The Great Property Tax Heist of 2018 will net over $2 billion from Texas property owners.
And even though laws are being ignored, no one will go to jail.
How can this be? I explain in this video below:
Texas law requires appraisal districts to value property at market value on January 1.
To value property, one must understand its condition and the factors that influence market value, including flooding. Many appraisal districts are not making an effort to determine which property flooded.
Despite almost $200 billion worth of damage estimated by governmental sources, governmental sources valuing property (appraisal districts) have only identified about $25 billion worth of property damaged by Harvey.
In addition, even though 70% of Harris County was under water at the time of Harvey, these property owners have to report flooding.
The appraisal district’s position of not considering flooding in Harris County is expected to cause taxpayers to be over-taxed by $780 million in 2018. The appraisal districts that do revalue are expected to over-value by only considering the cost of physical repairs.
This situation is expected to be the same across the Gulf Coast.
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Despite statutes that require appraisal districts to value property at market value, most appraisal districts do not understand the valuation process. They do not understand that a property has flooded if the water rose outside/beyond the sidewalk.
My discussions with tax entity staff have made it clear they have no interest in reducing taxes, even if it is what the law requires.
It is clear to me that after having discussions with Houston City Council staff, their focus is on generating revenue to solve the city’s chronic budget woes.
Regrettably, there is no remedy when an appraisal district overvalues two-thirds of the properties in the appraisal district. Property owners must appeal their notice values one at a time.
The ONLY remedy is for property owners to file an appeal each and every year.
NOTICE: The Texas deadline to file an appeal changed to MAY 15, 2018. But if you were flooded by Harvey, you STILL HAVE TIME to file your appeal!
If you would like to find out if you’re fairly taxed based on unequal appraisal, go to the FREE Texas Fairness Checker. It only takes a few minutes and you will find out immediately if you are overassessed.