Word on the streets from the Property Tax Consultants is that they consider the hearing outcomes thus far, to be about “par” in relation to what they have seen over the last couple of years. HCAD announced at their annual meeting this year, that they felt that values had been reduced fairly and that they weren’t looking to be reducing them any further, without some very convincing evidence!!! Hmmm – I wonder what they consider the evidence that Homeowners provide them with that clearly shows that they are not being taxed “equally” to comparable properties, located within their immediate neighborhood codes – bunk, baloney, hooey?
It is my understanding, that the first Texas Constitution in 1845 provided for uniformity and equality in taxation, as have the numerous constitutions adopted since then. The Texas Constitution in Article VIII, Section 1, currently provides that “taxation shall be equal and uniform”.
So if you can’t get the representatives at your local CADs to lower your value, because your evidence is based solely on uniform and equal discrepancy, when compared with comparable adjusted properties that are located within your neighborhood code – then you can request Binding Arbitration. You must submit the application and follow the instructions found at: http://bit.ly/LoKKlr
The cost: expedited binding arbitration is $250.00; full blown arbitration is $500.00.
Just remember to keep it all in check. The tax rates vary from one area to the next, but for quick math, if you reduce your appraised value by $5K, you are reducing your tax burden by approximately $125.00 per year. So be sure to not spend more on fighting your appraised value than what you will actually save in your pocket!
Keep in mind; your Notice of Value provides two values: Market Value and Appraised Value. Your taxes are based on the Appraised Value. Lowering your Market Value will not actually equate to savings in your pocket the year of the reduction, but it does allow for a lower base from which the CADs can raise a homesteaded property value from annually, (10%) cap. Keyword: homesteaded; this cap does NOT apply to investment properties.
As Homeowners, it is our money and we have a right to keep it!!!