Challenging property values Or Homeowners can protest values

by | May 21, 2015 | Uncategorized

By Joe Reavis

Staff Writer

[email protected]

 

Property owners throughout Collin County who disagree with values calculated by Collin Central Appraisal District can formally protest valuations by filing a Notice of Protest by June 1.

Valuations rose 10.79 percent in the county this year, to $93 billion, appraisal estimates released by the CAD last month showed. That includes some $2.7 billion in new construction added to tax rolls.

The appraisal district calculates values for cities, school districts, Collin College and municipal utility districts. Those values are used by governmental entities to set tax rates to fund their operations.

As happens many years, property owners question the assigned values and wonder through what process the numbers are derived. Home values, for example, are calculated using values of the sales of comparable homes in the area but also can be affected by supply and demand.

“With a shortage on available properties and so many coming to the area, market values are steadily rising,” property appraiser Diane Difilippo said. “The problem we are seeing is with homes involved in multiple offer situations.”

“In bidding wars, buyers are going significantly above the asking price,” she said. “The problem is the numbers still have to support that.”

The main reasons to protest tax values with the CAD are concerns about the market or appraised value of a property, unequal appraisal of property, inclusion of property on the appraisal roll, exemptions that may apply, qualification for agricultural or timber use, taxable status, which entities can assess taxes, ownership questions, change in land use and any action by the CAD that applies to and adversely affects property.

Short of a formal protest, property owners often can work out differences through an informal review with appraisal district staff. The property owner and CAD staff review information and try to reach a mutual agreement without a hearing.

A Notice of Protest can be filed if no agreement is reached in an informal review. It is held before an Appraisal Review Board that hears evidence from the appraisal district and from the property owner. Notice of Protest forms are available at the Collin CAD.

An ARB ruling can then be appealed to a state district court if a property owner is not satisfied with the outcome.

Because of an expected high volume of tax inquiries, the appraisal district is observing extended hours of 8 a.m. to 7 p.m. May 21 and 28.

The Collin CAD office is located at 250 Eldorado Parkway in McKinney.

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