Many property owners who received their 2022 tax appraisal in the mail felt shock and disbelief. The price appreciation for residential homes has risen sharply, and, in some cases, people are seeing up to an 80% increase in appraised value. Overall, in the state of Texas, home appraisals are up 25% with some counties, such as Collin and Travis, seeing some of the biggest spikes.
Higher appraised values can mean higher mortgage payments for mortgage and escrow account holders. This can be in hundreds, while some monthly house payments may increase by the thousands. For many households, this increase will put a strain on finances, and it’s more important now than ever for homeowners to protest their tax appraisals.
Although the May 16 protest deadline has come and gone, you may still have time to protest your home’s appraisal with the Appraisal Review Board (ARB). Property owners can file 30 days from the date of delivery. Homeowners can also take advantage of the numerous tax breaks and avoid paying the full market appraised value. This includes tax breaks such as disabled veterans, over age 65, and homestead exemption.
The steps for protest differ from county to county, and many appraisal districts provide online access so homeowners can conveniently begin the protest process. Carefully review the requirements for your county and gather supporting documentation to back up your protest. Homeowners can gather a list of recent sales in their neighborhood since many real estate agents offer free comps of comparable homes sold in an area. Other ways to make your case include evidence of worn out or damaged parts of the home, expensive repairs, and recent repair cost estimates.
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Fighting your property tax appraisal can feel intimidating and overwhelming, but it is well worth the effort and can help save you big money. And remember, a home appraiser did not inspect or even see your individual home. They likely used a computer-generated approach, and their numbers can be inaccurate. Bringing evidence of your home’s true value can significantly help when protesting. Keep a level head and build a case that shares your home’s story and fair value.
Property taxes are climbing, and, even in the best scenarios, homeowners may need help to pay their tax bill. Home Tax Solutions can pay your property taxes and offer flexible payment terms with no pre-payment penalties and low-interest rates. To learn more, contact our helpful team by phone or get a free estimate online.