Lubbock County Property Search

Appraisals and notices of appraised value often have several property values on them, though these are rarely explained. Market value is what a piece of real estate would be worth on the open market on January 1 of the tax year. Appraised value takes the market value and limits it using legal caps and other reductions. Taxable value then takes the appraised value and lowers it with exemptions, which can then be used to create tax bills.

Tax rates are one of the most misunderstood aspects of property tax bills. Rather than coming from a central source, they are created by dozens of taxing bodies, which use property taxes to satisfy their annual budgets. These taxing bodies include MUDs, school districts, colleges, emergency services, and flood control.

Appraisal data has many important functions, including informing taxpayers about issues with their property’s official records. Mistakes in these basic fields can be detrimental to financial health and can lead to higher taxes yearly. These issues include the incorrect owner, missing exemptions, the wrong square footage, more rooms than those that actually exist, and nonexistent improvements. This information also allows homebuyers and realtors to understand how much real estate should be sold for in a given area.

One of the best ways to understand a piece of real estate is to compare it to its peers. This can be done by using appraisal records to see how they compare with appraisals, exemptions, size, and more. Under the Texas Constitution, every property that shares similar characteristics in the same area must be appraised the same. Errors in this often lead to unequal appraisal, which is one of the primary reasons to launch a property tax protest.

While staying informed about appraisal data is important, so is minding deadlines. Many deadlines in Texas are final, which means a taxpayer loses the ability to use a service for a year if it is missed. In other cases, this simply means paying more in penalties or interest. This makes keeping up with deadlines and other dates key if a taxpayer wishes to maximize their savings.

Appeals cannot simply be filed because a taxpayer thinks taxes are too high. There must be grounds and evidence for a protest to be successful. The grounds include overassessment, unequal appraisal, and factual errors. Appraisals and notices should be reviewed for errors, which can then be corrected with appeals or corrections of the appraisal roll. Appraisals that are drastically higher than the year before or those that are unequal to neighbors are key indications that an appeal should be explored.

Often, taxpayers cost themselves money by making mistakes or believing myths that have been established around property values and taxes. Missing deadlines is probably the costliest mistake that taxpayers make, but many also fail to review their appraisal or notices. Believing myths like the appraisal district being in charge of tax rates or successful protests lowering the sale value of a home can also lead to errors.

One of the main barriers to taxpayers’ understanding their properties and taxes is that there is simply too much uncertain terminology in the way. Many terms are never explained, making it difficult for people to use the data given to make informed decisions. This database works to make this terminology more accessible, while also concentrating valuable data in one place.

Armed with the knowledge gathered by this database, taxpayers should be set to understand their real estate. If they still have questions, need help with exemptions, or want to use a property tax protest, O’Connor is here to help. For over 50 years, O’Connor has been assisting Texans in their journey to lower taxes through cost-effective means, including appeals, exemptions, and cost segregation. Every person who joins O’Connor will get a client success consultant, who will act as the client’s guide, point of contact, and advocate. O’Connor offers a personal touch that national firms cannot match, while offering more resources than local businesses.