Protesting Property Tax Values
Hi Everyone,
I would welcome your protesting strategies on investment properties. Just found out yesterday our taxes were raised $46,000 in one year on each of three duplexes we own. That's an $80/month increase. That's a $240/month cashflow reduction on all three. Ouch.
Is there a cap on how much DCAD (Dallas County, Texas) can raise taxes in one year? My settlement statement isn't going to help. What can I do to reverse/reduce this?
On what does DCAD base value? Is it merely the building? Is it on the surrounding area? Is it using the income approach for what we are getting on rent?
What will be the most effective means for reducing the value from Excellent to Average?
Can't answer your question on Dallas Co limits.......but, THAT is exactly what Gov Perry had proposed to limit.......FYI
First, you'll need to request the appropriate forms/application to challenge the tax assessed valuation.
If you think that you can gather the required documentation, go for it.
There are appraisers who will devise an appraisal specifically to challenge the tax assessed value.... and, if necessary, appear to testify before the applicable body.
It may be worth it to retain an appraiser for such services.
[addsig]