What Information is needed to understand my property values?
Learn the top 4 types of documents to collect when challenging your property tax assessment. These will boost your success for lowering your property taxes.
Here’s some of the most helpful documents you will need to support your opinion of what it’s worth:
Repair Bids and Estimates
Significant problems with the foundation, roof, electrical and plumbing need an estimate from a qualified professional. Likewise, issues related to flooding damage and wood rot also need a repair estimate. These documents are proof of the repair costs and they are necessary at the hearing.
Detailed Photographs
Show all of the problems your property may have. This will back up and help explain the repair estimates you have collected. Be sure the photos are clear, with good lighting and a verbose description. Taking photos from different angles is helpful too.
Be sure to get many general photos of your property too. Interior and exterior photos will aid in comparing your home with others in your area. Kitchen, bathrooms and main living areas are great photos to include in your collection of documents. The characteristics of your property are important to show when comparing the class of your home versus the recent sales in your neighborhood.
Receipts
Get all the receipts associated with recent permits and renovations. Checks and credit card statements help too. Collect anything to prove the expenses you incurred relating to your property because all of the costs associated with that work need to be verified to support your case.
Proof of Purchase Price
If you have recently purchased your property and the purchase price is lower than your notice value, then get a copy of your signed settlement statement. Also gather any other pertinent information regarding the sale. This is especially important if it was not the typical open market transaction.
A typical open market transaction usually has these aspects related to the sale:
- It is publicly advertised.
- It is a transaction between two unrelated parties.
- Each party has their own interests in mind.
NOTE: If renovations are ongoing, show only the work completed up to January 1st.
Don’t worry If you don’t have any additional information to provide. It is not required and agent do their own market research and collect appraisal data while preparing for the hearing.
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Now you know the Information to understand property values.
Learn the top 4 types of documents to collect when challenging your property tax assessment. These will boost your success for lowering your property taxes.
Call or email with questions
AUSTIN (512) 339-6671 info@texasprotax.com HOUSTON (713) 635-9100 houstoninfo@texasprotax.com
For more information:
Texas Protax FAQ
TEXAS.GOV – Comptroller Resources for Taxpayers PROPERTY TAX SYSTEM BASICS
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