Once the value of every property in the county has been assessed, the county must notify you if your home’s appraised value has increased from the previous year. To do this, the county will send you a Notice of Residential Appraised Value (see example), usually in April or May. In short, this is what the county thinks your house is worth. The notice will also show any exemption(s) you have been granted (see Tax Exemptions <jump to H4>) as well as your estimated tax bill.
Once your receive your notice, you have 30 days to protest the assessment. Therefore, it is very important that you read the notice when you receive it and understand the impact it could have on your tax bill. When reviewing your notice, ask yourself:
- Has the county correctly valued my home?
- Is the assessed value the county assigned to my home in line with what they assigned to similar homes in my neighborhood?
- Have I filed for every exemption for which I am eligible?
- If my property tax bill is going up, have I adjusted my budget or my mortgage escrow account to account for the increase?
If you feel unsure about your appraisal and live in the North Texas area, East Plano Homes can provide you with market information and sales data to help you better understand your notice. Contact East Plano Homes