(Modified in part from Taxpayers’ Rights, Remedies & Responsibilities as published by the Texas Comptroller of Public Accounts.)
The appraisal process begins when the Appraisal District places a value on your property reflecting its condition and market value as of January 1. The Jefferson County Appraisal District conducts a complete, countywide reappraisal once every two years. Reappraisals are conducted in odd-numbered years. In between reappraisals, however, the Appraisal District may reappraise certain properties and/or areas of the District as necessary to maintain a level of appraisals reflective of current market values.
The Appraisal District uses mass appraisal techniques to appraise the 150,000+ parcels of property within its jurisdiction. In mass appraisal, the Appraisal 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 the typical property values to appraise all of the properties in the class.
For individual properties, the Appraisal District may use three common methods to value property: market, income, and cost approach.
The market approach is most often used and simply asks, "What are properties similar to this property selling for?" The value of your home is an estimate of the price your home would sell for on January 1. The Appraisal District compares your home to similar homes that have sold recently and determines your home’s value.
The District uses the other methods to appraise types of properties that do not often sell, such as utility companies and oil leases. The income approach asks, "What would an investor pay in anticipation of future income from the property?" The cost approach asks, "How much would it cost to replace the property with one of equal utility?"
Each year in late April to mid-May the Appraisal District mails out a Notice of Appraised Value to every property owner in the District. This notice indicates the proposed value for the year, any exemptions that may apply to you, and informs you on how to appeal if you do not agree with the valuation. For more information on filing an appeal, called a Notice of Protest, please refer to the Section entitled "Protest - Before Protest Deadline".