Home address: 10420 Sigma St
2021 Taxable Value: $136,226
Recent Sales Price: $99,500 – Overtaxed by 37%
Most homeowners who do not appeal annually pay excess property taxes. Either comparable sales or condition issues at your home are useful for a market value appeal of property taxes. An unequal appraisal appeal is easy to prepare. Just find neighborhood homes with a lower level of assessment (per square foot). Summarize the data in a table. Woody Allen said “80% of success is showing up”. The same is true of property taxes. If you file an appeal and attend the hearing, your chance of reducing your property taxes is excellent.
Some property owners do not appeal due to a concern the appraisal district will want to inspect their house. However, the appraisal district is MUCH too busy during the appeal season to even think about asking to inspect a property. Assessors do not visit houses because of appeals. Appraisal districts use the cost approach to value houses. It is generally considered the least reliable method of appraisal. Tax protests are resolved at the informal hearing since the result is within a “reasonable range of value”. Appraisal is not an exact science and valuations are only an educated opinion of value, not a fact. Protesting your property taxes annually is analogous to regularly changing the oil in your car. Preventative maintenance avoids serious problems.