If you think your property taxes are too high, there are ways you can lower them.
How can you appeal your home’s property taxes if you think they’re too high?
First, let’s review what property taxes are. When most people make their monthly mortgage payment, they escrow in their property taxes and homeowners insurance payments. Their mortgage company then pays each yearly bill once it’s due. Your payment is set unless either of these costs rise.
You’ll know what your property taxes are once you get your yearly statement in the mail from the county appraisal district stating how much they believe your home is worth—your property taxes are based on that figure. What you paid for your home is not public information, though, so when the county appraises your home to determine what your property taxes are, they do so based on ambiguous information.
“You’ll know what your property taxes are once you get your yearly statement in the mail from the county appraisal district stating how much they believe your home is worth.”
The first way you can appeal them is by finding out the comparable sales of similar homes in your area (much like what your agent did when you made an offer on the home as a buyer) and presenting them to the county. Those sales might make them think your home is worth less than what the appraiser says. Prices are rising in our market, though, so this might not be the best idea.
Your other option is to appeal based on your home’s condition. If it’s endured some wood rot or a faucet has started to leak over the past year, you can document these kinds of things, show them to the appraiser, and perhaps convince them that the home’s condition doesn’t warrant its appraisal.
If you have any more questions about property taxes or how to appeal them, feel free to give me a call or send me an email. I’d love to help you.