s also important to pay your property taxes on time in order to avoid accruing high fees related to delinquent property tax bills. If you need help covering the cost of your property tax bill, please don’t hesitate to reach out the Home Tax Solutions team to discuss your property tax loan options. We offer affordable interest rates, especially compared with the high delinquency fees and interest rates assessed on late property tax bills. When you’re ready to learn more, you can get started by completing our simple online application form.