Prior to the pandemic outbreak, the Texas real estate market was hot. The various market reports and statistics were not lost on local assessors who worked to keep property values in line with the market conditions. The result has been double-digit value increases for most property types in recent years.
As part of the state’s annual reassessment, counties throughout Texas are updating real property values for the 2020 tax year. Proposed 2020 Values are meant to reflect the fair market value of your taxable real property as of January 1 – when the real estate markets was still on an upward trend. Because of this, 2020 assessed values for all property types are expected to increase.
Many counties have stated that any effect to value due to the current health crisis will NOT be considered until the 2021 tax year, making it extremely important to review your 2020 assessment notice with a knowledgeable property tax consultant for appropriateness and if the value is overstated, be prepared to file an appeal before the deadline.