What’s the difference between the market value and the appraised value of your property when you look at a tax bill?
The market value is what the country district thinks the property will sell for. They determine this by looking at comparable properties around the area. The appraised value is the value that you pay taxes on.
The appraised value could be lower based on any exemptions you might have. If you have a homestead exemption, for example, you’re going to be capped based on that value increasing 10% every year. If you’re not protesting your taxes, then that value could go up considerably.
“THE APPRAISED VALUE COULD BE LOWER BASED ON ANY EXEMPTIONS YOU MIGHT HAVE.”
You can’t protest taxes now—that happens after the beginning of next year when the new values come out, and it’s what the property is deemed to be worth on January 1st. The market has slowed a bit this year, so we’ll have to see what the values show next year.
If you have any more questions regarding this topic, please feel free to give me a call or send me an email. I look forward to hearing from you!