86% of Denton County homes are valued at more than 100% of market value for the 2023 tax year.

DALLAS, TEXAS, UNITED STATES, April 27, 2023/EINPresswire.com/ -- Factual Background:
Median Home Sale Price in January 2023: $420,000
Median Home Assessment for 2023: $465,748
Excess Assessment over Market Value: $45,748
Extra Property Taxes at 2.7%: $1,235

The typical home in Denton County has a property tax assessment 10.2% higher than its January 2023 market value. Texas Tax Code is clear that property is to be valued as of January 1 of each year.

Denton County home prices spiked 21% from $420,000 in January 2022 to $507,500 in May 2022, based on a study of 15,123 Denton County home sales during January 2022 to March 2023. After spiking during the first part of the year, prices tumbled 17% back to $420,000 in January 2023.

Assessment Increases versus Market Value Increases

O’Connor’s analysis shows a 0% increase in Denton home sales prices while the North Texas Association of Realtors^® report a 3.9% increase for the Dallas Fort Worth metroplex. However, Denton County Appraisal District increased assessed values for homes by 28.4% for tax year 2023. Consequently, 86% of Denton County houses are valued at more than 100% of market value while 14% are valued at market value or lower.

Denton County Appraisal District is not alone in over-valuing houses. As illustrated in the table showing of tax assessments for houses in 15 counties; 13 counties over-valued houses.

Denton County residential property over $1.5M have shown the sharpest increase in assessed value at 42.8%. Homes in Denton County with the greatest assessment increases are houses with between 6,000 to 7,999 sq. ft. at 39% increase and houses over 8,000 sq. ft. at more than 35% increase in assessed value. Denton County property owners with homes built since 2001 have a 31.9% rise in assessed value, the most among all ranges.

Both residential or commercial property owners in Denton County and in many other counties across the state of Texas are seeing enormous increases in assessed value. Remember, you do not have to accept the new appraisal value, it is your right to appeal. Don’t pay more than your fair share. Record levels of property tax protest are expected to follow. The deadline to file a property tax protest is May 15th.

About O'Connor:
O’Connor is among the largest property tax consulting firms in the United States, providing residential property tax reduction services in Texas, Illinois, and Georgia, as well as commercial property tax reduction services across the United States. O’Connor’s team of professionals possess the resources and market expertise in the areas of property tax, cost segregation, commercial and residential real estate appraisals. The firm was founded in 1974 and employs more than 600 professionals worldwide. O’Connor’s core focus is enriching the lives of property owners through cost effective tax reduction.

Property owners interested in assistance appealing their assessment can enroll in O’Connor’s Property Tax Protection Program ™ . There is no upfront fee, or any fee unless we reduce your property taxes, and easy online enrollment only takes 2 to 3 minutes.

Patrick O'Connor, President
O'Connor
+1 713-375-4128
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
YouTube

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.