In the first two months of 2021, the median price of a single-family home rose by over 12%. With home values increasing like this, property taxes are sure to follow. Property tax bills are going to be in your mailbox soon, so today I want to cover the process of protesting your property taxes if you feel they’re inaccurate.
The good news is that if you’re a homeowner who lives in a property as their primary residence and has filled out your homestead exemption, the most your annual assessment can go up is by 10%. Anything over that does not count toward your property tax value.
If you feel your property taxes are inaccurate, first connect with a real estate agent who’s experienced in doing this, like myself. One big thing to remember about property taxes is that they’re not based on an appraiser’s opinion. They don’t know whether your home needs repairs or updates.
“Some counties allow you to complete the entire protest process online.”
Now it’s time to build your case. Take the sold data that an agent sends to you and take photos of the items in your house that need to be repaired or upgraded. Then when you present your case to the county, you’ll have evidence to back up the fact that your home isn’t worth what the county thinks it is.
Many counties are allowing you to complete the entire process online. The process is different for each county, but it’s a nice convenience if you’re able to do it. If you aren’t able to complete the process online, you’ll have to file your protest at the county assessor’s office in person.
If this sounds like too much work, you can hire a property tax consultant. However, they will take a percentage of the savings that they give you, so I recommend doing it on your own if you can.
What are your odds of winning? A University of Texas study of almost 80,000 Dallas County homeowners found that half of all protests won, and the average taxable savings was around $600. That makes it worth it to protest your property taxes if you believe they’re too high.
If you have questions for me about protesting your property taxes or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
