Property Values in Tarrant & Parker County

Frequently Asked Questions

I’m confused, because I see two values on this notice. What is Appraised Value?
And, what is Net Appraised Value?
You said “Taxable Value,” but that isn’t on this notice. What is Taxable Value?
Why is my Appraised Value higher than my Net Appraised Value?
What is this Homestead Value Limitation or Circuit Breaker Limitation?

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?

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.

And, what is Net Appraised Value?

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. Appraised Value can never be higher than Appraised Value, and Tarrant & Parker County Appraisal Districts (TAD/PCAD) will raise your Net Appraised 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, 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?

If your Net Appraised Value is less than your Appraised Value, you likely have a homestead exemption in place, which caps the amount TAD/PCAD can raise your Net Appraised Value each year by 10%. TAD/PCAD 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.

This is why it is so important to file a Property Tax Protest every year to try to keep your Appraised Value and Net Appraised Value 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?

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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