Looking For Ways To Lower Your Property Tax Value?
Hometiva is here to help by giving you the initial market analysis to consider your options! Fill out our online form to submit your property info and receive a single page neighborhood specific market analysis.
We will provide you with neighborhood sales data over the last 12 months so you can decide if you want to file a formal protest or hire a property value protest company.
Please note that we can only provide a market report for homes located in Collin County, Denton County, Grayson County, Dallas County, Parker County, Ellis County, Kaufman County, Rockwall County and Wise County, Texas. We do service areas outside of the greater Dallas/Fort Worth market.
Tips for protesting your property tax value in 2023 in Collin County
Many people expected the appraised values to remain flat or even go down in 2023 after the massive increase in 2022, but that doesn’t seem to the be case, and we are still seeing large yearly increases across Collin County, Denton County, Grayson County, Tarrant County and Dallas County.
The yearly increases are expected to continue so any reduction in appraised value will be helpful for homeowners.
Follow our helpful tips when considering your options for a formal property tax protest.
Work with your real estate agent to get recent sales data
Your real estate agent can be a great initial resource to provide comparable home sales data and recent activity in your neighborhood. This should give you enough information to determine if you want to move forward with filing a formal protest for your property value.
Review the information provided
Once you receive a market analysis from your Realtor, review the data to see if you have a chance to lower your appraised value through a formal protest. Recently sold home prices will be the biggest factor in determining if you can lower your appraised value through a formal protest.
Consider hiring a property tax protest company
If you feel you have enough data to file a protest and reduce the appraised value then consider hiring a property tax protest company to work on your behalf. These companies are experts at managing the process, but it comes with a fee so make sure any amount paid is worth it.
Homeowners can manage the formal process themselves, but without market information and comparable sales data, it can be a difficult process.
Bonus tip! Make sure you have a homestead exemption filed for your primary residence
While this will not reduce the amount of the appraised value, the homestead exemption is an important factor in managing the amount a homeowner pays in property taxes each year. The homestead exemption removes part of the value from taxation if your appraised value exceeds what is allowed by the homestead exemption cap.
Final Thoughts
Gather information and know your options if you are considering a formal protest to argue your property tax values. There are a lot of options out there for homeowners, but starting with a simple neighborhood market analysis to see if you have a chance at lowering your appraised value is the best first step.
Nobody enjoys tax increases, but if every comparable home has sold for more than your appraised value, it may be difficult to argue that your home is worth less. If there are comparable homes that have sold for less then you can use that information to consider if your home is over valued.
Contact your Realtor to get this valuable information before moving forward.
Comparing features, benefits and upgrades is another important factor when considering a property tax protest. If your home has deficiencies, or needs improvements, then put together a list of those items for your protest hearing. Showing the appraiser why your home is less valuable is an important factor, and something your property tax protest company can assist with as they manage the process for you.
Get Started by receiving your personalized market analysis
Complete the form below and we will respond with a neighborhood specific market analysis showing sales activity over the last 12 months.
Hometiva is a real estate brokerage, and not a property tax protest company. We can provide a market analysis showing recent activity in your neighborhood. We are not able to assist in managing the formal protest on your behalf, but we can provide you with the valuable initial data to help you as you consider filing a protest.
This information will also help you in your conversations with the company you hire to protest the 2023 value or if you decide to go through the process on your own.