Property tax assessments for homes were increased by 8.5% for tax year 2021, based on a review of 141,905 homes valued by Tarrant Appraisal District. Homes valued at $1 million or higher had the largest increases, average 11.8% higher than 2020.
Review of 141,905 homes valued at $300,000 or indicates an increase in assessed value of $68.0 billion, up 8.5% from 62.7 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $143 million, based on a 2.7% tax rate before considering homestead exemptions.
Tarrant has 4,032 homes valued at $1 million or higher. They are valued at $8.5 billion in 2021, up from $7.6 billion in 2020. Values were increased for 3,004 homes, reduced for 1,003 homes and remained flat for 25 homes.
Homes valued at $300,000 to 500,000 increased from 35.5 billion in 2020 to 38.5 billion in 2021, an 8.4% increase. Of the 90,924 in this price range, values were increased for 68,783, reduced for 16,778 and remained flat for 5,363.
Luxury homes valued at $500,000 to $1,000,000 rose to $21.0 billion in 2021 from $19.6 billion in 2020, a 7.2% incresase. This group of homes had the smallest level of increase, but still a sizable increase. Most homes in this price range saw an increase in the property tax assessment. Of 25,582 homes valued at $500,000 to $1,000,000, 18,450 were increased in tax assessment, 5,976 were reduced and 1,156 did not chance.
Tarrant County home owners are encouraged to protest their property tax assessment, regardless of whether it was increased, reduced or remained flat. Tarrant Appraisal District has limited staff to value well over 200,000 homes in Tarrant County. Homes are valued using the cost approach. The only option for quality control is a property tax protest. Otherwise, Tarrrant Appraisal District staff is highly unlikely to review the estimate of value generated by their computers.
There is no risk to appealing. The appraisal district and appraisal review board may not increase the assessed value due to an appeal. The only options are to reduce it or leave it the same. 85% of home owners who appealed in 2019 were successful in reducing their property tax assessment.
The property tax appeal deadline is Monday, May 17th.