If you’re a homeowner, or you own commercial property in The Lone Star State, it’s important to understand everything you can regarding property taxes in Texas. It’s not uncommon to believe a variety of property tax misconceptions, particularly if you’re new to paying property taxes, or you’ve only owned property in Texas for a short time.
Here are a few property tax misconceptions that may help you understand your taxes better and know when you may need to consider getting property tax assistance or the help of a property tax attorney. The first step to understanding your rights as a taxpayer is understanding the common misconceptions about property taxes.
Misconception No. 1: Your property taxes are set according to property value
Your property taxes aren’t based on the value of your home; they’re based on the market value of your house minus any existing exemptions. This number is then multiplied by the tax rate to get your property tax amount. Changes that may impact your overall tax amount include changes to the market value of your house, as well as the tax rate set by the local taxing unit.
Misconception No. 2: You can protest having to pay property taxes
You can disagree with having to pay property taxes, but this disagreement doesn’t absolve you of having to pay them to the local taxing unit. The facet of property taxes that you may dispute is the appraised value of your property, which may change the amount of taxes you must pay. Disputing the appraised value of your home requires submitting paperwork.
Misconception No. 3: Filing a protest means you don’t have to pay taxes
While you may submit a protest and may have a pending case with the local taxing unit, that doesn’t mean you’re absolved of your tax liability. According to the Travis Central Appraisal District:
“The lesser of the amount of taxes due on the portion of the taxable value not in dispute or the amount of taxes due on the property before the delinquency date must be paid.”
Misconception No. 4: Property valuation may be changed at any time
A property owner must file a protest on time in order to be granted a value change. On July 25th, property values are certified to the taxing units, which reduces the options a property owner has to obtain a value change. Likewise, there are deadlines when protests can and cannot be filed. Normally, the deadline is before May 31st each year or 30 days after a property owner has received a notice of appraised value.
Misconception No. 5: You can get legal advice from your appraisal district
If you wish to understand your legal rights under the law regarding property taxes, appeals, and other available remedies, you must seek out a property tax attorney. While conducting independent research on Texas property taxes is a valuable endeavor, you may benefit from greater clarity granted by a property tax consultant or property tax attorney.
Do You Have Property Tax Questions?
Do you have questions about your Texas property taxes? Rely on the experience and knowledge of the professional property tax consultants at Hegwood Group. If you believe you may need to file a property tax appeal, it’s essential that you speak with a tax professional before you submit any paperwork or decide to seek out a legal remedy.
