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Friday, July 1, 2022

Got that little blue paper in the mail from TAD? Don?t panic ? yet

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First, it is not a bill ?

It is just a notification of your home?s appraisal by the Tarrant County Appraisal District (TAD). Funny you say, I don?t remember anyone coming out to appraise my house? They didn?t, they just ?crunch the numbers? and voil? your house has been appraised. {{more: continue …}}
There is some validity to the numbers, it is a combination of age of the house, reported upgrades to the structure, condition of similar homes in your neighborhood and the reported sale tags of homes in your neighborhood all mixed with the overall market of the area.?
Good news … bad news
The average home in Tarrant Count according to TAD increase in value 8 to 10% which means there were higher numbers for some homes and neighborhoods and lower for others. But overall valuations continue to rise because North Texas remains one of the hottest markets in the USA.
Basic economics – the demand exceeds the supply and prices go up. This applies to apartments as well as homes.
This is good news for those who look at their house as an investment to be cashed out at some later date. It is good news for those who want to sell now. Many homes are not on the market much longer than two months if not significantly less. It is a seller?s market.
But the bad news is that to realize a true return off the sale of a home home and buying? another, a homeowners would have buy find a market where the houses are selling for less or downsize from their current home.
And, then there are the property taxes – nothing as certain as death and taxes as they say.
As it was said earlier this is not a bill. This is a just a notice that also helps taxing entities i.e. city, county, school to determine their new tax rates for the year. You can make a somewhat accurate projection that your taxes will rise or fall in the same corresponding rate as your valuation did.
to lower valuation try filing a protest …

Nothing is set in stone, yet. You can file a protest in hopes of lowering your tax bill. Last year more than 137,000 protests were filed and most were successful. The deadline this year to file the protest is May 15. More about the deadline from TAD

things to remember in filing protest …?
  • The form to file a protest was included or will be with the TAD notice. Fill it out and make sure to file with a postmark no later than May 15. or,
  • file protest line at TAD, or
  • use the TAD automated system which may offer a lower value or approve one that the filer proposes.
  • To get a lower valuation base the protest on the condition of the property and do the research of sales of comparable sales in your area;
  • use time-stamped photos that show issues with the property such as the foundation, roof or major plumbing/electrical systems;
  • include a cost estimate of repairs for this major items; and,
  • remember showing worn, tattered carpet or peeling paint or a yard in need of landscaping is considered cosmetic items that will not affect your appraisal protest.

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