Appraiser's office explains how property values are calculated and how to appeal

An agency official from the appraiser's office outlined how residential property values are determined and urged homeowners who disagree to file an appeal by March 31. "We determine the value of your property by looking at many factors, like its location, square footage, quality of construction, and condition of the home," the official said.

The official said assessors consider multiple approaches to set a fair market value. The most useful indicator, they said, is to compare recent sales of similar homes in the neighborhood. "The best indication of fair market value for your home is to compare sales prices of recent homes that sold in your neighborhood that are very similar to yours," the official said. Another method is to estimate what it would cost to rebuild the house at today’s prices.

The speaker also noted that physical changes since the last appraisal can affect value: additions or other changes, storm damage or major repairs may alter an assessment. "If any changes or additions are made to your property since your last appraisal, that would affect your valuation," the official said.

Homeowners who disagree with the valuation were directed to file an informal appeal. The official instructed taxpayers to complete the back of the valuation notice and return it to the appraiser's office by March 31. "If you don't agree with your property's valuation, I encourage you to file an appeal. Fill out the back of your valuation notice and return it to the appraiser's office by March 31. We'll schedule an informal appeal where together we'll work to find your property's fair market value," the official said.

The guidance summarized who to contact and the immediate next step for property owners seeking review of an assessment.