Planning for property taxes each year starts in late spring when you receive your Notice of Appraised Value. Review the value, decide whether to protest, and set aside funds for the upcoming tax bill. A simple annual routine of review, protest, and budget can save you thousands over the years. Mark your calendar for May and build a system that works for your household.
Spring Review: May
When you receive your Notice of Appraised Value in April or May, take 15 minutes to review it carefully. Compare the proposed value to what you think your home is worth. Look at recent sales in your neighborhood. Check that your exemptions are correctly applied. This is also the time to file any new exemptions you qualify for. The deadline for filing a protest is May 15 or 30 days after the notice date, so act early if you plan to protest.
Summer: Protest Season
If you filed a protest, your informal hearing will typically take place in June or July. Prepare your evidence and attend your hearing. If the informal hearing does not resolve your case, a formal ARB hearing may follow in July or August. A successful protest can reduce your assessed value and save you money for years to come, especially if the lower value carries forward to future years.
Fall: Budget and Pay
After your property value is finalized, the tax rates are set and your actual tax bill is calculated. Tax bills are typically mailed in October. Budget for the payment due by January 31. If you have an escrow account, your lender will pay from the funds collected. If you pay directly, consider using the quarterly installment plan if you have not already enrolled. Paying early may qualify you for discounts offered by some taxing entities.