2022 Property Values Hitting Mailboxes
Oh, no. 2022. Property taxes are hitting your mailboxes very soon, if not already. So let’s talk about some of the top points about this, how to fight it. Like can you should you?
I don’t really know. And could you argue if your property taxes are going up? I mean, isn’t it a good thing that your values are up?
And it’s going to be really hard to argue right now. I mean, I think, you know, they can only go up if you if you filed your homestead, if this your primary residence, there’s a cap. If you have an investment property or a second home, there’s no cap. So that can get a little tricky.
If you have any investor clients that own properties, maybe it’s your time to reach out to them and analyze and see, is this really, you know, maybe we need to raise the rents. Maybe you want to sell it and be done. I don’t know. I think it’s an opportunity there to to find out because it could really be a shock to a lot of people.
I talked to one past client of ours and there’s one I think 35% in one year. So they were like, Oh, that’s a lot.
Yeah. I could see a lot of people being hit with that shock and a large amount. Yeah. And people may be being like priced up, being taxed out of their property.
I mean, it’s, it’s a big deal if you see. Okay, we’re all worried about what inflation is, but imagine if your property taxes go up by 10% for the year or more like that’s a lot. It’s a really big number. Yeah. On top of everything else. So I don’t know. It’s just something that you should be aware of.
Be aware of. You know, there’s a lot of talk about, hey, can you supply me some comps and let me I’m going to do this myself. I strongly advise against that. There’s a couple of companies that are out there that do this for you. They’re very experienced. This is all that they do.
I would advise, you know, I can give you some comps here, but I don’t know. I mean, there’s a lot of factors that even we don’t know. Right. So it’s really important that you give them to the proper person, because if this doesn’t work out right and they’re utilizing your comps, this can be a reflection on you and not go well. So guide and help and be there for them.
But yeah. Helping them fight their taxes. No, we can’t do that.
And as a reminder, probably the best way to argue the value of your property is not by looking at comps necessarily. It’s the traditional way that people think about it and they’re like, Could I find lower comps out there than they’re currently using? And so that’s the common misconception.
The best way that I strongly recommend is you have to actually bring new facts to the discussion. And the new facts would be like the House that I currently have has all of these problems and you document it and that shows what the status of your home is compared to the other ones. You’re like, No.
No, those were new and whatever. Yes. And then you can deduct back on your property, be like actually that home had this feature. We don’t have that. We didn’t paint our cabinets yet. And you know what I mean?
There’s different things. So every home is not necessarily equal. They had more features and functions than this property had or there are certain problems. Our AC unit is bad and whatever those items are. So just consider those and that’s probably your best way.
But check your mailbox today. Yes, clients will be getting these and they’ll have a bunch of questions. We’ll be covering all types of things around property taxes here in the near future. If you want more information on it. We cover this every year, so it’s a great time to go back and look at past episodes on property taxes.
Like North Texas property taxes.
That’s what I was is the one that that we personally use. And they’ve done a good job. They continue to do it every single year for us. And some years, you know, the property taxes go down a little bit. I sound like a check for like 40 bucks and but there’s not much that you can really do certain years.
So and as a bonus, surely all of you have filed your tax your your income tax. Isn’t that today. I believe it was extended to today.
So extension filed or file an extension, but it’s a reminder that that’s today.