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Why Your Property Value Is Different From Your Home’s Sale Value

When setting a price for your Austin home, be sure to consult with your Austin real estate agent. Many people confuse their home’s property tax assessment value set by their appraisal district with the real estate market’s value. One important thing to remember is that one really has very little to do with the other. The appraisal scale and considerations are different. The market value is what someone is willing to pay to purchase the property. According to the Williamson Central Appraisal District, the property tax calculation is the market value minus exemptions times the tax rate.

When the district sends out appraisal information, it is very important that property owners look at their information, rather than simply accepting the tax valuation information as fact and paying the bill. For example, it may be higher or lower than from the previous year, although the Austin home itself hasn’t changed at all. Take the time to check that the information listed for the property is correct. Is the size, address and land use correct?

While some of the assessments may be correct, there have been instances of the counties increasing assessed real estate values in an effort to increase revenue. Residents who believe their tax assessment is incorrect can file a protest based on the assessed property value, but can’t protest the fact that they have to pay taxes in general. According to Texas law, appraisal districts appraise the property at its market value as of January 1 each year. Once the tax notices go out, Austin property owners have a certain amount of time to file a protest. Filing deadlines for each county are different.

The Travis Central Appraisal District and Williamson Central Appraisal District deadline is by May 31 of that year or 30 days from the date the appraisal value is mailed to the homeowner. The mailings typically go out in April in phases. For Hays County, they are usually sent out at the end of April or early May. The protest date for each resident’s assessment is listed at the bottom of their letter from the Hays Central Appraisal District and is 30 days from the mailing date.

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