10 Jun Unraveling Property Taxes: Insights from Trey Cobb and Chad Lampe
Many property owners are unaware that they may be overpaying on their taxes, potentially leaving significant money on the table. In a recent episode of The Jeff Crilley Show, property tax experts Trey Cobb of Kirkwood and Darby, Inc and Chad Lampe of Norred Law discussed key elements of property tax appeals, including a groundbreaking approach to litigation that could transform how Texans challenge their appraisals. With a staggering 80% of property owners believed to be overpaying, now is the time to understand your rights and options.
The Mass Appraisal Method Explained
Trey Cobb explained that the method used by appraisal districts to determine property values is known as mass appraisal. This statistical technique aggregates large datasets to estimate the value of properties, which often leads to inaccuracies when specific property characteristics are not well accounted for. The system does not necessarily prioritize fairness; rather, it focuses on defending the established values set by the appraisal district. As a result, a lack of individualized assessment can often lead property owners to overpay on their taxes.
A Paradigm Shift for Property Tax Appeals
Cobb and Lampe have introduced a revolutionary approach in property tax protests through multi-plaintiff litigation. Instead of individual lawsuits, which can be costly and time-consuming, they are spearheading a system that allows multiple property owners to come together and file a single petition against the appraisal district. This innovative model is designed to reduce litigation costs and streamline the process, making it more accessible for average taxpayers. By pooling resources and expertise, they aim to achieve more substantial results for property owners.
Understanding Your Rights as a Property Owner
Unfortunately, many property owners believe that once they receive their tax bills, they have no recourse but to pay what is owed. Cobb emphasized that this mindset has led to more individuals accepting inflated appraisals without question. However, both experts highlighted that taxpayers have rights and tools available within the tax code that can be leveraged to contest unfair assessments. With the knowledge and expertise that Cobb and Lampe provide, property owners can better navigate the complexities of tax appeals and protect their financial interests.
The Need for Professional Guidance
Litigating against appraisal districts can be intimidating, and many property owners are understandably hesitant to engage legal assistance due to perceived costs. However, Lampe reassured listeners that the expense can be manageable, especially through the multi-plaintiff litigation process they’ve developed. The advantage of having seasoned professionals with a wealth of experience is also significant — from straightforward disputes all the way up to arguments in the Texas Supreme Court. Their expertise allows them to inform clients of potential pitfalls and realistic expectations while helping to secure fair valuations.
A Call to Action for Property Owners
As the conversation concluded, both experts encouraged property owners to reconsider their investments and engagements with tax assessments. With strategies in place to potentially secure up to a 25% reduction in property values based on unequal appraisal, there has never been a better time to take action against unfair assessments. If you’re unsure of how your property stacks up against the market or are worried about overpaying, now is the time to consult with a knowledgeable advisor who can guide you through the process.
Ultimately, navigating property taxes need not be a daunting experience. With the right tools and insights available, you can take control of your tax obligations and ensure you’re not leaving any money on the table.
For more information, visit Kirkwood and Darby, Inc.