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Apr 26

Written by: egblogger
4/26/2016 8:47 AM  RssIcon

Most homeowners in Texas have recently received or will soon receive their 2016 Notice of Appraised Value, and many of those live in areas that have experienced rapid appreciation in the past two years.  Because a residence with a homestead exemption can only increase 10% per year, many owners will have a market value that is significantly higher than 2015, but an appraised value that is only 10% higher.  In this situation, will it benefit the homeowner to protest?  Here are a few reasons to still consider it:

1. Depending on the situation, the capped value may still be too high. 

2. Appraisal districts usually revalue houses every two or three years, so even though you may be capped this year, the 10% increase may take you all the way to market value in 2017 or 2018.  It is usually most productive to seek a reduction during the year in which the value was increased.  

3. According to the Texas Tax Code, every year should be considered on its own, but appraisers and Appraisal Review Board members often ask why a property value was not protested for the prior year if the value did not change.  There are many valid answers to this question, but the fact that it arises so often shows that a failure to protest is sometimes viewed as tacit agreement with a valuation.  Regardless of whether it will save you tax money this year, it is usually prudent to protest the market value if it is not supported by either the market data or the facts about your particular home (or both).

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