The latest data from the Collin Central Appraisal District (CCAD) shows Collin County property values have once again risen. On April 15, the CCAD distributed the 2024 real property appraisal notices to property owners, with business personal property mailings slated for mid-May.
According to the CCAD (via The Wylie News), property values in Collin County surged by 5.85% to reach $237.6 billion, with an additional $9.5 billion in new properties contributing to the tax roll. According to CCAD, the average price of a home in Collin County for 2024 stood at $602,134, up from $581,499 in 2023.
Local Profile reached out to the CCAD for comment but did not receive a response prior to publishing.
Property taxes in Texas are calculated based on the appraised value of the property. State law mandates that all taxable properties be appraised at 100% of their fair market value as of Jan. 1 each year.
“Considering for many of us our home is our largest investment, an increase in market value can be considered a blessing," Alvin Lankford, president of the Texas Association of Appraisal Districts, previously said in a statement. "However, many people equate an increase in market value to mean an equal increase in property taxes which is not always the case."
Any Texan homeowner has the right to contest the decisions made by an appraisal district. If you feel that the district has overvalued your property or if its assessment doesn't align with similar properties in your area, you can request a reduction in your appraised value. Additional reasons for protesting your assessment include the district's failure to notify you of changes in your home's valuation, inaccuracies in their records and the chief appraiser's refusal to grant exemptions.
The Homestead Exemption in Texas serves as a valuable asset for homeowners, limiting the annual increase in their property's assessed value to a maximum of 10%. Primarily benefiting individuals who reside in the property, it essentially offers tax relief. Additionally, exemptions are available for homeowners aged 65 and above, individuals with disabilities and military veterans.
If you're dissatisfied with your home appraisal and reside in Collin County, submit an official notice of protest before midnight on May 15th. You can send the form enclosed with your 2024 appraisal via mail, deliver it in person to the district's office in McKinney, or initiate an online appeal through the Collin CAD e-Services Portal.
To learn more about protesting your home’s appraisal, visit the link here.
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