I Received My 2016 Notice of Proposed Value. Now What?

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Spring has sprung! And you know what that means – tax season! You’ve likely received (or will receive soon) your 2016 Notice of Proposed Value for your commercial real estate property, but now what are you supposed to do? We know dealing with property taxes might not be your favorite free-time activity, but procrastinating the evaluation of your property can cost you big time. We’ve compiled the following real estate tax guide that details a step-by-step process on how to protest property taxes in Texas. Use our guide to plan out your next steps.

  1. Analyze your assessment. Make sure you take the time to closely review your property’s evaluation as shown on your notice.
  1. Verify your property’s information. The appraisal district’s website is a valuable resource you can use to ensure your property’s records are correct. Such information includes the land and building square footage, year of construction, building classifications, etc.
  1. File a written appeal. After doing your homework, if you do not agree with the appraisal district’s calculation, your next step will be to file a written real estate tax appeal by the protest deadline. This deadline is typically 30 days from the date listed on the notice, or May 31, whichever date is later.
  1. Compile your case. Before presenting your case to the appraisal district, ensure you know how your commercial real estate property compares with other similar properties on the tax roll. This means you’ll need to research and gather sales and comparables to show that your property is assessed at a higher value than other similar properties. More specifically, if you own an income-producing property, such as an apartment community, retail center, warehouse or office building, you will need to provide your building’s financials to the appraisal district, so ensure you have this information on hand.

If you’re already exhausted by the thought of going through this process this spring, experienced property tax consultants can wipe this to-do off your list and take the matter into their own hands by researching and handling your property tax appeal for you. Many property tax consulting firms work on a performance fee arrangement – no tax savings, no fee – so what’s to lose, except dollars off your tax bill? You have more upside than downside by closely analyzing your property’s evaluation so we strongly recommend you doing so this season.

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