Ax the Tax: Reducing Your Property Valuation

Players and Their Roles

Appraisal District – responsible for appraising all taxable property at its January 1 market value. Does not assess taxes on properties.

Tax Collector – responsible for assessing and collecting taxes based on certified appraised values multiplied by tax rates of local jurisdictions.

Property Owner – responsible for understanding appraisal, assessment, remedies, and deadlines for remedies.

Know Your Property

Appraisal records may have inaccuracies which lead to incorrect assessments, to include:

- number of units / square footage

- unit mix

- amenities

- usable building and land area

The Appraisal

Cost Approach – most commonly used for new construction. Considers replacement costs new of improvements, applies depreciation, and add back market value of land.