4 Reasons to Appeal
Appealing Your Proposed Value
Filing a protest of your noticed value is an important right the State of Texas grants its taxpayers. There are many reasons to appeal that affect many different parties. In this blog, I would like to share with you just 4 main reasons to appeal your Proposed Value.
Reason 1: Makes a Positive Impact on Communities
Reductions to appraised value and tax burdens are inappropriately judged as only helping property owners, but the truth is quite different. Multifamily property owners serve entire communities by providing safe housing and amenities for residents and their families. By reducing the tax burdens of a property, owners are able to improve/update units, provide extra services to tenants, and offer improved amenities. This is all made possible through lowering of tax expenses.
Reason 2: Holds Counties Accountable
Counties are responsible for setting the appraised value of all real estate in their jurisdictions. This is often a burdensome job with only a few appraisers in an office. Without taxpayers’ appealing values and providing appraisal districts with information not readily available to the general public, values could become inaccurate county-wide and with little other recourse for taxpayers. Appeals help keep appraisal districts’ values in line with current markets.
Reason 3: Keeps Costs Down
This is a rather simple reason to appeal that serves residents of a multifamily property. Property taxes make up one of the largest annual expenses for these types of properties. Often, when expenses increase or stay high, a portion of these expenses get passed onto the tenants. Keeping a property’s taxes low is a way to combat increased rents and provide more affordable rates for families.
Reason 4: Expansion
Finally, if a multifamily property owner can combat expenses within a market, there is an incentive to reinvest in that market. A lowered tax burden means an increase in the attractiveness of purchasing more properties or even building in a certain area. The increase in multifamily properties coming online in a market creates a boost in that area’s economy raising wages, creating new jobs, and providing vendors with more work.