How to Protest Your 2024 Property Taxes
It is that time of the year again! You should be receiving your 2024 Property Tax Notification in the mail. If you haven’t received it yet, you will soon.
If you own a property, it’s important to understand how property taxes work and how they are calculated. It’s not always that easy, though, and it can be complicated, especially for first time homeowners.
For those who are confused about their property taxes, here is some helpful information:
If you feel that your property value is too high or that your property is being taxed unfairly, you have the right to protest them!
HOW DO I PROTEST?
It is important to protest your property value because if the assessed value of your property is too high, you may be paying more in property taxes than you should be. By protesting, you can potentially lower the assessed value of your property and reduce your property tax bill. Here are a few ways:
- Gather your evidence and file the protest yourself. We can also explain and help point you in the right direction to protest! Here are some evidence that the appraisal district will accept:
- Professional repair estimate
- Photos of damage
- Professional appraisal
- Refinance appraisal
- Closing documents
- We have worked with different companies that can protest your taxes for you at no upfront cost. If they are able to reduce your taxes, they take a small percentage of the saved amount.
| Deadline for most counties is May 15, 2024 or 30 days from the date of your 2024 Appraised Value Notice. |
Keep in mind that protesting your property taxes can be a difficult and time-consuming process but we highly encourage you to protest yearly. It’s important to do your research, gather ample evidence, and follow the procedures carefully. With the right preparation and effort, you could be able to reduce your property taxes and ultimately save money.
HOW MUCH DO I PAY?
A tax rate will be determined by your local tax assessor for the area in which you own your property. This rate is then multiplied by the value of your home, and voilà, that’s the amount you owe in property taxes for the year. Here’s a sample computation:
However, keep in mind that your property taxes may be subject to other charges. For more information, we highly recommend to check with the county tax assessor in your area. Rates and fees are subject to vary and may have an impact on your taxes.
HOW DO I PAY FOR THEM?
There are two different ways that you can pay your property taxes. Let’s break them down:
| ESCROW ACCOUNT | PAY DIRECTLY TO YOUR COUNTY TAX COLLECTOR |
|---|---|
| If you still have a mortgage, you most likely have an escrow account. Every month, your lender collects the required insurance and tax payments from you – these are like your mortgage payment, but they are not the same! The money that goes into your escrow account is used to pay your taxes and insurance when they are due every year. In simpler terms, your escrow account serves as a savings account that holds money all year long to ensure that you have enough cash on hand to pay your taxes at the end of the tax year. | If you have finished paying off your mortgage, or you never had a mortgage, your process is a little different. You are still responsible for paying your taxes. However, you are now responsible for paying to your county tax collector directly. As you are not setting money aside every month in an escrow account to pay for these taxes, make sure you have enough cash on hand to cover your property taxes at the end of the year. You have several payment options, including online, in person, mail, and automatic payments through your bank or credit union. |
Remember: Check your local tax rate before estimating how much your property taxes are for the previous year. Rates and fees are subject to change.