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Property Tax Appraisal Review

It’s that time again, the counties are getting ready to send out this year’s assessed property values.

It’s a good time to review the information that the county appraisal district has on file, and make sure everything is correct and exemptions are up to date.

Property tax is “ad valorem” which means “based upon value.”  The appraisal districts will send out their updated assessed property values by the end of April.  Local governments typically use this type of real estate taxes to fund water and sewer improvements, schools, trash collection, road construction, provide law enforcement and fire service, public facility maintenance, and other services that benefit the local community-at-large.

Is there anything I can do to lessen my tax burden?
Yes! There are several types of exemptions you may receive, such as homestead, age 65 or older, disabled veterans, etc…  Check your appraisal district for exemption applications and if it’s your primary residence, don’t forget to file your homestead exemption no later than April 30th!

Even if your lake house doesn’t qualify for an exemption because it is a second home or investment property, it is still a good idea to check the county appraisal site for accuracy on square footage and lake frontage. We found a few mistakes this year already.

In short, when the market value of a property changes, so may its appraised value.  Specifically, all this recent rapid appreciation in our lake market may cause rapid increase in property taxes, so make sure the county has your property records accurate and exemption filed to reduce your tax burden.