Should I file a protest?

Brendan Reeder Sep 06, 2021
2 min read
Should I file a protest?

Should I File A Noticed Value Protest?

Do Your Due Diligence

When taxpayers are deciding to file a protest of their noticed value, they must first come to an opinion of value. If the taxpayer’s opinion of value is less than the noticed value, it may be worth filing an appeal. However, taxpayers should be honest in their valuation approaches so as not to file a fruitless or even frivolous appeal. Examine market impacts and see if there are any sales of comparable properties near your own. You can also look at similarly situated properties and see if they are near your same value. If after you have done your due diligence and come to the unbiased opinion that your property is overvalued, you then need to consider the impact of an appeal.

Is the Reduction Significant

After you have settled on a value for your property you believe evidence supports, it is then important to analyze the impact your reduction will have on your tax liability. To roughly calculate the tax savings a successful appeal will yield, subtract your opinion of value from the noticed value. This number is the reduction to value you believe you can secure. Multiply that number by the most current tax rate used for your property and you can estimate your tax savings following a successful protest. Is it enough for you to file the appeal and potentially go to an appraisal review board hearing? If so, file that appeal right away! Otherwise, maybe just keep an eye on the value in future years and file an appeal when the property does become significantly overvalued.

That’s really all you need to do when deciding on filing a protest. Examine your market to see if an appeal can be successful, and then review the tax savings of a successful appeal so as not to waste your time for nonconsequential savings. If you need any help deciding on the success probability of an appeal or calculating your savings, please contact one of our Texas multifamily specialists today.

See How Wayfinder Can Help

Start Saving Now

Should I File A Protest?
Should I File A Noticed Value Protest? Do Your Due Diligence When taxpayers are deciding to file a protest of their noticed value, they must first come to an opinion of value. If the taxpayer’s opinion of value is less than the noticed value, it may be worth filing an appeal. However, taxpayers should be... Read more »
Read More
How Much of My Time Will a Protest Take?
How Much of My Time Will a Protest Take? The answer depends on the course you take A Fork in the Road Imagine you are traveling and you come to a fork in the road. Both routes eventually lead to your destination, which makes you wonder if it matters which route you take. So you... Read more »
Read More
What difference could filing an appeal make on my property taxes?
How Does Filing an Appeal Make a Difference on my Property Taxes? Don’t assume that the Central Appraisal District is correct What types of issues can be corrected by filing a protest? One of the simplest reasons for filing a protest of your noticed value is to correct misinformation.  This could be from incorrect building... Read more »
Read More
Arrow Icon