Yes, it’s that time of year again in Texas – time to receive your property’s assessed value for the 2010 fiscal year.

If you own your property, you should receive your property valuation from your county appraisal district on or around May 1st.   It is quite possible that your assessed value will increase; or maybe not.  News articles are divided on the subject with predictions ranging from a 2% decrease to a 5% increase on average.  This year should be interesting, since the average price of single-family homes sold through the Austin MLS in 2009 was 2% less than in 2008.  Even the median price of homes sold was down 1% from 2008.  Since these are averages, some areas around Austin area fared better, and others worse.   [ but either way, I am SO GLAD that I am here in Austin instead of any other metro area in the U.S.! ]

But back to the topic; if you feel that the assessed value you receive is too high, you have until May 31st to send your protest to the county appraisal district.  As in past years, I am available to help you through the process of filing your protest.   To make the process easier and more understandable, here are a few suggestions:

First, keep in mind that your assessed value is not the same as the market value of your home.  Many people confuse the two terms, and it is likely that these two values on your property are different.  The county does not evaluate comparables or perform a market analysis on every home, which is what I would do in giving you the market value of your property.  The county simply values your property according to the area, and the value may be too high or too low, depending on the size, condition, location and upgrades of your property.

Second, file your protest by May 31st.   Travis County has a protest form.   Fill out the form and send it in before May 31st, then be prepared to wait.  It can take several weeks for the Travis County Appraisal District to schedule your informal hearing – this gives us plenty of time to get your presentation together.

Third, prepare your presentation.   The purpose of the informal hearing (you’ll probably meet with one staff member at their desk) is for you to present evidence and facts to support your position, such as:

- A cover letter and a Market Analysis, which I will provide.   The analysis is going to justify the lowest value to help you challenge your assessment.

- Document your property’s condition.   Do you have foundation issues? Plumbing problems? Anything negative?  Document these and take photos if possible.

- Information about your location.   If your home adjoins a busy street or intersection, print a map to document your location.

- A property recently purchased in the last few months whose price justifies your position, just bring a copy of your HUD Settlement Statement.

Fourth, present your material with these facts in mind:

- The Appraisal District is responsible for setting the assessed value. They have nothing to do with the tax rate. You are not going to the hearing to protest your tax rate or how much you are paying in taxes. You are only appealing the county’s assessed value of your home.
- Be polite and courteous.
- Bring an extra copy of your supporting documentation to leave with them.

I hope this was helpful to you!!

Mary “B” Battaglia, GRI, CRS  (email me for assistance)

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For more information on the process, contact the Travis Central Appraisal District at 512.834.9138 or visit their website.   For information on the Williamson County appraisal and appeal process, call 512.930.3787 or visit their website.   Although this article is mainly focused on assessed values in the Austin, Texas area some of the information may help you outside the area as well.