As it begins sending out its annual property tax appraisal notices, the Denton Central Appraisal District says there’s been an unprecedented 25% increase in market value for single family residential properties in the past year.
The agency sent out its first batch of 2022 appraisal notices for county property owners this week, and it is preparing for many of those appraisals to be protested. According to news releases from the agency, there are about 175,000 accounts in the first round of notices that were mailed on Monday. A total of more than 350,000 notices will be mailed over the next few months. The deadline to file a protest is 30 days after the date the notice was mailed.
DCAD is expecting more than 120,000 protests amid this “unprecedented market appreciation,” the agency said.
“Denton County continues to grow at an incredible rate,” the DCAD news release said, citing a housing shortage and low mortgage rates. “The high demand for houses and historically low inventory contributes to a drastic increase in median home sale price for Denton County from about $345,000 in 2021 to over $420,000 in 2022 … All these factors continue to drive up existing values and are the source of Denton CAD’s estimated 25% increase in market value for single family residential properties in 2022.”
After receiving lots of feedback last year regarding the agency’s online protest portal, DCAD is also launching a new online protest portal this month to allow taxpayers to upload more evidence quicker than before, and to allow appraisers to quickly and easily exchange emails with taxpayers through the portal. Most protests will be handled in informal meetings with DCAD appraisers, while some will go to Appraisal Review Board hearings. DCAD expects there to be more than 10,000 such hearings between May 23 and July 15.
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