One of the best ways you can save money and increase ROI as a real estate investor in Fort Worth is to try and lower your property taxes. In Tarrant County, homeowners can appeal to the Tarrant Appraisal District (TAD) office to have the appraisal value of their property reduced, thus taking down the tax bill.
Today, we’re taking you through the process in five stress-free steps.
Step 1: Visit the TAD Website
Your first step is to visit www.tad.org. On this website, you’ll want to register for eAccess, which allows you to use the online portal to review any comparable sales in your neighborhood. This is what the tax office uses to appraise your property and establish a market value. Exploring this data will give you a clear idea about whether or not you stand a chance at getting your taxes reduced.
Step 2: Calculate Your Property’s Valuation
To get the number you want to use in the appraisal of your home, you’ll need to know what your property is worth per square foot. Once you have that dollar figure using the calculators online, you’ll be able to run a complete valuation of your property. You might find the number you arrive at is lower than what TAD has your property appraised at currently.
Step 3: Dialogue with the Customer Service Center
Once you have the amount of your estimated property value, you’ll want to click on the option that says “Discuss Your Values.” Here, you’ll be able to communicate with officials in the tax office who are authorized to lower your property value and your tax exposure. Provide the number you arrived at and other details about your property that back up what you’re claiming.
This online system is automated, so you’ll likely get a response within minutes. You might have your protest denied, or it might be accepted. The most common outcome is a counter offer. You’ll be able to decide immediately if you want to accept it.
Step 4: File a Protest if Necessary
This automated tool will never raise your property value. However, if you’re displeased with the denial or the counter offer, your next step is to click on the “File a Protest” button. You’ll be taken through a process that isn’t automated, which means there won’t necessarily be an immediate resolution. The page you’re taken to will ask you to submit an opinion of value. This will trigger the Appraisal Review Board process. You’ll need to meet with the Board and present the evidence you have that may ultimately reduce your property value.
Step 5: Move Appraisal Review Process
With TAD offices closed to the general public due to the COVID pandemic, many hearings are taking place over the phone. However, you may have an in-person hearing as well, depending on how things look and the number of cases that are brought before the Board.
Pro Tip: Hire a Professional Fort Worth Property Management Company
This can be a frustrating and difficult process if your home’s value has increased tremendously and you’re fighting to keep your taxes down. Over 105,000 cases were heard this past year.
If you want to increase your chances of having your protest heard and your property tax rate lowered, work with an experienced property management company that knows this process. Your property manager can make some great recommendations on how to navigate this process.
In 2021, you’ll have until June 1 to file an appeal. We’re here to help. Contact us at Trend Property & Management if you believe you’d like to protest the property taxes you’ll be assessed. We can help.