Home address: 745 Morningside Dr

2021 Taxable Value: $485,160

Recent Sales Price: $259,000 – Over-taxed by 87%

Bexar County property investors far too often pay excess property taxes. A market value appeal is based on the assessor’s value exceeding the market value of your home. Unequal appraisal is a powerful tool to reduce property taxes, but many homeowners are not aware of it and don’t use it. The Texas Comptroller reports 80% of 2019 property tax appeals by homeowners were successful.

Many owners do not protest because they do not understand the process.  Most would appeal if they know how easy it is a high chance of success. Appraisal districts use the cost approach to value houses.  It is generally considered the least reliable method of appraisal. Appraisal districts usually settle appeals at the informal hearing since it costs less and takes fewer resources. Not appealing your property taxes annually is the equivalent of volunteering to pay extra property taxes.