Property Taxes Gone Wild

 

Got Your Tax Statement…. Now what?

If you’re a home owner in Collin County, you have likely received your property tax bill, and needed a shoulder to cry on.

So you can do that, cry away or better understand your options.

We all have the options of talking to our CPA at an hourly rate, our neighbors about our frustrations “who probably has the same concern” or take a stand.

Taxes “SHOULD BE” based on actual value, not an estimated or guessed value, right?

Taking a stand is not only an option, but perhaps an economical responsibility. A false or misleading valuation  of a home or neighborhood can and will hurt the local beyond just what you are paying in property taxes, but when the day comes to sell, will you get the taxed value….

 

To successfully appeal your property tax bill, you first need to do a bit of digging into your real estate assessment.

 

1. Is an Appeal Worth Your Time

How much effort you put into a challenge depends on the stakes. Say you’re able to lower your assessed value by 15%  and therefore save 15% on your property tax. That lowers your tax bill to how much?, a net savings of how much.

In some parts of Texas, for example, where tax rates can approach 3% of a home’s value (OR MORE), potential savings are greater. Ditto for communities with home prices well above the U.S. median.

2. Check the Data

Is the information about your home correct. Is the number of bathrooms accurate? Number of fireplaces? How about the size of the lot? There’s a big difference between “0.5 acres” and “5.0 acres.” If any facts are wrong, then you may have a quick and easy solution.

3. Get the “Comps”

Ask a local realtor to run comps in your community. For those in Collin County can visit, www.swindellcloudrealty.com and they will run comps for you at no cost. Let the experts show you the valuation in real numbers.

 

  1. Present Your Facts

With facts and your research, call your local assessor’s office. Most assessors are willing to discuss your assessment informally by phone. If not, or if you aren’t satisfied with the explanation, request a formal review.

Pay close attention to deadlines and procedures. There’s probably a form to fill out with specific instructions for supporting data. A typical review, which usually doesn’t require you to appear in person, can take anywhere from 60-90 days, A written response from the county/city should follow.

5. If You Don’t Like the Review Appeal it

If the review is unsuccessful, you can usually appeal the decision to an independent board, with or without the help of a lawyer. However, if there is clear and compelling proof the neighborhood or community is all asking for reviews, its likely you will be successful.