Is your home worth more this year than it was last year? Chances are that it is. At least in the opinion of the Central Appraisal District.
As we wrap up the year one of the things we property owners have to do is pay our property taxes. And most property owners in El Paso will be moaning about the high taxes we have to pay. (you can admit it, I do it too)
Many people blame the Central Appraisal District (CAD) for their high taxes, but the CAD isn't the culprit. CAD just determines how much your property is worth. The taxes are determined by the tax rates set by the various taxing entities.
The City of El Paso, El Paso County, University Medical Center, EPCC and your local school districts just to name a few, all set their own tax rates. The tax is calculated by multiplying the various tax rates by the value of your property.
So what can you do to lower your taxes?
First start by being an informed and involved citizen. Pay attention to what the elected officials in the city and county are doing and VOTE!
Second, make sure the value of your home is correct. If the CAD increases the value fo your home they are required to send you a notice of appraised value. They send this notice out in the spring. April or May. And you have a right to appeal that value if you believe it is incorrect or if there are errors in the information about your home (for example, if the size is listed incorrectly). This is done by filing a formal protest with an Appraisal Review Board (ARB).
It is possible to attempt to resolve the issue informally with the appraisal district, but DO NOT waive your right to appeal. Make sure you file the formal notice if you intend to fight your valuation.
All appraisal districts are required to assist you if you want to appeal your value so I won't go into detail about the process but you can find more information here.
Remember it is your right to appeal the value if it's incorrect. The CAD valuation is based on the value of your home on Jan 1st, so now is the time to be thinking about it. Did your home's value increase last year? For more information on home values in your neighborhood give me a call or send an email to taxes@ricksnow.com
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