2009 Tarrant County Real Estate Assessments
Tarrant County real estate property owners have set a major precedent according to a recent Star-Telegram report. In response to their 2009 property assessments, approximately 75,000 residents protested the county’s appraisals of their homes and land. This is an increase of 10,000 from the number of protesting residents in 2008 and more cases are expected to be filed in dispute.
The county bases their taxing on several factors but many homeowners clearly feel that they are being unfairly evaluated. Many of the protesters feel that the assessments of their properties are too high and that the new assessments are a way for the county to bring in more tax revenue during these troubled economic times.
While it may be a common tactic for local governments to bring in more tax dollars, it is also a tactic that is very disconcerting for homeowners. On the other hand, many also feel the increase in protests may be a direct result of the tightening economy since many people are really watching their finances.
Hearings for the Tarrant County real estate protesters cases began about a week ago and the appraisal district’s panels will review each case individually to determine whether or not the assessments are inaccurate. Estimates place the increase in property values at about a 4.6% increase over 2008 which is normally a good thing for homeowners that may be considering selling and upgrading their homes.
Some of the mitigating factors that have drawn so many protests this year are attributable to the side effects of the slow economy. These effects can include a decrease in the number of home sales, lower house prices and an increase in the number of foreclosures.
On the up side, it is great that property owners have a platform to address their issues with the assessments. After reviewing the cases, the county may decide to reassess some of the property assessments.
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