Happy property tax season! Here’s how to decode your Tarrant County property value notice
Spring has sprung, which means it’s time for warmer weather, brutal allergies and — don’t forget — property tax appraisals.
This week, the Tarrant Appraisal District will mail all county property owners a new value notice, which includes an appraisal that forms the basis of your eventual tax bill.
Note: TAD does NOT determine tax rates or collect your taxes. It is responsible solely for valuing your property.
On the notice you will find:
The market value of your property, which reflects the amount your home would sell for as of Jan. 1, 2023.
The appraised value of your property, which reflects the homestead cap. This limits the increase in value of a primary residence for tax purposes to 10% per year.
The taxable value of your property, which is used to calculate your property taxes for each applicable taxing entity.
Notices also include the market value, appraised value and taxable value of the property from last year.
TAD Chief Appraiser Jeff Law said Tarrant County homeowners can expect to see residential property values jump between 10% and 20% this year.
That’s quite a bit higher than the year over year median home price change. Here’s why.
At the end of December 2022, the median home price in Tarrant County had risen 6.1% from the year before.
However, that wasn’t a linear jump.
The median home price in Tarrant County peaked at $380,000, a jump of 15% from the beginning of the year. The year ended with homes at $350,000.
Appraisal districts use data from the previous year, meaning your appraisal could reflect price fluctuations experienced throughout the year.
You can protest your property value on TAD’s website, by calling 817-284-0024 or by visiting the TAD office, which is at 2500 Handley-Ederville Road, Fort Worth.
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This story was originally published April 17, 2023 at 4:11 PM.
