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Property Tax Legislation

1,402 Views | 12 Replies | Last: 3 yr ago by riverrataggie
Wheatables02
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AG
Can someone confirm if appraisal increases were capped last year by the State? I keep seeing articles saying that it was maxed out at 3.5 percent but no one can confirm this....

Ours were raised by 4.6588 percent and I am trying to figure out where I fight...
drewser95
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AG
My understanding was that it caps the overall revenue increase at 3.5% over the previous year, but not individual properties. I haven't really been following it all that closely though.

https://www.texastribune.org/2019/06/12/abbott-signs-property-tax-bill-sb2/
tarrantcountyag
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AG
We're going to get hosed
Bachelor99
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AG
tarrantcountyag said:

We're going to get hose
even with Covid sticking around? are we not going to get any relief??
Wheatables02
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AG
Bachelor99 said:

tarrantcountyag said:

We're going to get hose
even with Covid sticking around? are we not going to get any relief??
relief will come for this in 2021. This is the assessment as of 01/01/20
hph6203
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AG
You already received your 2020 assessment?
Trucker 96
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They should be revisiting the valuations. Would be an easy process to chop everything x%.
The Collective
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AG
Sales tax rev is down, don't expect that cities or counties will be looking to relieve prop tax at all.
jsdaltxag
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The 3.5% cap applies to the amount of revenue the tax jurisdiction can collect without putting it on the ballot. Has nothing to do with the value on each property. Value could double on an individual property.

In theory if the values increased across the board by more than 3.5% they would have to lower the rate.

Wheatables02
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AG
Yes Denton County
flown-the-coop
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AG
We got our Denton County yesterday.

I really do not see any relief in 2021. Certain areas of Houston may see a decline and certain segments of the market may, but I would not expect the median home price in DFW to change much.

And as pointed out, the decline in sales tax is going to make the locals highly unwilling to give a COVID break. Commercial properties may see some significant decrease though.
OKC~Ag
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any experience in using an agent to represent you in filing tax appraisal assessment protests to reduce your taxes?

any success? any recommendation?

I have been partially successful every year knocking down appraisal $60K-off from original appraisal every year but Denton county keeps escalating every year.

I showed the board comparable but they don't bring down my house's fair market value to comparable either. So, I don't understand why my property stand in a vacuum in estimating FMV appraisal.

YouBet
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AG
OKC~Ag said:

any experience in using an agent to represent you in filing tax appraisal assessment protests to reduce your taxes?

any success? any recommendation?

I have been partially successful every year knocking down appraisal $60K-off from original appraisal every year but Denton county keeps escalating every year.

I showed the board comparable but they don't bring down my house's fair market value to comparable either. So, I don't understand why my property stand in a vacuum in estimating FMV appraisal.




My boss has used one of these firms forever and swears by it. Just seems like a sham to me but I don't know.

Basically, if the firm gets the tax down they simply keep a cut of the decrease is how I believe he described it.
riverrataggie
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AG
I use a firm. They save me thousands each year.
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