3 things Fort Worth homeowners should know when protesting value of property assessment
Friday is the final day Fort Worth residents can protest their home appraisal for this year. The process to appeal is free, but may be a little complicated, here is what you need to know.
“According to the National Taxpayers Union Foundation, nearly 60% of properties are over assessed, leaving millions overpaying on their property taxes,” said Chris Manago, account executive for Havas Formula.
Property taxes in Texas are determined in the county level. The taxable value is derived by multiplying the full market value of a home — or what it would sell in the open market — with the tax rate. The Tarrant Appraisal District is the local agency that determines this number. Property owners can then protest the assessment figure.
In Texas, those who protest their appraisals, get an average of $600 back. However, you must follow the process carefully to do it correctly.
If Tarrant County Appraisal District comes back with a number that you don’t like, you may appeal before you pay. The form and instructions should be attached to your appraisal notice, however it is also found online labeled as “Notice of Protest.”
When applying, you will need to back up why your appraisal value should be lowered. Common things to look for as evidence include:
Typos: common errors on appraisals pertaining to details about your house, square footage, year built, or number of beds and bath could automatically translate to money in your pocket.
Neighbors: Compare your appraised value to your neighbors. If they protested the year before and are paying less than you, this can be used as evidence to fair and right equal taxation.
Contractor Estimates: If your home is older than others in the neighborhood or needing some upkeep, have a contractor estimate your home’s value and send in those numbers as data. Normally this would need to be something serious, like structural issues not paint or landscaping.
Once submitting your notice of protest, keep watch for a notification from TAD. They may bargain with you to find a middle ground. They will then schedule a hearing with the appraiser and appraiser board to make a final decision. When going to court, be sure to bring as many photos of evidence as possible.
This story was originally published May 23, 2024 at 4:06 AM.