Property Taxes Are Skyrocketing
Property values have soared in the past year, driving up tax appraisals with staggering increases and causing gasps across the Metroplex as homeowners open their mail. The combination of high demand and low inventory is creating a hot real estate market in many parts of Texas, which appraisal districts are using as justification to significantly raise tax appraisals.
14 Percent Increase in Tarrant County
Record-breaking property tax increases may be in store for 2016. One of the first counties to release property tax appraisal notices this year was the Tarrant Appraisal District. According to TAD, residential property values have increased a whopping 14 percent in the past 12 months.
Owners of multifamily properties could expect an even larger increase due to high rental rates and low vacancy. Apartment owners may see their property taxes rise by 20 percent or more!
How to Fight Back: Your Right to Appeal
As a property owner, you have the right to challenge your taxes to keep them low and manageable. You can file an appeal, compile evidence, and present your case to the appraisal district in order to change their valuation of your property.
Many counties in Texas are sending out property tax appraisal notices right now. Under state law, you have until May 31st to file a tax protest. You can prepare the case yourself, or hire a professional to fight on your behalf. If you need help with market sales for your home to take to your protest, contact me and let me know. I will be happy to send them over.
Source: Candy’s Dirt