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DFW Values Outpace USA

For the first time ever median home prices in DFW at $236,500 in 2016 exceeded the national median home price at $232,100.  Nationwide home prices rose 6.9% in 2016 while Dallas home prices rose 9.5% in the same period ended December 31, 2016.

Homeowners have only one direct way of reducing the effect of these increased values on their taxes.  It is to protest to the appraisal review board the market value of their property.  Any other recourse, such as contesting the tax rate or the expenditures of the authorities spending the tax dollars –is indirect.  The deadline for protesting to the ARB is May 31.  A failure to protest is tantamount to accepting the appraisal district’s market value for your property and acceptance of the resulting taxes.  If you don’t protest you have no grounds to complain about your property taxes.

Owners who protest pay less than those who don’t.  And those who don’t pay for those who do because revenues lost from the ARB’s grant of value reductions are offset by rate increases that apply to everyone — including those who didn’t protest.  This is especially true in the higher value ranges.  If your property value is above the median — $236,500 currently — then your share of paying for other people’s reductions is also above the median.

 

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