The Gallagher Firm

Protest Your Tarrant & Parker County Property Values

Property Values in Tarrant & Parker County

Frequently Asked Questions

 

NOTE: Terms are County-specific

Tarrant County: Appraised Value (f/k/a Market Value), Net Appraised Value (f/k/a Appraised Value), Homestead Value Limitation, Circuit Break Value Limitation

Parker County: Market Value, Assessed Value, Homestead/Circuit Breaker Cap Loss

 

I’m confused, because I see two values on this notice. What is Appraised Value (Tarrant)? Market Value (Parker)?

TARRANT – Appraised Value (f/k/a Market Value) is determined by the real estate market, as of January 1 for the Tax Year at issue. It’s the amount for which a willing buyer and willing seller would convey the property in an arms-length transaction on the open market. Appraised Value is the only value on which you can file a Property Tax Protest.

PARKER – Market Value is determined by the real estate market, as of January 1 for the Tax Year at issue. It’s the amount for which a willing buyer and willing seller would convey the property in an arms-length transaction on the open market. Market Value is the only value on which you can file a Property Tax Protest.

And, what is Net Appraised Value (Tarrant)? Homestead/Circuit Breaker Cap Loss Value (Parker)?

TARRANT – Net Appraised Value (f/k/a Appraised Value) is the is the starting point for calculating your Taxable Value. The Net Appraised Value can be capped or limited by filing certain exemptions, such as a homestead or over-65 exemption. Net Appraised Value can never be higher than the Appraised Value, and Tarrant County Appraisal District will raise your Net Appraised Value every year until it reaches the Appraised Value.

PARKER – Homestead/Circuit Breaker Cap Loss Value is the is the starting point for calculating your Taxable Value. The Homestead/Circuit Breaker Cap Loss Value can be capped or limited by filing certain exemptions, such as a homestead or over-65 exemption. The Homestead/Circuit Breaker Cap Loss Value can never be higher than the Market Value, and Parker County Appraisal District will raise your Homestead/Circuit Breaker Cap Loss Value every year until it reaches Market Value.

You said “Taxable Value,” but that isn’t on this notice. What is Taxable Value?

Taxable Value is Net Appraised Value (or Homestead/Circuit Breaker Cap Loss Value), less exemptions. This value is multiplied by your combined tax rate to determine your Tax Liability.

Why is my Appraised Value higher than my Net Appraised Value (Tarrant)? Why is my Market Value higher than my Homestead/Circuit Breaker Cap Loss Value (Parker)?

TARRANT – If your Net Appraised Value is less than your Appraised Value, you likely have a homestead exemption in place, which caps the amount Tarrant Appraisal District can raise your Net Appraised Value each year by 10%. TAD will continue to raise your Net Appraised Value by the full 10% every year until your Net Appraised Value reaches Appraised Value. That means your Tax Liability will increase every single year until your Appraised Value and Net Appraised Value are the same amount.

PARKER – If your Homestead/Circuit Breaker Cap Loss Value is less than your Markt Value, you likely have a homestead exemption in place, which caps the amount Parker County Appraisal District can raise your Homestead/Circuit Breaker Cap Loss Value each year by 10%. PCAD will continue to raise your Homestead/Circuit Breaker Cap Loss Value by the full 10% every year until your Homestead/Circuit Breaker Cap Loss Value reaches Market Value. That means your Tax Liability will increase every single year until your Market Value and Homestead/Circuit Breaker Cap Loss Value are the same amount.

This is why it is so important to file a Property Tax Protest every year to try to keep your respective values as close to the same amount as possible, to prevent future increases and also to increase your likelihood of having a successful Property Tax Protest that reduces your Tax Liability, now and in the future.

What is this Homestead Value Limitation or Circuit Breaker Limitation (Tarrant)?

 

This is the difference in value between your Appraised Value and Net Appraised Value.

 

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This is not intended to be legal advice or a substitute for legal advice, nor is it intended to deter you from contacting the Firm with your questions. If you have questions, do not hesitate to reach out!

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