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As a Realtor, I am often asked this question: “How can I lower my property taxes in North Texas?” Since we don’t have a state income tax, property taxes play a huge role in funding our schools and roads. However, it’s crucial not to pay more than your fair share. Let’s dive into the three essential things you should know about your property taxes.
1. Ensure you have the right exemptions. If your home is your primary residence, make sure you’ve applied for the right exemptions. The homestead exemption lowers the taxable value of your home and reduces your tax bill, but since 2023, you must reapply every five years. Most counties will mail a reminder, but verify with your appraisal district.
Beyond the homestead exemption, additional exemptions might apply to you. For example:
• If you’re a disabled veteran or qualify as disabled, ensure you take advantage of those exemptions.
• Once you turn 65, you’re eligible for an exemption that freezes your property taxes at a certain level for most taxing entities. This is huge because it keeps your tax bill from increasing as property values rise.
2. File to protest your taxes. I always tell my clients to protest their property taxes every single year. Even if you don’t win every time, consistently filing protests can help slow down tax increases, leading to significant savings in the long run.
To file a protest, you’ll want to check your county appraisal district website for deadlines. Most deadlines fall between May 15 and May 30. You can submit your protest in several ways:
• Online: Many counties offer online submission forms. It’s quick, easy, and often results in an email response with their counteroffer.
• Mail: You can send in your protest and documentation via postal mail.
• In-person: You can visit your county tax assessor’s office and file your protest in person.
3. What to include in your protest. Now that you know when and how to file your protest, let’s talk about what to include to strengthen your case. There are three main strategies you can use:
• Highlight your property’s condition: Look closely at your home and assess whether it’s really in as great of shape as the county claims. If you’ve got issues like a leaky roof, outdated appliances, or cosmetic damage, document them. Take some photos, as these can help prove to the county that your home might not be worth what they’re saying it is.
• Use comparable sales. Another great way to challenge your property taxes is by comparing your home to similar ones in your neighborhood. You can reach out to a local Realtor, like me, to get recent sales data for homes like yours. If the data shows that similar homes sold for less than what your home is assessed at, you’ll have a solid case to lower your tax bill.
• Compare your neighbors’ tax records. Take a look at what your neighbors are paying in property taxes. If their homes are just like yours but getting taxed at lower values, that’s solid proof that your assessment could be too high. Say you checked and found five similar houses on your street, all paying less; that’s your ticket to arguing for a lower tax bill.
If you have any questions about protesting your property taxes, feel free to contact me at (214) 267-9222 or SeychelleSells@vanpoole.com. I’m here to help you with this process and ensure you’re not overpaying.
