AMARILLO, Texas (KAMR/KCIT) — The Potter-Randall Appraisal District said most home owners’ property values have likely increased since 2020, which could lead to an increase in property taxes.
PRAD’s Chief Appraiser, Jeffrey Dagley, said they appraise all properties in Potter and Randall Counties at market value.
“So, that’s market value as of January first, what that property would sell for, on the open market, willing buyer willing seller. No one taking advantage of the other one,” Dagley said. “We’ll look at the sales that have occurred in the last year, in 2020. We’ll look at the first couple months of 2021 and our appraisals just reflect what the market is doing.”
Dagley said supply and demand in the housing market are driving the increases in appraisals.
“We have a low supply of housing, construction costs have increased, mortgage rates are low. So, that’s, all those things are driving the values of properties up,” said Dagley.
However, he said higher appraisals could mean an increase in your property taxes.
“It is good because the property that you’ve purchased is not going down in value, so it’s a good investment but yes, eventually, the higher it goes, your property taxes could go up,” he continued.
According to Dagley, PRAD only sets the appraised value, then passes it on to taxing entities.
“The entities set a budget and then they determine what their tax rate should be based on the values that we’ve set, to collect enough taxes to fund their budget.”
Taxing entities include counties, cities, school districts, and more. Dagley said those entities do not have any input in PRAD’s appraisals.
He also said school districts are where the majority of property taxes dollars go.
“They don’t have any communication with us, to what the values are. The appraisal district was set up to be independent from all the entities,” said Dagley. “You have the appraisals happening in one place that’s independent from where the tax rates and budgets are set.”
If you disagree with your property appraisal, Dagley said you can protest it.
“If you think it is too high, you can feel free to come down to our office and visit with an appraiser or give us a call, we’ll visit with you and try to give you some more details about maybe your specific neighborhood,” Dagley continued, giving instructions for filing a protest. “You can do that with the form that we send to you. So, notice of protest forms, mail that into us. Also you can go on our website and file a protest there on our public portal.”
Dagley said there are also a handful of exemptions you might qualify for.
He said, “If you look at your notice and it is your primary residence, there’s exemptions that you’re entitled to. The residence homestead exemption saves you quite a bit on your school portion of your taxes. If you’re 65 or older, there’s an age exemption. There’s a disability exemption veterans exemptions. If you’re a disabled veteran, then you’re entitled to any of those. If you think you’re entitled to some exemption that would help you on the property tax side of it, we administer those exemptions.”