Home address: 2717 Cascade Dr
2021 Taxable Value: $411,194
Recent Sales Price: $275,000 – Over-taxed by 50%
Appraisal district errors in setting assessed values cause Collin County owners to pay extra taxes. A market value appeal is based on the assessor’s value exceeding the market value of your home. Unequal appraisal appeals are valid when the assessment is below market value. Winning a property tax protest is easy. Getting property owners to appeal is hard. Only 10% of Texan home owners appeal their property taxes.
Property owners are sometimes reluctant to protest their property taxes because the believe the appeal process is difficult. It is not difficult and 60 to 80% of owners who appeal are successful. 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. Not appealing your property taxes annually is the equivalent of volunteering to pay extra property taxes.
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