As our property tax appraisals arrive in the mail again this year, many people are shocked to find that their taxable county appraised value stayed about where it did last year or even went up! They're shocked because many people assume that all property values have been falling, especially due to the "bad" real estate market we all hear about on the news. However, most of our local real estate market isn't nearly as bad as the media would have you believe. The media tends to report broadly, on entire counties or states (they just don't have time to report on every single neighborhood). Real estate is WAY to local for these broad reports to mean much in regards to your home (just be sure contact a local real estate professional to get the facts about your home/neighborhood). So, many people who were expecting a lower property tax appraisal aren't getting one simply because their property values haven't fallen. However, there are certainly tax appraisals that are too high...

The good news: If you feel that your property tax appraisal is higher than your actual property value, in Texas, you can protest it. It can't just be a feeling though, you're usually going to need proof. If you're not sure about your appraisal and/or your property value, or you need to get that proof, ask a local real estate professional to help. We can help explain and/or pull some comparable sales data for you. If this data indicates that the appraisal is indeed high, the you can request an informal review and/or schedule a protest hearing with the country appraisal district. In either case, be sure to take the comparative sales data with you and any other supporting documents (like contracts, appraisals, loan docs, repair estimates and/or pictures). Many people try "cherry picking" the lowest priced sales around their home, but the appraisal district generally looks to see if you have done this and discards such sales and/or points to comparable homes that sold for more. Oh, and even on homes recently purchased, what you paid doesn't determine the tax appraised value. This value is set by what multiple properties like yours appeared (to the appraisal district) to be selling for around Jan 1, 2009. So, just because you got a great deal and bought a property below market or tax value, doesn't mean that they'll adjust downwards... though you can still try to protest it...

The bad news: Your time to file a protest is short. In Collin County, the Collin Central Appraisal District protest deadline is June 1, 2009. You can start with an informal review if you would like (which can get your appraisal lowered). If it is not lowered, and you still disagree with it, you can file a protest for a formal hearing. To request an informal review or ask questions, call 469-742-9200 (metro) or 866-467-1110; or you can visit 250 W. Eldorado Pkwy in McKinney. Hours are M-F 8am-5pm and Thursdays in May 8am-7pm. However, note that the typical wait time is 45 minutes and wait time increases the closer we get to the protest deadline (so don't delay). To file a protest for a formal hearing, check the back of your proptery tax appraisal ("2009 Notice of Appraised Value") you got in the mail; the protest form is printed on the back of the appraisal.

Oh, and you might want to Click here for a short, related article about property tax appraisals. It talks about how they affect to the sales price when you buy or sell.

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com