Do you think the tax appraisal on your home is too high?
Property tax appraisals are sent to homeowners on May 1. Even though taxes are paid at the end of the year, the homeowner only has until May 31 to object to the appraised value. (2020 has been different because of Covid-19.) If you think your home is appraised too high, and you will be paying too much in property taxes, act now! Lowering your appraised value does not affect the value of your home when you are ready to sell. The market values at the time you sell will determine the amount for which you will be able to price and sell the home.
You may do an informal review anytime without appointment before May 31. If your property is in Collin County, you do this by going to the Collin Central Appraisal District which is on Eldorado east of 75 just before Highway 5. If you choose to go early in the month, you will not have much of a wait, but if you don’t go until the end of the month, the wait could be very long. Past experience has shown that the earlier you go in, the more likely you will succeed in reducing your appraised value and in turn reducing the amount you will pay in taxes.
The appraisal district does not take an average of all the homes in the neighborhood to determine your price per square feet. Instead they will choose four to five similar houses sold in your neighborhood from December 1 thru January 31 and take an average of those. Arm yourself with a complimentary comparative market analysis (CMA) on homes sold in the last six months in your neighborhood. Email us and include your full address and we will prepare this report for you.
*If this is your primary residence, make sure it has a homestead designation. You can find this on the Collin County Appraisal District website (www.collincad.org) under exemption information. If you live in Denton County, go to the Denton County Appraisal District website (www.dentoncad.com.) There is also an exemption if you are over 65 years of age or are disabled.
Another helpful website is www.comptroller.texas.gov. Go to "taxes" in the dropdown menu at the top of the page. There you can find information about protesting and available forms you might need.
Please contact us if you have questions about this process and we can walk you through it.
Also, if you are looking to buy or sell a home, or if you know someone who is, we would love to help.