What is the taxable value of a piece of property?
In Texas the taxable value is determined by the County Appraisal District. Each year your home/property is given a new tax value. Under Texas law the value is supposed to be equal to the market value, but clearly it is impossible for the appraisal district to do a formal appraisal on every home each each year. In actuality the properties are appraised much like we, as realtors do a CMA for a neighborhood. They look at the neighborhood sales data on MLS for each neighborhood and come up with “average” values for the neighborhood and apply them to the homes there. Homeowners receive a preliminary tax appraisal and are permitted to “protest” the amount if they feel it is incorrect. Most homeowners will ask a local realtor to to a CMA on their home that takes into consideration the condition of the property that could possibly bring the market value down. They then take this information to the protest meeting with the appraisal official and usually are succesful in reducing the “taxable va
Related Questions
- The taxable value or Principle Residence exemption for my property is being corrected at the board of review, should I wait for the corrected bill before paying?
- The taxable value or Principal Residence Exemption for my property is being corrected at the board of review, should I wait for the corrected bill before paying?
- How do I know what the true value of a commercial piece of property?
