Each year, you receive a bill from the tax assessor to let you know that your property taxes are due. The amount is there in black and white, along with instructions on how to contest the assessment if you think it is incorrect or unfair. A great way to determine if the assessment is not correct is to talk to your neighbors.
Then, if you think there are drastic differences in your tax bills that make no sense, you can do some research on your own to determine home values of similar properties in your area. Tax bills are not due for a long time in most cases around the country.
Why Would I Want To Contest My Tax Bill?
FACT #1: Most property tax assessments are incorrect!
As many as 80% of people in Texas are paying the wrong amount. This is because they are often using old values for your home that do not reflect changes in the economy.
FACT #2: The economy changes faster than your taxes are assessed.
Therefore, your home may be worth a different amount than your taxes are being based on.
FACT #3: The appraisers appraise your home at 100% of the assumed value.
Without actually having an appraisal done, this may be an amount that is completely wrong.
FACT #4: You have the right to an informal hearing to determine whether or not your home was correctly assessed in value.
At this hearing, you may present your evidence, such as figures and statistics that you have gathered on other similar homes in your neighborhood.
FACT #5: Over paying your taxes puts unwarranted financial strain on your family in times when the economy is not good.
Contesting your bill could save you hundreds of dollars or more.
What Can I Expect When I Contact the Assessor To Contest My Bill?
First of all, you have no reason to be worried. You will be treated very respectfully. No one is going to think that you are just trying to put off your bill. Initially, you will be required to fill out some paperwork, which is typically included with the assessment that you receive in the mail. You will be notified of your hearing date. Have your research ready to take with you.
The Appraisal District will determine whether or not to complete a reassessment. During this time, you will not be late for paying any fees until you receive your new tax bill.
Effectively, your billing status will be on hold until all the determinations are made. There is a small possibility that your taxes would end up being more, but 80% of the time, your taxes will be lowered and this is a pretty good thing to do if you are like everyone else who is struggling in this economy right now.
If you have more questions on the reasons why you should protest your property tax bill every year, contact O’Connor & Associates today. One of our experts will answer any concern you may have.