When was the last time you thought about saving some money on your property taxes? Maybe you never have, and that’s completely normal. Most people either don't have the tools or the right guidance when it comes to property taxes or the appeals process.
We recognized this knowledge gap after helping 500+ homeowners in Texas save thousands of dollars on their property taxes, with a 90% appeal success rate at Bezit. If you're a property owner in Texas, or an aspiring one, you have the right to challenge your property's tax assessment if you think it's incorrect. Every successful tax appeal maximizes savings and reduces the weight of unfair tax bills.
Working in this area, we see a constant rise in the number of people who are protesting their property appraisals. While speaking to KCEN-TV last year, Bell County's Chief Appraiser Billy White said that they were expecting to hear 150-300 residential property appeals every day.
This is why, at Bezit, we’re on a mission to spread financial literacy regarding property tax appeals in Texas and help folks seize the tangible benefits of doing so. As a part of that initiative, let's discuss some of the most important financial benefits of protesting for property tax.
First of all, why should someone file a tax appeal?
Property tax rates can change every year, and such rate changes depend on factors like counties, cities, school districts, and the evaluated value of the house. Looking at these factors, it’s clear that homeowners control none of these variables, so the scope for incorrect property valuation certainly exists.
There are instances when the authorities in charge may incorrectly evaluate your property value, property size, and other such details, which may lead them to overvalue your property. If you're looking for one reason to file a tax appeal, it's because you deserve to pay the correct amount of taxes and not overpay them because of someone else's mistake.
How much can someone expect to save in property taxes?
The amount people can save via property tax appeal differs from property to property, as the applicable tax rates and exemptions on property tax are different for everyone.
If all the efforts required to challenge your property tax wouldn't save you real money, we'd be the first to advise you against it. However, after witnessing 500+ homeowners experience successful property tax appeals and saving more of their hard-earned money, we know that it's real, and you can benefit too!
What do these financial benefits look like?
Reduced property tax
This is the most obvious, direct, immediate, and tangible financial benefit of any successful tax appeal. Evan Brinkerhoff managed to save $18,000 under his homestead exemption with Bezit when he finally decided to challenge his property tax after paying it for three years without filing an appeal.
Possibility of a higher return on investment
A successful property tax appeal doesn't just benefit homeowners, but also real estate investors who have to pay a large chunk of their rental income as property tax. Hence, the lower the property tax, the higher the income you retain as profit from renting your space.
Better planning and budgeting finances
When you constantly live under the threat of receiving a high property tax bill, there's only so much you can allow yourself to invest in other aspects, such as renovating, repairing, and updating interiors, whether residential or commercial.
On the other hand, when you have the confidence (and a partner like Bezit) and assurance that you will be able to protest for a lower property bill, you're in a better position to make wise budgeting decisions and have extra money to spend on essentials and luxuries alike.
Improved property value
This benefit may sound ironic, but a property with a lower tax bill automatically becomes a lucrative option for potential buyers and investors. The reduced tax liability may attract real estate investors and aspiring homeowners to bank their money on a property where they can yield higher income through rents and save a significant amount, respectively. This demand may potentially increase the property value for an existing homeowner.
Legal and professional fee recovery
We have a 90% appeal success rate at Bezit. We don’t want our customers to dig deep in their pockets, which is why the expenses associated with our appeal process are pretty low. To put it simply, people who successfully protest their property taxes with Bezit tend to recover our charges and then some in the form of reduced tax bills.
One-time process, long-term savings
One of the most incredible, yet less discussed financial benefits of protesting your property tax assessment is dodging the bullet of an inaccurate evaluation of your property not for one or two, but a minimum of three years. In Texas specifically, Tax code section 25.18 orders the reappraisal of properties at least once every three years.
This means that a successful property tax appeal in year one can be valid for three assessment cycles, so homeowners can continue to pay the reevaluated tax bill without protesting it every year.
Financial aid during hardships
A dollar saved on a property tax bill can mean a dollar earned for spending on other necessities for someone going through tough financial times. In such cases, a successful tax appeal can provide great relief by reducing an overestimated tax burden.
Hidden savings in saved time
One of our clients, Padmini, is a busy homemaker in Texas whose husband travels frequently for his job. She is one of those property owners who would happily trade their money for more time and reliable service.
When Padmini came to us at Bezit, we quickly understood that she valued swift service. We filed her appeal and she soon received the county's decision in her favor. The entire process, from application to judgment, was done in a matter of weeks with just a few clicks. Additionally, she didn't have to share a large chunk of her savings with Bezit, as she had previously done with the other agencies.
At Bezit, we are dedicated to empowering Texans to successfully protest their property tax bills and only pay based on an accurate assessment of their property.
Remember, a successful property tax appeal is not just about saving, but also earning. The benefits are clearly too many and too important not to take the leap of protesting your property tax bill at least once. Whenever you're ready to do that, we're here for you at Bezit!
