Are you ready to do something about your property taxes?
We all know death and taxes are certainties in life. Death can be out of our control, but property taxes are something we can take action on. If you are ready to take some action then follow these steps.
Step 1: Why?
Ask yourself, “Why do I think my home’s County Appraisal District (CAD) value is too high.” This is your most important step since you will have to argue the “why” in a logical manner.
Step 2: Gather your evidence:
Your evidence may consist of some or all of several things.
A. Use your closing statement. Did you just purchase the house and was the sales price lower than the CAD market value? A closing statement is fantastic evidence of your home’s value.
B. Do you have an appraisal? Maybe you recently refinanced your home and have a copy of your appraisal. This is an outstanding way to show your home’s value.
C. Do you have deferred maintenance? Is your home exterior in need of paint? Is there rotten wood in your soffit? Is your kitchen a throwback to the 1980s. Deferred maintenance is a great way to show your home’s condition. Take pictures of all of your home’s maintenance issues and outdated kitchens, baths, and appliances. Pictures are excellent ways to show your home is not worth the value the CAD says it is.
D. Do you have a recently sold comparable home? Showing the CAD a home similar to yours at a market value, less than what the CAD has for your home, is a good way to show your home’s true value.
Step 3: Prepare your case:
Now your task is to tell the story of your home’s true value using your evidence. Get your evidence organized and put together in a logical manner. Make sure you make extra copies of your evidence to give to the appraisal district and or appraisal review board.
Step 4: Rehearse:
Rehearse and rehearse again. Be prepared for questions from the CAD representative or the appraisal review board. The more you know your information the more convincing you will be.
Do you have questions? Give Chris a call at 469-389-2217.
Chris Ambrosio is a licensed real estate broker in the great State of Texas, member of the Texas Association of Realtors and a military veteran. He has been practicing and investing in residential real estate for over 22 years. He served as a property tax arbitrator in Texas. Chris is a skilled negotiator who has the Real Estate Negotiation Expert designation as well as the Seller Representative Specialist and the Veteran Relocation Specialist designations.