If you lately got jolted when you opened your Plano property tax assessment notice, you’re not alone. It is not exceptional for property owners to see considerable increases in their property tax bills since home value increases, boundary shifts, and other changes. The wonderful news is there are things you can do relating to an unfair property assessment increase. If the increase is notable, this may give you a valid reason for objecting to it, primarily if it seems out of line with other properties in your area.
Although objecting to a property assessment increase may seem frightening, it’s more prevalent than you suppose. Around 20% to 40% of property owners can successfully lower their property tax bills by objecting to their property assessment, saving a lot of money in the process. In the ensuing paragraphs, we’ll discuss how to object to a property assessment increase and seemingly lessen your property tax bill for the future year.
Step 1: Gather Evidence
If you assume your tax assessment has increased by mistake, your preliminary step will be to contact your tax assessor and have them explain how they determined your property’s value. The increase may be caused by something as easy as an assessor inputting the incorrect square footage or the wrong number of bedrooms for your property. If the cause for the increase isn’t promptly clear, you will need to perform some additional probing. It would help if you tried to find a few comparable properties that just now sold in your location. If they sold for a lot less than your property assessment, that would be solid grounds for your objection. Be sure to check your local laws and regulations.
Step 2: Look Up the Appeals Process
Objecting to a property assessment may look somewhat different from county to county. Thus, you’ll need to remember to look up the appeals procedure for your location. You can see this information on the county website or the tax assessor’s website. You may be able to download the forms needed to file an appeal from their sites. Pay particular attention to dates or timeframes. You will need to file an appeal within 90 days in various places, conceding that number can be as low as 30 days in other counties. Additionally, particular locations accept appeals within a very exact window of time. To make certain you are using your time efficiently and to increase your chances of success, be sure to follow the procedure exactly as it is written.
Step 3: File and Argue Your Case
When you have the documents prepared and have included your evidence, it’s time to file your appeal with the county. Again, ensure to follow the process as outlined on the county or tax assessor’s website. You may want to pay a small filing fee; ensure to do so by way of using an approved method. You should then be given a notification in the event that a hearing on your appeal has been scheduled. Make it a point to attend the hearing, or if you can’t go in person, have a representative go in your place. Your appeal won’t be considered if you don’t show up for the hearing. Carry with you any required documents and copies; you’ll have your moment to argue your case and, if victorious, have your property assessment adjusted to more accurately reflect the current value.
Objecting to your property assessment increase can help rental property owners keep their expenses under control. But actually, it does take time, and there are many steps involved that you need to know and follow to the letter to increase your chances of success. If you’d desire to have Plano property management professionals by your side to uphold and help you maximize your rental income, call Real Property Management One Source. We offer various valuable services to rental property owners like you that can help you keep your costs down and the rental income freely flowing in. Contact us online or call 214-960-1612 today!
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