Watch CBS News

Home appraisal values up 20-30% in North Texas, refinancing a good idea

Appraised home values up 20-30% in North Texas 01:49

NORTH TEXAS (CBSDFW.COM) - The sharp rise in the real estate market is now impacting appraised home values used to determine property taxes, with values up 20 to 30% over last year.

Most appraisal districts in North Texas started mailing out notices or posting them online Friday.

In Tarrant County, values are up about 20%; in Dallas, 24%; in Denton, 25%; and in Collin as much as 30%.

Property owners have 30 days to lodge a protest and try to lower values, but they're so high this year experts said it could take a lot of evidence to achieve any sort of reduction that would result in immediate savings.

Chandler Crouch, a realtor and property tax agent in Tarrant Co., said he still recommends owners try to file a protest, even if just to be in a better position next year.

Texas legislators passed a law that took effect in 2020 requiring appraisal districts to have "clear and convincing" evidence, before raising the value on a property that has been successful in a value protest the previous year.

"The odds that you will get a reduction are probably a little less this year than other years, but at the same time, you never know until you try," he said.

For those unsuccessful, Crouch said more property owners understand now they will need to pay attention to tax rates set later this year by school districts, cities and counties, if they want to ensure their tax bill doesn't see a substantial hike.

He also recommends people start shopping around for better homeowners insurance rates, power rates or looking into refinancing, even with interest rates now much higher than they were late last year.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.