Don’t Worry! It’s Not Too Late To Save On Property Taxes This Year!
These days, we’re all looking for ways to save money where we can, so when we miss a deadline, there’s often feelings of disappointment, anger and regret. One such example is missing out on filing a property tax appeal last summer during the normal appeal cycle. But did you know that, thanks to a special provision in the Texas Property Tax Code, you might not have lost out on your chance to save some green this year?
Below, we’ve outlined how you can still protest your commercial property’s appraised value to appeal the amount stated on your property tax bill this year. We hope we answer all your real estate tax questions on late correction tax appeal below through this easy-to-follow guide.
- You can only file a late correction property tax appeal if your property’s value was not contested during the normal appeal cycle (beginning of May through middle of July of this year).
- Make sure you don’t miss the deadline this time around! File your late correction real estate tax appeal on or before January 31, 2018.
- There is no fee for filing a late correction tax appeal! Score!
- Commercial property owners must provide supporting evidence to the Appraisal Review Board (ARB) or the appraiser to validate a late adjustment. The evidence required changes depending on the type of property you own (e.g., land, owner-occupied, incoming-producing, etc.).
- To succeed and be granted a late correction property tax appeal, your property’s assessed value as a result of the appeal must be reduced by at least 25 percent. For example, if a property’s value was originally assessed at $1,000,000, the appraisal district or Appraisal Review Board (ARB) must reduce the value to $750,000 or less.
- Don’t forget to pay the property taxes you currently owe on the full amount or the portion of the property’s taxable value not under dispute prior to February 1, 2018. This is required.
- While there’s no fee for simply filing a late correction real estate tax appeal, municipalities will charge a fee for correcting the appealed value on the tax roll if your appeal is successful. That fee will be equal 10 percent of the adjusted taxes owed. For example, if taxes are adjusted from $40,000 to $30,000, the municipality will charge a $3,000 fee.
As you can see, you can still protest property tax this year – it’s not too late! If you need any other real estate tax advice, don’t hesitate to call us. Our experienced property tax consultants can help answer your real estate tax questions and hopefully help you save money this year.