The appraisal district must repeat its appraisal process for property at least once every three years.
To save time and money, the appraisal district uses mass appraisal to appraise large numbers of properties. In a mass appraisal, the district first collects detailed descriptions of each taxable property in the district. It then classifies properties according to a variety of factors, such as size, use and construction type. Using data from recent property sales, the district appraises the value of typical properties in each class. Taking into account differences such as age or location, the district uses â€œtypicalâ€ property values to appraise all the properties in each class. The appraisal district may use three common methods to value property: the market, income and cost approaches.
The market approach is most often used and simply asks, â€œWhat are properties similar to this property selling for?â€ The value of your home is an estimate of the price your home would sell for on Jan. 1. The appraisal district compares your home to similar homes that have sold recently and determines your homeâ€™s value.
Other methods are used to appraise types of properties that donâ€™t often sell, such as utility companies and oil leases. The income approach asks, â€œWhat would an investor pay in anticipation of future income from the property?â€ The cost approach asks, â€œHow much would it cost to replace the property with one of equal utility?â€
To Read more go to this site http://www.window.state.tx.us/taxinfo/proptax/
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