Home address: 4860 Vulcan Ave
2021 Taxable Value: $172,201
Recent Sales Price: $127,000 – Overtaxed by 36%
El Paso County homeowners are often unaware of the factors that cause them to pay extra taxes. Protest market value, get a few comparable sales as evidence and you are very likely to reduce your property taxes. Unequal appraisal appeals are valid when the assessment is below market value. Appraisal districts are generally very receptive to settling tax appeals at the informal hearing.
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 mass appraisal to value property, basically a math model. Overall results are OK. However, many homes are too high or low. 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. Property owners have a duty and responsibility to appraise property taxes annually. It is not prudent or reasonable to rely on the appraisal district’s estimate.