Advice for protesting your property taxes – 2010
There were 92,000 appeals in Travis County in 2010 and, historically, you have a 50/50 chance that your property tax valuation is too high.
- File your protest as late as possible then request an extension (the later in the year your hearing, the better the results).
- On protest form Step #3 – check everything that applies but always check box 1 – Value is over market value and, 2 – Value is unequal compared with other properties.
- On protest form Step #4 facts: never put a value; instead put “request tax payer info package” (shows the homes they are using as your comps).
- Study those comps (your Realtor can help with this).
- Your property valuation is supposed to represent the fair market value on January 1 based on similar sold property in the area.
- What neighborhood grid are they using? Fight that your house is not typical for your grid.
- Take marginal photos of your home.
- The more you study, the better chance you have.
- You have your best chance with the informal hearing vs. going before the Board (not flexible).
- Travis protests must be filed by June 1, 2010.
- It is best to settle informally but you can escalate to a formal hearing if you do not agree with the results of the informal hearing.
- Be prepared with accurate sold data and photos. If you refinanced and have an appraisal that supports a lower number, include that with your data.
Here is a helpful link: http://www.window.state.tx.us/taxinfo/proptax/protests.html
There are professional services that will protest your taxes on your behalf for a fee (typically, 40%). TX Protax Austin, Inc has been around the longest. www.texasprotax.com
AUSTIN (Austin American-Statesman) – Preliminary estimates of the market value of Travis County properties are 5.3 percent below those in 2009, the first decline since 2003. Patrick Brown, chief appraiser with the Travis Central Appraisal District, estimated the total market value of the property in the county at $116.9 billion, $6.5 billion below last year’s total value of $123.4 billion.
“These are predictions, not promises,” said Brown, who is still analyzing the figures before sending out notices to taxpayers in a few weeks. The estimate means local government leaders must decide whether to raise tax rates, cut budgets or both to compensate for tens of millions of dollars in lost property tax revenue.
Residential property assessment increases are restricted to 10 percent or less by state law. However, the law also requires that assessed values continue to rise until they equal market values.
Disclaimer: This blog post is intended to give general information to homeowners and does not constitute or imply any kind of representation by The Nelson Project or Keller Williams Realty. Homeowners should do their due-diligence in collecting the appropriate date to effectively assess their tax protest situation
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.