Every state is different in how property taxes are levied and due. In Texas the year your taxes are due (the current year) you will receive a notice of Appraised Value from the Appraisal District around the middle of March - April 1st and have until May 16th to protest your taxes. If you file a protest you will receive a scheduled time from the Appraisal District. You can gather comparable sales yourself or hire a company who will handle it for you.
Your notice contains 3 important values:
Market value: This is the value based on what your property would sell for as of January 1.
Assessed value: This is the reduced value of your property based on limitations provided having a homestead exemption.
Taxable value: This is the assessed value minus the exemptions amounts. It is the value used to calculate your property taxes for each taxing unit (if your over 65 your school taxes are frozen the year you turn 65).
This year we had the greatest increase in Market Value. When there is a steep increase, the homestead often saves your tax burden; however, protesting your value in a year where there is a steep increase is vital to your valuation in future years. If your appraised value this year was not protested you can almost guarantee a 10% increase in your taxes every year for the foreseeable future.
Next time you have a question about property taxes in Travis County in Austin TX, please reach out to me….I can help. Several people in the Canyon Creek community reached out to me for sold comparable sales which I happily supplied. I also have several companies that can handle it for you and I’d be happy to share them with you.