The "Taxman's" professional team has been at the appraisal districts protesting your property taxes and fighting for lower values. It was recently revealed at the Senate Select Committee on Property Tax Reduction that 2015 property tax final valuations increased 28.6% throughout the Houston metro area after values were settled last year.
The county appraisal districts are continuing the trend of increasing property tax valuations throughout the Houston metro area in 2016. The residential property value increases in many neighborhoods are in the 3-11% range with over half of Harris County affected. The commercial sector is seeing across the board increases close to 20% on noticed value for the third year in a row. In the surrounding counties, expect to see continued increases in property tax valuations. Galveston County has already shown significant increases in beachside property and condominium noticed values. Property tax valuations are continuing to go up and BTA's experienced team is already at the appraisal districts fighting to reduce these values.
"The BTA Market Reduction Program was very successful for BTA customers by industry norms."
The esteemed Ben Franklin used to say, "An ounce of prevention is worth a pound of cure." BTA introduced the Market Cap Reduction Program in 2014 to offer our customers the opportunity to lower their market cap. (Market Cap = Preliminary Market Value - Preliminary Appraised Value) With values up nearly 15% on average, any reduction in market cap gives a homeowner the advantage of having a lower final value from which any potential increases may be calculated next year. A lower 2016 final value is important because the appraisal districts use mass appraisals every year to calculate property valuations in neighborhoods. When using the mass appraisal approach a standardized percentage increase is assigned to the property tax valuations of homes in a neighborhood. The more BTA's team can reduce your property valuation this year the lower your value will be next year when 2017's mass appraisal increase goes into effect and is applied to the previous year's (2016) final value.
The Market Cap Reduction Program is the ounce of prevention that Harris County homeowners need in the hot property market we are facing today. This program gives you the opportunity to lower your market cap at a very low cost of $2.50 for every $1000 reduction in market cap. (If the reduction goes below the capped amount the invoice will reflect the higher of the market cap amount or standard contingency fee.) An example of why the market cap program is so important: a large $40,000 reduction in market cap would only cost $100 this year, but without the reduction you may pay as much as $1000 more on your property tax bill every year. That is why it has been a must year to protest these higher market values in 2016!
Existing customers with capped accounts were given the opportunity to opt out of this program with an inactive/non-protest status, if they chose to do so prior to the 2015 hearing season.