How To Protest Your Travis Country Tax Appraisal
This is the time of year for taxes. Filing taxes, worrying about taxes, and perhaps most importantly to Austin residents - receiving your property valuation by the Travis County Appraisal District (most should be received on May 1st). It shouldn't come as a surprise that many will find their valuation to have increased over last year - the average rose from about $282K to around $295K from 2008 to 2009, and this year promises more than the same.
According to a recent article, Travis County has experienced another 5% increase in the value of Austin homes and Austin condos over the 2009 levels. Translation? The county will be asking for more tax money from homeowners yet again. Good news is, you don't have to take this bad news lying down: you have until May 31st to protest your new tax appraisal! Want the magic formula? Read on.
The Process
First off, a clarification: the tax-assessed value of your home is what the tax appraisal office believes your Austin home or Austin condo is worth, NOT the actual market value of your home. In almost all cases in the city of Austin, owner's tax appraisal amount is lower (sometimes significantly lower) than the actual market value of their property.
Since Travis County Appraisal District (TCAD) doesn't perform actual market comparable or evaluations on all properties, their number is based on more general data such as it's location and general characteristics. If you're one of the lucky ones who's appraisal comes back below the actual value of your home, then good news - less taxes to pay! But if comes back higher than you feel the condition, features, size, and location of your property warrants, then you can protest (unless of course, you like paying higher taxes?).
The process consists of a few simple steps:
File your protest form - you can either hand write or type up this document and fax or mail it to the address on the form. Make sure you include the property address, clearly identify yourself as the homeowner, and indicate that you're not willing to accept the decision made by the appraisal district for your home or condo.
Wait to be contact by TCAD, and then they'll schedule a informal hearing in which you can present your case for why you feel that the property was over-valued. Don't hold your breathe, it can take a couple months for this.
Get prepared. You'll want to have the following evidence to make a strong case:CMA (comparable market analysis), documentation of your home's condition (foundation or plumbing issues, etc. - bring photos or bids if you have them), and anything else that you feel will affect the value of your home. Some homeowners have even brought in maps (such as a printout from Google Maps) to prove that their property is in a bad location, such as on a very busy intersection. And lastly, bring a copy of your HUD statement if you recently bought your house or condo, and the purchase price of your home was lower than your appraised value.
Go to the meeting, and every so kindly state your case. Remember: you're only protesting your tax appraisal, not the tax rate or how your tax dollars are being used. Be polite and courteous, bring copies of all your supporting documents so that you can just leave them with the county, and make sure you're clear and concise about why you feel your home was overvalued. You don't need to hire an attorney, you just need to think like one. Go for it, this is your Law and Order moment!
You can contact TCAD directly using their website or call them up at 512.834.9138. If you're looking for a CMA (comparable market analysis), contact a reputable Austin real estate brokerage such as Red Home Realty.
by: Gus Rojo
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