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By ROY MAYNARD
Staff Writer

About 300 property owners filed formal protests over their property’s worth, the Smith County Appraisal District indicated.

The deadline for filing a protest is 30 days after a property owner receives the appraisal notice. More than 40,000 notices were sent out on May 2.

“For most of our owners, that deadline is going to be around June 2,” says Chief Appraiser Mike Barnett. “But there are some notices that went out a little later, and we’re still sending some business personal property notices, so, those deadlines will be later.”

The first step is to go the Appraisal District office at 245 SSE Loop 323.

“We encourage property owners to come in and visit with an appraiser, so we can look at the record,” Barnett says. “We also ask that folks go ahead and familiarize themselves with the market. It’s to their benefit to be informed, with knowledge of recent sales and recent listings in their area.”

Appraised values are determined by market conditions in a specific neighborhood, he explains. An appraiser will review information with a property owner.

“In most instances, we’re able to review and reach an agreement,” Barnett said. “But if we’re unable to, they can file a written protest. We’ll provide the form.”

Property owners are then given a hearing before the independent Appraisal Review Board, with a notice of the time and date provided at least 15 days in advance.

“At that hearing, the Review Board will consider any evidence and any information the property owner has to share with them,” Barnett says. “The board will also hear from the Appraisal District, and hear our reasons.”

The board will take a vote at the conclusion of testimony.

Property owners who still aren’t satisfied have two options, Barnett says.

“They can file suit and go to (state) district court,” he says. “That has to be done within 45 days. There’s another option now, and that’s going to binding arbitration. That also must be filed within 45 days.”

In 2007, the district handled about 3,000 formal protests. The majority of those were commercial properties.

The appraisal notices mailed earlier this month show that Smith County continues to defy nationwide trends of declining home values, Chief Appraiser Mike Barnett says.

Notices were mailed for properties whose values have increased by $1,000 or more or have new owners.

Although home prices are down nationwide — an estimated 15 percent since July 2006 — values in Smith County continue to increase, Barnett says.

The most recent figures from the Office of Federal Housing Enterprise Oversight show a gain of about 4 percent in residential values in the Tyler area for 2007. The appraisal district has not calculated average home values for local taxing entities.

But, Smith County’s taxable values rose from $12.5 billion for 2007 to almost $13.3 billion for 2008, according to the appraisal district. That’s an increase of 6 percent. Of that figure, $338.18 million was new construction. Last year’s increase was 9.7 percent.

For more information about appraisals or the protest process, contact the appraisal district at 903-510-8609.