The RealValueIQ report matters because it gives you, the property owner, the information you need to effectively protest your proposed taxable value. In order to understand the value of the RealValueIQ Report, we must first look at the options a property owner has in Texas when protesting their value to demonstrate inequality and receive tax assessment relief.
Currently, property tax law provides three alternatives to demonstrate inequality and obtain tax assessment relief. Two of these methods require appeals based on “ratio studies using ‘market value’ to establish the median level of appraisal”. Using market value as a home value comparison is ineffective because Texas is a “non-disclosure” state. This title is given to states that do not have a law that requires price information be provided to third parties as part of a real estate sales transaction. The effect this has on a property owner, or even a real estate professional, is simple: it is hard, if not impossible, to find the accurate “market value” for comparable properties.
In addition to the two methods involving market values mentioned above, current law provides a third alternative based on “the median appraised values of a reasonable number of comparable properties appropriately adjusted”. This alternative provides a meaningful remedy that establishes an avenue for equity appeals for homeowners and commercial property alike. A taxpayer currently has the right to compare their valuation with those of other surrounding comparable properties. Further, the courts have consistently confirmed this option by stating, “If a conflict exists between taxation at market value and equal and uniform taxation, equal and uniform taxation must prevail.”
This is why the RealValueIQ report is important. It provides you, the taxpayer, with a reasonable number of comparable properties (instantly and for a low cost) that you can then use to protest your valuation with your local appraisal district. In the past, homeowners did not know where to go to locate this information or what to look for in the data. The RealValueIQ report does all of this for you – provides you with the report, and gives you an opinion of value to use when protesting your taxes. Now that Texas has allowed most homeowners to protest online, the ability to save money on your property tax bill has never been easier.