Unhappy with what’s in your mailbox?
You’re probably not alone—appraisal notices have been sent to over 400,000 Travis County property owners so far.
And with the median market value of all homes up $200,000 year over year, Travis County’s appraisal roll for residential properties is up 56% this year, causing a lot of potential headaches for many homeowners who have already seen slimmer wallets amid a rapid increase in Austin’s cost of living.
For those with a home at the median market value of $632,000 within Austin ISD’s parameters, that could mean about $13,757 in taxes sent to entities including Austin ISD, Travis County, Central Health, the Austin Community College District and the city of Austin. And with pricier tax bills comes the likelihood of bigger monthly payments for renters as landlords look to minimize tax losses next year.
Here’s what can be done:
While that dreaded property appraisal may have already reached your doorstep, Austinites have the chance to protest their valuations online through May 16. Property tax bills will then be sent out this fall.
Newcomers and first-year homeowners aren’t as protected from the new tax increases. But most other homeowners are eligible for homestead exemptions and can’t legally see their taxable value increase by more than 10% per year.
Many can qualify for at least a standard $25,000 exemption, which lowers a home’s taxable valuation by $25,000, and those who are disabled or 65 and older could qualify for more.
Homestead exemptions for 2022 are due April 30.
Published on 2022-04-20 12:23:52