How are property taxes evaluated?
Appraisal Districts generally calculate property values annually, based on mass appraisal. Assessing each property on a case-by-case basis would be cumbersome for an appraisal district; thus, inaccuracies in the data are prevalent. In fairness, tax assessors will consider re-evaluation of a property's value, if evidence suggests that their general formula has resulted in an inaccurate assessment.
Three factors determine the total amount of taxes imposed on a property:
- the appraised value established by the appraisal district where the property is located;
- the exemptions, if any, to which that property may be entitled; and
- the tax rates set by the governing bodies where the property is located.
Property tax is calculated as a percentage of a property's assessed value.
Comparable Properties
A comparable property would be a home of a similar size, age and condition, located within a narrow geographical radius. Our calculations appropriately adjust for your property's characteristics. Our system then compares your property against adjusted comparable properties located in your immediate neighborhood, to ensure that your assessed value is not only a fair market value, but also that your assessment is uniform and equal to other like properties.