Talking Property Taxes With Chrissy the #LocalDentonRealtor
Disclaimer: this is not a comprehensive summary of property taxes but a brief snapshot from the lense of a local Denton Realtor. Refer to your local tax assessor for specific details and more insight.
Property taxes aren’t always a fun topic to discuss; in fact, they can be downright overwhelming. But you don’t have to worry because Chrissy the #DentonRealtor is here to help you understand everything you need to know about property taxes.
For many people, their property tax can be one of their highest monthly bills. It’s important to know what property taxes are and how they work; especially if you looking to move into a new home in a new neighborhood.
The Texas government calculates property tax based on where the property is located. Property taxes then go toward funding for things such as:
Law enforcement
Education
Sewer improvements
Highway construction
In this article, you’ll read about:
What property taxes are
How property taxes work
How you can dispute property taxes and the process to do so
So without further adieu, let’s dive into this topic!
What Is Property Tax?
If someone or an entity owns a piece of property, they are responsible for the property tax on that property. Property tax rates can vary depending on what county and city you’re in. When you purchase a property, it’s extremely important that you examine the related tax laws.
If you have a home in Texas, your property tax comes from its appraised value. Property taxes can vary year to year based on the total value of a property and the total revenue needed by the city or county.
Say your total tax rate is 2% and the value of your home is $100,000. In this case, you will pay $2,000 in property tax annually. In Texas, the average effective property tax rate is 1.69%, which makes it the seventh-highest in the U.S.
How Do Property Taxes Work?
The assessed value of your property multiplied by the property tax rate is how you determine what your property tax is.
Many factors can impact this equation, but you can get a rough estimate from it. It can quell some of your anxiety because it can give you an idea of what to expect.
The assessed value of your home is known as your property value. Taking a look at comparative properties is one way this value can be estimated.
You could also get calculations from a home assessor. Where you live affects your property tax. A county, city, or town usually decides on what the tax rate for your area is.
There are different factors to consider when determining the value of a property. These factors include: the home itself and the land your home is on.
A local taxing authority works with an assessor to determine this value. A tax assessor also keeps track of the values of other local properties. A home’s property value is constantly under observation. If there are changes in a property, it can lead to a property tax decrease or increase.
Protesting Your Property Taxes in Texas
Have you ever gotten your tax appraisal in the mail, opened it, and been shocked beyond belief?! Many people have! You can protest your property taxes in Texas, but you need a plan. That’s why you need Chrissy the #DentonRealtor by your side!
To protest your property tax in Texas, you need to do the following.
File a Written Protest by April 30th
If a written protest is filed with your local appraisal, it must be done by April 30th. It can then appear before the Appraisal Review Board (ARB). A written notice is deemed sufficient if it has:
The name of the property owner
The address of the property subject to protest
A statement of dissatisfaction which includes a decision by the appraisal district
The ARB will notify you of the date, time, and place of your hearing within 15 days of your notice being filed.
Talk to an Appraisal Office
By talking to the ARB, you may be able to resolve your issue before your hearing. You can contact them directly.
Arrive at Your Hearing Early
You may not be able to resolve your issue before your hearing. In that case, you should review the ARB’s procedures. Two weeks before your hearing, you will receive a packet with this information. Make sure you get to your hearing early. You should stick to the facts when it’s your turn.
The ARB’s only consideration is the valuation of your property. The tax rate, your thoughts on the legality of the process, and how tax money is spent will not influence their decision.
Discuss your hearing with the tax appraiser and make sure you have all the important information you need for your hearing.
Whew! There…we did it. We talked about property taxes, and the sky didn’t fall! You know by now that you can always count on Chrissy the #DentonRealtor to make things fun!
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