Midland County Property Search

In Texas, real estate values are broken down into three separate categories. Market value is what the appraisal district believes a home or business would sell for on the open market on January 1 of the tax year. Appraised value takes the market value and caps it with various regulations and laws that prevent spikes. Finally, there is taxable value, which refines the appraised figure with exemptions. This final value is what tax rates are applied to.

When it comes to property taxes, there are many more variables than just the raw values. There are also tax rates, exemptions, and a slew of basic details about a piece of real estate. Knowing the size, classification, and history of a piece of real estate is important, not only when it comes to taxes, but also to gain insight into the true worth of a home or business.

Properties and taxes are shaped by more than just values and rates. Appraisals contain details that capture the entirety of a home or business. These smaller details can have a big impact on appraisals and should be verified at least once a year. These details include ownership, exemptions, size, classification, and improvements.

When it comes to appeals to lower property taxes, one of the pieces of evidence is property comparisons. This can be sales records or appraisals, as they help establish market value and unequal appraisal, respectively. Comparing properties can also help realtors, homeowners, or other real estate professionals zero in on the true value of a piece of real estate.

One of the biggest factors in property taxes is deadlines. Texas has many deadlines throughout the year, with each being an important milestone. For instance, if a business misses the business personal property (BPP) rendition deadline on April 15, the business may be fined and can possibly lose their $125,000 BPP exemption. In the case of the protest deadline, missing it means forfeiting the right to appeal for that year.

Protests should be filed if there are outstanding factual errors with an appraisal, such as the wrong owner, incorrect improvements, or the wrong square footage. If the value of a property has seen a large spike from the previous year, that could indicate that an appeal is needed. The other reason is that the taxpayer’s property is appraised at a higher rate than that of those around them.

Most mistakes made by taxpayers can be avoided by staying informed and maintaining vigilance. One of the reasons this database exists is to keep taxpayers current on any issues with their appraisals or property. Common mistakes include neglecting to review the appraisal, missing deadlines, and using the wrong evidence or grounds in protests.

Property values, taxes, and real estate issues can all be hidden behind terms and jargon that most taxpayers cannot follow. One of the primary goals of this database is to give power back to the average person by streamlining information and making it more digestible. With knowledge available, taxpayers are free to take their destinies into their own hands.

When it comes to challenging property values to lower property taxes, it often pays to have an expert by your side. We at O’Connor are based in Texas and know how best to get our clients the savings they deserve. We know the evidence required by appraisal districts, the appraisal review board (ARB), and even the courts if litigation is required. We help our clients with exemptions, file appeals, and represent our clients at hearings. Each taxpayer who joins us also gets a client success consultant, who will act as the personal agent of the client. This means they always have a reliable person to contact for updates throughout the whole process. Where other firms provide a one-size-fits-all approach, we focus on personalized and premium service.