Editor’s note: Previous year-over-year taxable value increases were incorrect. The article has been updated to include the correct amounts.
The Tarrant Appraisal District’s 2019 land value estimates marked another year of property value increases for the cities of Grapevine, Colleyville and Southlake as well as Tarrant County.
The Tarrant Appraisal District estimated Grapevine’s 2019 taxable value is approximately $9.8 billion—an $858 million increase over 2018 values. Colleyville’s estimated 2019 taxable value is approximately $6 billion—a $489 million increase, and Southlake’s estimated 2019 taxable value is approximately $8.6 billion—an $866 million increase.
Estimated county values increased from $189 billion in 2018 to $214 billion in 2019—a 13.32% increase.
“The real estate market we are currently seeing is the best I have witnessed in decades,” TAD Chief Appraiser Jeff Law said in an email. “For the past several years demand has outpaced supply not only here in Tarrant County but all throughout the state, and that will always cause prices to increase.”
Residential value notices were sent out starting April 1.
“For residential property, real estate sales prices can be the best indicator of what something is worth as of a given date,” Law said in an email. “Additionally, what it would cost to replace a home may also be considered.”
He added, however, that if a home is not new, the Tarrant Appraisal District makes adjustments, called depreciation, to try to reflect what a property is worth.
Protesting an appraisal
If a property owner disagrees with the appraisal of his or her home, the property owner can file a protest. This must be filed online or by regular mail no later than May 15.
To file a protest, Law recommended using the online protest/settlement negotiation process on the appraisal district’s website. Through the online process, a property owner can upload evidence for TAD appraisers to consider.
“It is easy to use and even if their value issue is not resolved they still have the option to file a protest online,” Law said in an email. “They will be notified later of a formal protest hearing date.”
Sometimes a settlement cannot be reached online, and a property owner can then ask for an appraisal review board hearing. These hearings usually take about 15 minutes, Law said. Property owners will need to bring evidence, such as photos, repair estimates and third-party appraisals, for TAD appraisers to consider.
“They should not just come to the hearing and say, ‘My taxes are too high,'” Law said in an email. “The review board is there to make determinations of value, not property taxes.”
Law said taxing units will not realize the total values on the 2019 land value estimates. With TAD appraisers working with taxpayers and making adjustments to property appraisals, the estimates will be lowed by the deadline of July 25.
Law could not say how much the estimates would decrease but said it was possible for some properties to lose 2%-5% of their estimated value.
“Only the protest process will determine the final taxable values for each taxing unit,” he said.