If you are not satisfied with the outcome of your formal appraisal review board hearing Tax Code Chapter 41A gives property owners meeting certain criteria the option of requesting binding arbitration. This filing is required to be filed not later than 45 days after receiving the order of determination from the appraisal district.
Below is a list of frequently asked questions regarding this program and what is required for property owners to qualify.
|Property Type||Appraised or Market Value||Deposit|
|Residence homestead||$500,000 or less||$450|
|Residence homestead||More than $500,000||$500|
|Not residence homestead||$1 million or less||$500|
|Not residence homestead||More than $1 million but not more than $2 million||$800|
|Not residence homestead||More than $2 million but not more than $3 million||$1,050|
Form 50-791 Appointment of Agent for Binding Arbitration
The parties to arbitration may represent themselves or be represented by an attorney, a licensed real estate broker or salesperson, a certified real estate appraiser, a property tax consultant or a certified public accountant. These agents must have written authorization (Comptroller Form 50-791) signed by the property owner. Note: a lawyer does not have to have this authorization.
No. The arbitration proceedings are binding. An arbitration award may be vacated under limited situations (Civil Practices and Remedies Code Section 171.088). An appeal of the arbitrator's award in district court cannot be filed if you are simply dissatisfied with the value determination.
The chief appraiser may only correct the appraisal roll if the arbitration award is below the order of determination.
The decision of the arbitrator is final and binding on both parties. By arbitrating the dispute you agreed to abide by the arbitrator's decision.