Property Values Way Up In North Texas
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NORTH TEXAS(CBS11) - Property values are up across North Texas—and the clock is ticking for homeowners who plan to protest. Because the 31st falls on a Sunday, homeowners have until midnight Monday, June 1st to file notice of a protest.
Plano homeowner Rusty McBride says opening the tax appraiser's notice left him with "sticker shock," saying "because I was like WOW! It jumped from like 178-198--I mean, it jumped a LOT!"
So McBride will join thousands of other Collin County taxpayers in filing property value protests. Many homeowners are in the fast growing county are seeing double digit increases.
"Great for sellers," says Mike Remington of McKinney. "But, again, it's hard for the people who don't plan on selling and are happy right where they're at."
The Remington family falls into that category. They're looking to stay put. But, don't want to pay more than their fair share. So Mike Remington insists that the protest process is simple—and worth the time invested.
"You tell them what you feel like it should be," says Remington, "all they can do is say `no', sometimes they meet you in the middle, sometimes they do lower it."
If you plan to protest your property's appraised value, experts advise gathering documentation like selling prices of comparable homes nearby, and costs for major repairs needed like for a roof or foundation work
"You need to save all the money you can, especially when you have kids," added Amy Remington with a laugh.
Many homeowners who celebrated when Toyota announced its move to Collin County, now ruefully admit that progress comes at a cost. The increased demand for housing coupled with a limited supply has pushed prices—and therefore property values—sharply higher.
"They're moving into the area… they're driving these prices up because they're paying cash on the barrel head," says McBride. But, he also admits that he wouldn't change a thing.
"I still feel it's a good thing. It's just something we have to deal with, something we have to put up with…even if it means higher taxes."
County appraisal districts across North Texas are bracing for a last minute rush. In Collin County, officials expect to receive as many as 30,000 protest notices within the next few days-- with as many as a half of them being filed on the final day.
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