Collin County property owners have already saved over $1.3 billion from property tax protests in 2023. Collin Central Central Appraisal District is responsible for estimating the market value of real property and personal property in Collin County annually. Property owners have the right to contest those values each year, whether the value is raised or not. This data has been compiled by O’Connor based on initial and the current tax rolls provided by Collin Central Appraisal District.
O’Connor estimates total 2023 property tax savings as a result of Collin County property tax protests will total about $137 million based on reviewing data for property tax savings from prior years as reported on Collin County Property Tax Trends.
Home owners have saved about $260 million already in property tax protests in 2023. Collin Central Appraisal District shows they have reduced values for 19,170 houses in 2023 tax protests. The average assessment reduction is $57,986 with average property tax savings of $13,583 based on a 2.7% tax rate and not considering homestead exemptions.
Apartment owners scored the largest total property tax savings and the largest savings per tax protest. Apartment tax protests resolved so far in 2023 have reduced the initial value of $19 billion to $16 billion, reducing tax assessments by $3.5 billion. The total property tax savings YTD for apartment owners is estimated at $436 billion, based on a tax rate of 2.7%. Apartment tax protests in Collin County averaged a reduction of 18% and estimated property tax savings per apartment tax protest of $495,810. This includes hearing results for 880 apartments already in 2023.
The largest percentage assessment reduction for Collin County commercial property tax protests is 58% for land / miscellaneous, including 6,861 tax protests resolved in 2023. The initial value of $3 billion was reduced to $1 billion. The total tax savings for these owners is approximately $37 million based on a 2.7% tax rate, or $5,437 per tax parcel.
Hotel owners have successfully reduced the assessed value of hotels protested and resolved already from $903 million to $757 million. This generated a tax assessment reduction of $145 million with tax savings of $20,458,884 based on a 2.7% tax rate. This includes property tax hearing results for 93 hotels with average property tax savings of $219,988 per hotel for hearings completed in 2023 with reductions. The average percentage reduction for hotel tax property tax protests is 16% YTD for protests with a reduction.
Office building owners have achieved the second highest aggregate property tax savings totaling $367,545,010 for 1,532 office building tax protests resolved YTD in Collin County. The initial value of $14 billion has been reduced to $13 billion, a reduction of tax assessment of $1 billion. Property tax savings averaged $239,912 based on a 2.7% tax rate. The percentage assessment reduction for office buildings is 8% for office tax protests resolved with a reduction.
Collin County property owners have completed tax protests in 2023 with a reduction for 30,234 properties, reducing the initial assessed value of $58 billion to $49 billion, an 133% average reduction. The average tax savings per property protested is $1,226,918 including protests for houses and commercial properties.
Collin Central Appraisal District has a staff of over 143 professionals who value property in Collin County. However, the above examples illustrate the large potential for property tax reductions available through the property tax appeal process.
The 2023 property tax assessment reduction is based on comparing the initial values sent by Collin Central Appraisal District with the most recent tax assessments for 2023. This data does not include properties protested with no reduction, which increases the average reduction. In a typical year, about 24% of Collin County tax parcels will be protested, or about 78,825 tax protests out of a total of 402,482 tax parcels.
Property owners are encouraged to scrutinize their annual property tax assessments and appeal annually. Well over half of property tax protests in Collin County are successful in a typical year.