For many North Texas residents, the news of skyrocketing property values and subsequent tax increases in 2024 has come as a shock. Sandra Avalos, a homeowner in South Oak Cliff, Dallas County, was left dismayed when she discovered that her home’s value surged by nearly $40,000, translating to an additional $1,000 in property taxes compared to the previous year.

County-wide Increases and Relief Options

Preliminary estimates from various appraisal districts reveal a notable increase in property values across several counties. Dallas County has witnessed a staggering 15-16% surge in home values, while Collin and Tarrant counties have experienced a 5% increase. However, Denton County has remained relatively stable. Despite the steep rise, residents like Avalos have recourse through the option to file a “protest” against their property valuation, either online or in person at a county tax appraisal office.

Navigating the Protest Process

Will Wiggins, owner of North Texas Property Tax Services, underscores the surge in protest filings, highlighting the inundation of inquiries received. As a tax consultant, Wiggins assists homeowners in filing protests, potentially saving them thousands of dollars. Alternatively, homeowners can file protests independently online. Wiggins advises thorough research on the property and comparable homes in the neighborhood to determine the most accurate value, emphasizing the importance of noting any property defects or discrepancies.

Leveraging Homestead Exemptions

Wiggins recommends homeowners apply for a “homestead exemption,” a measure that limits tax increases to no more than 10% per year for eligible homeowners who occupied their homes by January 1 of the assessment year. This exemption acts as a safeguard against exorbitant tax hikes, providing homeowners with a degree of financial protection amidst rising property values.

Taking Action: Filing Protests

Avalos, recognizing the significance of potential savings, prioritized filing her protest, despite the inconvenience of taking time off work. While acknowledging the tedious nature of the process, she underscores its value in securing substantial savings, making the effort worthwhile for homeowners seeking financial relief.

Extended Deadlines and Cybersecurity Concerns

Residents of Tarrant County have been granted an extended deadline until May 24 to file protests due to a recent cybersecurity issue with the county’s website. This extension provides additional time for affected residents to navigate the protest process and seek resolution amidst ongoing challenges.

Seeking Financial Relief

As property values soar across North Texas, residents are faced with mounting property tax burdens. However, avenues for relief exist through the protest process and leveraging homestead exemptions. By taking proactive steps and advocating for fair property valuations, homeowners can mitigate the impact of rising taxes and safeguard their financial well-being.