You hate to talk about it, you hate to read about it, and honestly you probably hate the word itself: taxes. But did you know that Collin County residents may end up paying more in property taxes after appealing, even if their taxable value is lowered?
With home prices on the rise and hitting record numbers, property values and property taxes increase as well. These skyrocketing prices are leading many to appeal their taxes. While nearly every news outlet and tax professional is encouraging people to protest their property tax increases, this could actually result in higher taxes for those in Collin County.
Unlike Denton, Dallas or Tarrant County, Collin County calculates the Homestead Exemption, which lowers the taxable property value for those living on their property, based on the increase in market value of the home, rather than the 10% increase from last year’s property value.
What does this mean for you? This means that the increase is so large that appealing your taxes could put you over the limit for the exemption, raising your taxes higher than before you appealed.
“There should be no circumstance where a lowered value causes a higher tax bill,” said Toby Toler, property tax consultant. Collin County’s policy puts homeowners in a win-lose situation when a win should just be a win.”