Texas Property Tax Trends documents the massive growth in property tax assessments effected by tax consultants and property owners in Texas. Total property tax assessment reduction from property tax protests, just at informal hearings rose from $29.9 billion in 2012 to $56.1 billion in 2018, a 87.8% increase in six years.
Residential informal reductions rose from $7.1 billion in 2014 to $13.77 billion in 2018, almost a 100% increase. Commercial informal reduced $30.4 billion in value in 2014 and $42.9 in 2018.
Appraisal districts did not previously attempt to set property tax values near market value, particularly for commercial. They have become much more aggressive in the last six years. Appraisal districts have become more and more aggressive with their tax values, causing the volume of appeals to increase at all levels. For example, total property tax protests rose from 1.2 million in 2014 to 1.8 million in 2018, a 50% increase. Property tax consultants are receiving calls from an increasing number of property owners concerned with increasing property taxes.
Assessment reductions almost double for residential from 2014 to 2018, indicating more property owners are appealing on their own or hiring a property tax consultant. Reductions from commercial informal hearings increased by43%. Still a healthy pace but much slower than the level of residential appeals / protests increase.
Property owners are encouraged to appeal annually. It is the only effective way to manage your property tax bills.
Protest Required for Free Property Tax Evidence File
Be sure to protest every year to receive the mandatory hearing evidence file. Texas law requires you file a property tax protest to obtain the appraisal district’s evidence file. Upon request, they are required to provide it to you free of cost, and by U.S. Mail if requested.
Despite Coronavirus, the Texas property tax deadline is May 15th.
Only 2,222 appraisers value all the real estate in Texas for property taxes! This includes personal property and real property. It also includes excluding intangible personal property from real property valuations. That includes property inspections and valuation models. That works out to $1.5 billion of property valued per appraiser employed at Texas appraisal districts ($3.49 trillion / 2,222)
How well do you think each appraiser can value $1.5 billion in real estate?
Protest for 2020 now. The deadline is around the corner.
Protest annually, like changing the oil in your car or the HVAC checkup. Like an untended garden, property taxes grow out of control without attention.
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