Wednesday, April 30, 2008

Tax Valuation Reports

Now is the time of year when our Texas clients should be receiving your proposed tax valuations for your January tax bill. Look for this in the mail. If you do not receive this then you should check with the county appraisal district to see if your mailing address is correct. I have included links to most of the Dallas area appraisal districts on the right hand side of this blog page. I will add our Austin counties soon. We see situations where the address of the owner is the actual property instead of the address where you receive your mail - it is very important that you resolve this issue! If your address on the tax roles is incorrect you need to contact the tax office and make the change.

Your appraisal is supposed to map to the retail market price of the home. If your home is overvalued you may want to take steps to contest your home valuation in order to reduce your tax burden. Last year we outsourced this to a company called NTPTS and they had success in reducing the taxes on 50% of the homes they reviewed. If you want have this review done for your home this year please contact Holland Brown of NTPTS at Holland@ntpts.com and request your property be reviewed. This year there is a flat fee of $150.00 for this service and this fee will be paid directly from your trust acount. Please make sure you tell Holland you are a Prime Properties client.

The average benefit gained last year was $189.00 for those clients where an adjustment was made. This may not seem significant, but it should get you at least two years at the lower rate.

If you purchased the home after January 1, 2007 and the price paid on your HUD-1 shows a lower price than what is on the tax valuation you should definitely seek a reduction.

There is a deadline. If you want to contest your taxes the tax board must be notified no later than May 31, 2008. You can file the intent to protest yourself or you can have NTPTS do this for you.

I hope this helps, let me know if you have any questions about this process.

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