2007 Tax Valuations are in the mail....now what?
If you haven't gotten your 2007 tax assessment valuation statement from Montgomery County yet...it's in the mail!!
Unfortunately, most of the time when we receive these we either; 1) don't know what to do with it so we ignore it, 2) think it means nothing and throw it away or 3) tell all our friends how much our property value has gone up and pay no further attention to it. The truth is, these tax valuations mean much more than we give them time for in our busy lives.
I recently had the opportunity to listen to a presentation by our Chief Appraiser, Mr. Mark Castleschouldt. Mark did a great job of explaining how these values are obtained and what we as residents can do to protest. He first explains that the appraisal district uses what is called "mass appraisal techniques". Meaning, they don't have specific sales information in all neighborhoods, and they rely on public records and generalizations to assess these values. He also noted that although these techniques comply with all state laws & regulations & the Appraiser's Board, they are not 100% accurate on all cases. I'm sure you know all of this, but it's the next part that I thought was worth sharing with all of you:
How do they service the product?
Mark points out that developing the product is the least of his challenges. Servicing the product is the really challenging part. Because he openly admits that they make mistakes and they need you to notify them when you don't think you're appraised value's are correct. Most of the time, he doesn't know what you paid for your house, and he doesn't know what you're neighbors house sold for either. They are not 'trying to create a market' if you paid less, have material/structural problems, or have other extreme conditions you have the responsibility to notify the appraisal district. Now is the time to appeal this. Mark assured us that if you make an appointment with the appraisal district, they will review the assessment with you, and make sure you have all exemptions you qualify for.
What does all this mean to you?
Since Montgomery County is one of the fastest growing counties in Texas, of course we are going to have increased property values. But, you have the right and responsibility to make sure it is accurate.
If you have any of the following conditions, you need to contact the Montgomery County Appraisal District:
- You paid less for your house this year than it is being assessed
- You feel the increase is too high (overall %)
- You have foundation or other structural problems
- You are not sure you have been given all exemptions you qualify to receive
- You have termites
- Any other material changes in your neighborhood
Higher property values are a plus when you are selling your home, but not for paying taxes. You owe it to yourself to make sure these are correct.
I encourage you to contact the appraisal district with any questions or concerns. Be informed and uphold your responsibility.
If you want more detailed information on taxes in Texas, I recently ordered the 2007 Taxpayer Rights, Remedies and Responsibilities publication for the state comptroller's office. If you'd like a copy, email me and I'll mail you a copy as soon as they are received.
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