APPRAISAL DISTRICTS

Appraisal districts are administered by a chief appraiser who, assisted by his staff, oversees the day-to-day operations of the district. The function of the appraisal district is to appraise properties and administer exemptions. More information regarding appraisal districts can be found at:

https://comptroller.texas.gov/taxes/property-tax/resources/

Value

Appraisal districts follow the provisions of the Texas Property Tax Code. The Tax Code requires that, unless otherwise provided, that all taxable property be appraised at its market value as of January 1st of that tax year. The Tax Code defines “market value” as:

“The price at which a property would transfer for cash or its equivalent under prevailing market conditions if: (A) exposed for sale in the open market with a reasonable time for the seller to find a purchaser; (B) both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and (C) both the seller and purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other.”

Exemptions

While they do not affect the market value of the property, exemptions "exempt" or excuse a portion of the value of the property from taxation. Homestead exemptions apply only to the property owner’s principle residence. Homestead exemptions include a general homestead, over 65 homestead, disabled person homestead, and 100% disabled veteran’s exemption. More information regarding exemptions can be found at:

Notices

Every year, around April 15th, Collin CAD delivers a “Notice of Appraised Value” to every property owner. This appraisal notice communicates to the property owner important information such as:

  • the prior year’s certified value,
  • the current year’s proposed value,
  • any exemptions or special valuations granted, and
  • the property owner’s protest deadline.

These annual notices also include other important pieces of information of interest to the property owner.