POSTED: Thursday, April 14, 2011 - 6:05pm
UPDATED: Friday, April 15, 2011 - 12:39pm
It’s that time of year. Property appraisals have gone out and homeowners now know the value they’ll pay taxes on.
But what if your value is way off?
The answer is…you challenge it.
In the last couple of weeks, everyone in Smith County has had the same experience.
In the mailbox is your 2011 property appraisal.
In my case, since I have land and a house, I get a couple of them.
And inside, the county Appraisal District’s best estimate of what the whole shebang is worth.
In my case, back in 2010, they decided my land had lost value and my house had gained.
And like most people, that was fine Since we want a lowball figure because it custs down on taxes.
But what if you’re unhappy with the appraisal? Well, there’s a mechanism for that.
And we visited the Smith County Chief Appraiser Michael Barnett to get details.
“We go through what we call an informal review,” he said. “We’re going to share with the property owner the basis for our assignment of value. If we’re not able to resolve the issue, the property owner has the right to file a formal protest with the appraisal review board. Now that deadline for filing a formal protest is may 31st.”
And halleleluja , now you can begin the whole thing online.
”This year, for all those property owners that have a home or homestead on their notice, there’s information about filing electronically,” Barnet told us.
Barnett says, get your ducks in a row…
“But we need to actually come back and look at what properties similar to a subject property are selling for,” he warned.
Barnett told me we have about a 13 month inventory of homes, which considering the economy, isn’t bad.
But he says sellers better be ready to make concessions, because it is a buyer’s market.