Protesting your taxes. Just the thought brings so much dread to homeowners, mostly because, we just DONT KNOW HOW! Well, not to worry, today, we’re going to break it down really simple for you. The last week you likely got your assessment in the mail. This is when the county sends you an estimate of what they think your home is worth. It is a tax appraisal, which is similar to, but different from a home value appraisal.
In a tax appraisal, they never enter your property, they just go off of a system that tells them about what your home should/could maybe be worth, however, they want that number to be as high as possible, because the higher that number the higher amount of taxes you pay, makes sense right? So all that to say…. if you are thinking, “this number seems excessive”, then continue on.
Lets begin by talking to those who just purchased a home within the last year. Contesting YOUR taxes right now… IS SIMPLE. Most likely you purchased your home for LESS than what the county is appraising it at, meaning that you can simply take them a copy of your closing statement ( a HUD), and they will lower your taxes to that number. EASY PEASY. you just have to fill out that protest form they sent along with the assessment, and attach the closing disclosure to it. They will make you come in and meet with someone, but it is much more simple than you may would realize, and with COVID restrictions, they did not even require this last part, so even simpler!
Now, if you purchased your home MORE than a year ago, it is a little bit more difficult but that is why you have us to help! ;) If you purchased your home more than a year ago, you also will need to fill out the form they give you to dispute it, but you will also need evidence to back up what you think your home is actually worth and why, which is where we come in. You need to ask your agent to run some “comps” or find some great comparable homes to yours within about a 1/4th mile radius that have closed in the last 6 months to help you find a reasonable value for your property.
It may seem like a lot… we get that, but it really isn’t! Let us help you do the hard work! Reach out and ask us for some comps, or ask us for your closing disclosure if you cannot find it! The county can only raise your taxes about 10% each year, and they will certainly try to! You aren’t guaranteed for that number to be reduced, but you miss 100% of the shots you don’t take! This year in 2022, they are giving you until May 15th to protest, so you have plenty of time to tackle this! We did make (a few) videos for your guys on this, you can go to our YouTube Link below, or you can also head over to our Wright Realty & Design Instagram page and we have highlighted those stories for you as well!
https://lubbockcad.org/Protest-Information
https://youtu.be/J8P1s73m5YQ
