Is your property value off?
If you own property, you have probably received a Property Value Notice from your local appraisal district. If you disagree with the proposed value, or with the denial of an exemption, you have the right to file a protest, by completing and filing a Notice of Protest within the time allowed by law.
If the Value Notice was received prior to April 15, you have until May 15 to file the protest. If the Value Notice was received after April 15, you have 30 days to file the protest. This will entitle you to a hearing before the local Appraisal Review Board for a further determination of value.
If you are still dissatisfied after the ARB hearing, you may further appeal through the courts or binding arbitration.
Property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation). The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
