Home address: 608 W Elm St
2021 Taxable Value: $192,679
Recent Sales Price: $145,000 – Over-taxed by 33%
Collin County property investors far too often pay excess property taxes. Either comparable sales or condition issues at your home are useful for a market value appeal of property taxes. The lower value stands when appealing market value and unequal appraisal. Appeal both every year. Winning a property tax protest is easy. Getting property owners to appeal is hard. Only 10% of Texan home owners appeal their property taxes.
Owners are sometimes reluctant to protest property taxes due to a concern their value might be raised. This can’t and does not happen. Since 2019, neither the appraisal district or the appraisal review board can increase a property tax assessment during a protest. Appraisal districts use the cost approach to value houses. It is generally considered the least reliable method of appraisal. Most tax protests are settled at the informal level so appraisers can return to measuring and valuing new construction. Protect your home by appealing property taxes annually.