Possible Texas Property Tax Exemption for COVID-19 Damage (From Ryan Tax Alert issued April 17, 2020) That being said, an aggressive approach to value reductions this year is paramount to ensuring you pay no more than the law allows.
Appraisals generally lag market variations by 12 to 18 months as data points become available over time.
Rent abatements, declines in revenue, vacancies, co-tenancy issues, debt covenant violations, and a modified outlook as a result of COVID-19 cannot be ignored in 2020. These arguments will be difficult, as taxing jurisdictions are already hurting from other lost sources of tax revenue. While the counties are publicly stating that COVID-19 is a 2021 issue for valuation purposes, Ryan plans on presenting the real-world issues as they exist. All the major counties and their appraisers will be working informally right up to the hearing date, just like any other year. Tarrant County’s protest deadline could be as late as June 1, 2020.Īll across Texas, appraisal districts are gearing up to handle Appraisal Review Board hearings by phone or Zoom technology. Taxpayers continue to have the right to be heard through affidavit as well. Therefore, protest deadlines are June 15 in Collin County and Dallas County, while Denton County’s is 30 days from the mailing of notices, most of which will fall on May 29. Value notices will be mailed May 15 in Collin County and Dallas County. Tarrant County issued notices on May 1, 2020. Denton County CAD got most values out on time (approximately April 30, 2020). Collin County CAD extended the Agricultural Land Exemption filing deadline from April 30 until June 1, 2020. The Business Personal Property filing deadline has been extended from April 15 to May 15. This has put the DFW area chief appraisers in a very tough situation.ĭallas Central Appraisal District (CAD) has extended the Apdeadline to file Freeport Exemptions until June 15, 2020.
Unfortunately, DFW is experiencing the harmful impacts of the COVID-19 “shelter-in-place” orders, resulting in high unemployment and catastrophic losses for hotel owners, retailers, restaurants, and many other businesses. Dallas/Fort Worth (DFW) has been one the fastest-growing and desirable real estate markets in the country since we came out of the Great Recession of 2008/2009.