Troy Aikman has sold part of his dirt, the pool-cabana-sport court part, and we are hearing tales of multiple offers and homes being snapped up in 4 to 5 days, some not even in MLS. I am posting a home soon built by Mark Danuser that sold as a hip pocket in less than a week. Never hit MLS. Our marketing is heating up, so what does this mean to the folks down at the Dallas County Appraisal District? Has anyone even heard from their Appraisal District?
According to our Tax Doctor, Tiffany Hamil, here’s how to figure out your new Proposed Value: The District will mail you a notice if your value increases, but they are not required to mail you a notice if the value is reduced or stays the same. So no news is good news, sort of.
To find out your new Proposed Value, you should visit your local county’s website.
Denton: www.dentoncad.org (values will be released on May 9th)
How to know if you should protest? There are several factors to consider in determining if you should protest, says Tiffany:
1. The Fair Market Value of Your Home. Does the District’s appraised value of your home seem higher than what you could sell your home for? To save time and money, the Appraisal District uses a mass appraisal system based on “typical” property values to appraise ALL the properties in each class. By protesting, you are requiring the Appraisal District to individually appraise your home.
2. The Appraised Value of Your Neighbors’ Homes. Does the District’s appraised value of your home seem higher than your neighbors?
3. Your Age. If you or your spouse are nearing age 65, you should strongly consider protesting. At the age of 65, you qualify for the “Over-65 Exemption,” which will set a tax ceiling on your total school taxes for your residential homestead. It’s important that the ceiling be as low as possible because it can’t ever be changed.
Hire someone or I represent myself? Like with any area of law, you can always represent yourself. That said, there is always an advantage to hiring a professional to assist you with your property tax protest, and the tax savings usually covers the fee. A professional will have experience working with the Appraisal Districts, and their experience and knowledge will allow them to formulate persuasive arguments to successfully lower your value.
Knowing the rules of the game, says Tiffany, is half the battle in this area of law.