Protesting your property’s market value to the Appraisal Review Board (ARB) each year, regardless of whether you believe your assessed value is accurate or not, can have several benefits:
- Protection against errors: The ARB is responsible for reviewing property tax assessments and correcting errors. By protesting each year, you can ensure that your assessment is reviewed for accuracy and errors are corrected.
- Keeping up with changes: Property values can change from year to year, and the assessed value of your property may not always keep up with those changes. By protesting each year, you can ensure that your assessed value accurately reflects the current market.
- Potential tax savings: Even if you believe your value is accurate, a successful protest can still result in a reduction in your property taxes. By lowering your market value, you may be able to save money on your tax bill.
- Keeping your options open: If you decide not to protest in a given year, you may lose your ability to protest that value in the future. By protesting each year, you can keep your options open and ensure that you have the ability to protest if you believe your assessed value is incorrect in the future.
- Encouraging fair assessments: By protesting each year, you can help ensure that the assessment process is fair and that all property owners are treated equally. This can help promote transparency and accountability in the assessment process.
It's important to note that the property assessment and protest process can be complex, and success is not guaranteed. However, by protesting each year, you can help ensure that your assessed value is accurate and potentially save money on your property taxes.