If you are a Texas homeowner, then you know just how significant the changes in the North Texas real estate market can be, not just for your home’s value but also for your property taxes.
In this blog post, we'll explore what's happening in North Texas real estate right now—and how shifts in your local real estate market affect your property tax burden.
Despite recent drops in home prices in the North Texas real estate market, prices have grown exponentially since 2020.
According to the Dallas Morning News, Dallas-Fort Worth home prices rose 16.3% between September 2021 to 2022. Although prices have begun to decline in the past few months, with home prices decreasing about 4.4% since June, the average home’s value has still increased drastically from the previous year.
However, prices may continue to decline in response to the current economic conditions and increasing mortgage interest rates. With the average rate for a 30-year mortgage in rising above 7%, demand for North Texas real estate will likely continue to decrease.
The rising cost of housing in Northern Texas has led to an affordability crisis for many families who have seen their buying power decrease due to high inflation and static wages. In addition to these aspects of the economic environment, skyrocketing home prices and 20-year-high mortgage interest rates have placed a greater financial burden on homeowners in the region.
On top of all this, local property taxes have been steadily increasing, putting further strain on household finances and threatening the financial security of many Texans. The circumstances have presented challenges that are difficult for many households to overcome, and it is clear that major action needs to be taken to reverse these trends and ensure safe and secure housing for every family.
While more extensive property tax reforms are necessary to ensure everyone pays their fair share, filing a property tax protest allows Texas homeowners to save money this year while they wait for such changes to occur.
Homeowners in Texas have the opportunity to reduce their property tax burden by filing a property tax protest. Through this process, you can challenge your home’s appraisal value and, if successful, lower your property taxes.
Given the recent increase in home prices, it’s more important than ever to make sure you are doing everything possible to reduce your property taxes. Filing a property tax protest is an easy way to do this, and Watchtower Protest makes it even easier by taking care of the entire process for you.
Our risk-free services mean that you have nothing to lose, so why not sign up today and see how much we can save you on your property taxes?
Property tax in Montgomery County - a property tax consultant can help you manage your tax obligations, exemptions, deductions, and how to challenge your assessment.