As a property owner in the Dallas/Ft. Worth Metro area of Texas, you may find yourself facing high property tax increases. Fortunately, there are ways to contest your property taxes and potentially reduce the amount you owe.
At Dwellinc, our Realtors® are committed to providing our current and future clients value by helping with this process, or completely doing it for you! However, if you’d like to take on the tax man by yourself, here are some steps you can take to contest your property taxes in the Dallas/Ft. Worth Metro area:
Understand the Property Tax System in the Dallas/Ft. Worth Metro Area
Before you contest your property taxes, it’s important to understand how the property tax system works. Property taxes are based on the value of your property as assessed by the Dallas Central Appraisal District (DCAD). The DCAD assesses the value of your property every year using a combination of factors, including recent sales of similar properties in your area, improvements made to your property, and the condition of your property.
Review Your Property Value Assessment
The first step in contesting your property taxes is to review your property value assessment. You can find this assessment on the DCAD website or by contacting the DCAD directly. Look for errors or inconsistencies in the assessment, such as incorrect square footage or an incorrect property description.
If you find errors or inconsistencies, you can file a protest with the DCAD. The deadline to file a protest is typically May 15th, but this may vary depending on the year.
If you decide to protest your property value assessment, you’ll need to gather evidence to support your case. This can include recent sales of similar properties in your area, photographs of your property showing any damage or necessary repairs, and any documentation of improvements you’ve made to your property.
You can also hire a professional appraiser to provide an independent assessment of the value of your property. Keep in mind that hiring an appraiser can be expensive, so make sure the potential savings are worth the investment. But the good news is that your Dwellinc Realtor® can run you a free comparative market analysis to use as your evidence to contest your taxes!
Possibly Attend a Formal Hearing
Once you’ve filed your protest and gathered your evidence, you’ll possibly need to attend a formal hearing with the DCAD after the issue a preemptive ruling. The preemptive ruling can either go for lowering your taxes, or against the contest leaving them the same. If you’re OK with the preemptive results of contesting your taxes, you probably won’t have to attend the hearing.
However, if you’re not satisfied, the hearing will take place between May 15th and July 20th, and you’ll have the opportunity to present your evidence to the DCAD and make your case for a lower property value assessment.
If the DCAD agrees with your protest, they’ll adjust the value of your property accordingly, which will result in lower property taxes. If the DCAD denies your protest, you can still pursue further options, such as filing a lawsuit or seeking mediation.
To sum it up, contesting property taxes in the Dallas/Ft. Worth Metro area of Texas is not as complex and time-consuming as it’s made out to be, and the savings can be $1,000s of dollars. By understanding the property tax system, reviewing your property value assessment, gathering evidence, and submitting that evidence on DCAD, you can potentially save thousands.
If you need assistance with contesting your property taxes in Dallas, Texas, don’t hesitate to contact your Dwellinc Realtor® to help you!