If you believe the value of your property as determined by a county appraisal district (CAD) is more than what you could sell it for, you have the right to appeal the value each year. To be successful, you must understand the process and be prepared.
Appraisal notices are mailed each March or April and include the previous year value, the proposed market value and an estimate of the taxes that will result using the prior year tax rates.
Market value is the price your property would sell for in the open market assuming a willing buyer and seller. It is the value required by law for tax purposes. Appeal the value if you believe it is out of line with comparable properties in your neighborhood.
The county tax assessor collector calculates your taxes from the market values provided by the CAD, applying exemptions and reductions such as the limitation resulting from the “10% homestead appraisal cap.” If property values rise quickly and your value is “capped” for taxes, a successful protest may not reduce the tax liability in the current year.
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