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Pre-Owned Home Values in the Green

Home values in Dallas and Ft. Worth increasing

Carlson Property Tax, LLC

Pre-Owned Home Values in the Green in North Texas 

In this thin market of supply, the percentage of pre-owned homes in North Texas during the first quarter of 2013, were all showing higher median sales prices.  Currently our supply of available pre-owned homes is lowest since two decades ago.

Some of the strong markets have seen an increase of up to 38% in residential home values from just one year ago. That is quite a jump.  Other markets are showing an average of 13% (which is still astounding).  Tarrant county cities of Euless and Keller were even bigger value jumpers with increases of 70% and 53% respectively.  With these facts and figures, one would predict a big revaluation year from the differing Central Appraisal Districts.

3 Ways This May Affect Residential Property Owners

  1. If you’re in the market looking for a home, you may have limited choices due to higher home prices, or a smaller supply of available homes on the market for sale.
  2. If you’re selling your home in the current market, you could quite possibly see a profit and the other good news is that pre-owned homes have been selling at a faster rate. This all means money in your pocket. Watch out for capital gains during tax reporting season though and consider reinvesting your profit into stocks, bonds or real estate to avoid additional taxation.
  3. If you intend to keep your current home (and the market continues in an upward climb), your equity in your home may also increase.  On the negative side, as your property increases in value, so may the associated property taxes imposed by your appraisal district.  This means you may receive notice from your appraisal district with the new adjusted tax amount (which in all cases you must pay prior to the delinquency date).    Your other option is to file a protest.

It is important to know your rights to protest any value increase that you believe to be in excess.  You should only pay what is fair and equal.  There are many resources available to help taxpayers know their rights and how to protest them. Visit www.CarlsonPropertyTax.com to find out how we can help serve you or at least point you in the right direction if you are in a county out of our jurisdiction.

R.Carlson

Look out Tarranty County and Ft. Worth, Here it Comes!

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Watch your Mail

Tarrant County appraisal notices were mailed last week by the County Appraisal District. Tarrant County residential property owners should have received notices telling them of their new market value for their property’s tax bill.  

May 31, 2013 is the deadline to submit any protest in writing.  

Helpful Things to Know:

  1. As a taxpayer, it’s your right to protest your property if you disagree with any of the appraisal district’s findings concerning your property.
  2. In order to protest this you (or someone you designate to represent on your behalf, i.e. Carlson Property Tax, LLC) can go in front of the appraisal review board (ARB) and present information to correct the information in question.
  3. You may also informally meet with an appraiser at the appraisal district to resolve your dispute.  If you can come to an agreement you may settle the case or disagree and go before a ARB, which consists of a panel of members whom decide the issue protested.
  4. Appraisal Review Board meetings are open to the public. Notices of the date, time and place are usually posted at least 72 hours in advance at the appraisal district office and the county clerk’s office.  You may check with your district for details.
  5. If you elect Carlson Property Tax to represent you, we will handle all the paperwork and protest on your behalf.  More information is available at www.carlsonpropertytax.com

Important Property Tax Dates for NorthTexas

Important Dates for Property Taxes in North Texas

Property Tax dates to keep handy if you own property in the North Texas area.

January 1 Date determining current year taxable value and exemption status.
January 31 Last day for mailing or paying prior year tax bills. Deadline to file prior year’s 25.25(d) or 25.25(h) corrections. Prior Tax Year’s taxes must be paid or the 25.25 is not valid.
April 15 Deadline for filing Personal Property renditions and 30 day extension requests.
April 30 Deadline for filing Homestead Exemptions, Freeport Exemptions, special valuation and abatement applications.
May 31 Deadline for filing property tax protests. (Or 30 days after delivery of Notice of Appraised Value).
June – September Majority of appeal hearings are conducted.
October Majority of tax offices mail tax bills that must be paid by January 31 of the following year.