Looking to Lower Your Property Tax Bill?
Property taxes often make up a significant portion of property owners’ expenses.
Understanding the basic concepts of property tax calculations and exploring strategies
to reduce these costs is crucial for property owners in Texas. To provide valuable
insights to our readers and clients, we consulted with the experienced professionals at
Gill, Denson & Company to offer insights into this topic.
How Your Property Tax Bill is Determined
The process of calculating property taxes involves local appraisal districts assessing
properties annually based on their value as of January 1st. These assessments are
typically made public by the districts in April.
Your property tax bill is calculated by multiplying the assessed value by the tax rate set
by all relevant taxing entities for your property. These entities commonly include
schools, cities, counties, community colleges, and utility districts. Payment for your tax
bill is usually due by January 31st of the following year.
If your mortgage company collects taxes through a monthly escrow payment, they will
pay the tax bill on your behalf by this due date.
Am I Paying Too Much in Taxes?
Due to understaffing and budget constraints, appraisal districts face the daunting task of
appraising thousands of properties annually with limited resources. Consequently, they
often resort to mass appraisal methods, which may rely on outdated or inaccurate
information.
It’s worth noting that the appraisal district may have never physically inspected your
property; instead, they estimate its value based on limited data within their system. This
reliance on mass appraisal methods often results in many property owners paying more
than their fair share of the property tax burden.
How Can Protesting My Taxes Help?
Every property owner in Texas has the right to challenge their tax appraisal. During this
process, property owners have the opportunity to present evidence supporting a lower
property valuation. The protest process involves multiple stages, including an informal
hearing, an Appraisal Review Board (ARB) hearing, and potentially a judicial appeal. It’s
essential for property owners to present compelling evidence in a format acceptable to
the appraisal district to improve their chances of securing a reduction. However, many
property owners who attempt this process independently often struggle gathering strong
enough evidence to persuade the appraisal district to lower their appraisal.
Partnering with a Professional Property Tax Firm
Given the complexity of the property tax protest process, we highly recommend seeking
the expertise of Gill, Denson & Company, a specialized property tax protest firm in this
field. Through our exclusive partnership with Gill, Denson & Company, our clients and
readers can access a special discounted rate for their services. Visit their Get Started
page and use the discount code HALEYGARCIA; you’ll only be charged 25% of the
taxes saved. If they are unable to secure any savings for you, you won’t owe them
anything.
