Notice of Appraised Value

[mickeyd]

I recently received the 2015 appraisal notice from the county appraisal district and I was pi**ed that I had an increase of 5% over last year. Evidently I was more fortunate than I initially thought.

An article appeared in the Friday paper indicating that valuations on residential property, countywide, was up 11%. The article mentioned individual residential properties that had increases of 52% and 71%. No doubt they will appeal. Last year there were 63,000 protests. Expect more in 2015.

Maybe I will not protest this year.

 

[REWahoo]

My BIL in Georgetown just got hit with a 27% increase in appraised value. This was on top of a 20% increase last year. He got that one reduced to around 10% through an informal appeal but plans on doing some serious homework and going the formal appeal route this year.

I haven't seen ours yet - can't wait.

 

[brewer12345]

Just got ours and it was up 30%. That actually reflects the real market here. Not sure it is worth protesting.

 

[audreyh1]

I recently received the 2015 appraisal notice from the county appraisal district and I was pi**ed that I had an increase of 5% over last year. Evidently I was more fortunate than I initially thought.

An article appeared in the Friday paper indicating that valuations on residential property, countywide, was up 11%. The article mentioned individual residential properties that had increases of 52% and 71%. No doubt thy will appeal. Last year there were 63,000 protests. Expect more in 2015.

Maybe I will not protest this year.

Appraisals can be all over the map.

We hired an office to contest/appeal appraisals. Several folks in our development used them. They've been able to bring down the appraisal quite a bit - especially last year. They work on 40% of the tax savings.

 

[grasshopper]

Round here appraisals have been dropping for 3 years, but they jacked up the tax rate. So you can fight the appraisal but who would if it's dropping, but you can't fight the set tax rate.

 

[eytonxav]

Our appraised value increased 10%, while the market value increased 15%. I was under the impression that appraised values in Texas could not increase more than 10% YOY, is that not correct?

 

[harley]

I inherited my Mom's river house last year. It's pretty beat, and pretty far out in the boonies. Last year's appraisal was ~$155K, this year's is $255K. That's a 65% increase, and it's all on the land. The house value stayed the same. There's no way of knowing the fair market value, since nothing has changed hands down there in more than 5 years.

I was thinking about fighting it, but I think I'm going to sell it in the next year or so. Whoever buys it (probably at a price closer to last year's appraisal than this one) can get the value reset to the sales price. They make the process to fight it pretty difficult, and I'm just too busy to deal with it now. Still, it's pretty annoying.

 

[REWahoo]

I was under the impression that appraised values in Texas could not increase more than 10% YOY, is that not correct?

Residential homestead tax increases in TX are capped at a maximum of 10% per year, but the appraised value of your property has no increase limit. IOW, a house valued at $100K in 2014 can see an increase in appraised value of any amount, but cannot be taxed in 2015 for more than a value of $110K.

 

[mickeyd]

I was under the impression that appraised values in Texas could not increase
more than 10% YOY, is that not correct?

I have heard that also.

I read this tho " The appraisal district is mandated to appraise value at market value and market value is defined as what a property sells for"

I'm sure that it all makes sense to someone.

 

[iac1003]

Our house in Austin has been appraised at 22% higher than it's value from 2010 until now in 2015. But a neighbor's just sold for $100,000 more than what was paid 2 years ago.

Too bad the tax collector is a friend and neighbor.


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[imoldernu]

In our part of Illinois, (and Cook County {Chicago}) we not only have a homestead exemption, but also a Senior Tax Freeze... Don't know if other states have this kind of relief. It has certainly helped us, as we first filed in 2004, and have not had a base tax rate change since.

The Senior Citizens Assessment Freeze Homestead Exemption
(35 ILCS 200/15-172) allows you, as a qualified senior citizen, to
have your home’s equalized assessed value (EAV) “frozen” at a
base year value and prevent or limit any increase due to inflation.
The base year generally is the year before the year you first qualify
and apply for the exemption. For example, if you first qualify and
apply in 2015, your property’s EAV will be “frozen” at the 2014 EA

Is this available in other states?

 

[audreyh1]

Our appraised value increased 10%, while the market value increased 15%. I was under the impression that appraised values in Texas could not increase more than 10% YOY, is that not correct?

If you are homesteaded (you are a Texas resident, it is your primary residence, and you've applied for the homestead exemption), your annual increase is capped so that it won't go up more than 10% a year. Which slows the rise, but does not eliminate it.

 

[pb4uski]

In our neck of the woods, tax appraised values are theoretically supposed to be fair market value, but in practice, they are generally below fair market value, I suppose since taxpayers are less inclined to grieve their appraised value if it is below what they think the fair value of the property is.

I'm more focused on how my tax appraisal value is compared to the tax appraisal value of comparable properties since I'm fine with paying my fair share, but not more.

 

[Texas Proud]

My MARKET appraisal increased by 27%....

My TAX appraisal increased by 10%... the max by state law in Texas...

These are two different numbers, but most of the time they are the same..


Fighting with the appraisal district is useless in that as long as the market value is higher than the tax appraised value you do not get any savings... so if I fought and won, I would not save anything if I were able to chop off 17% of that 27% increase...

 

[RonBoyd]

Recent articles in the Denver Post:

Metro Denver homeowners should brace for tax increases, assessors warn - The Denver Post

Property values across the metro area are popping through the roof, and owners should prepare for higher property taxes in the years ahead, according to a report Wednesday from county assessors.

"Property values across Denver have recovered from the recession, reflecting the desirability and growth of the city," said Denver assessor Keith Erffmeyer.

That's good news for local government revenues, but higher property tax bills are the trade-off.

Final property tax bills months away - The Denver Post

Denver home values are up 29.6 percent between June 30, 2012, and June 30, 2014. But that is only a median. Home values rose a startling 69 percent in Globeville, with nearby Elyria-Swansea at 68.3 percent.

Higher taxes are on the way, but they won't match the increase in property values dollar for dollar, assessors said.

For starters, those who disagree with the value assessors have determined get until June 1 to protest and knock them lower.

 

[EastWest Gal]

In 2010 our house was reassessed at $100000 more than 2005, and way over its market value. Do was everyone else in the county. Made an appt for an appeal. The office was wall to wall with homeowners appealing their assessment. We lost the informal appeal.

Went home, hired an appraiser, cost about $300. She did a heck of a report. Took our case to formal appeal and one, saving loads of money. Many people I know complained but did nothing. If you think the assessed value is above market it's not that hard to get an appraiser on your own then do a formal appeal. It beats over-paying property taxes for several years.




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[MichaelB]

I've noticed a couple of years now where real estate prices are clearly rising but the assessed value of my home has remained flat. A large increase this year or next would not be a surprise.

In the Chicagoland area attorneys specialized in presenting valuation appeals are available, the fee is contingent on a successful case and they charge a % of the tax savings.

 

[Bamaman]

I recently received the 2015 appraisal notice from the county appraisal district and I was pi**ed that I had an increase of 5% over last year. Evidently I was more fortunate than I initially thought.

An article appeared in the Friday paper indicating that valuations on residential property, countywide, was up 11%. The article mentioned individual residential properties that had increases of 52% and 71%. No doubt they will appeal. Last year there were 63,000 protests. Expect more in 2015.

Maybe I will not protest this year.

While Texas doesn't have a state income tax, they do kill you on property taxes. And a 5% increase is a lot of money when property taxes are too high to begin with.

My buddy in North Dallas sold his house because his property taxes raised to $50K. A bare 75' x 220' lot up there goes $1.6 million.

We moved to Alabama because of their low property taxes. With 3500 square feet and 4 acre yard, our taxes would be just over $600. But my wife is disabled and we are excluded from paying property taxes.

After all, how often do you feel that your local politicians are good stewards of your tax dollars? This is something to consider when you are looking for some place to retire to.

 

[REWahoo]

While Texas doesn't have a state income tax, they do kill you on property taxes. And a 5% increase is a lot of money when property taxes are too high to begin with.

My buddy in North Dallas sold his house because his property taxes raised to $50K. A bare 75' x 220' lot up there goes $1.6 million.

We moved to Alabama because of their low property taxes.

Good move.

Maybe more Texans will follow your lead.

 

[eytonxav]

IIRC, the other thing in Texas, and possibly elsewhere, is the impact of the O65 exemption, which does freeze taxable value for things like school tax to the year you turned 65. For me, that is the biggest component of my tax bill

 

[Rustic23]

Texas Over 65

"Over-65 Homestead Exemption
You may qualify for this exemption on the date you become age 65. You must submit proof of
age. Acceptable proof includes a copy of the front side of your driver's license or a copy of your
birth certificate. If you qualify for the Over-65 Exemption, there is a property tax “ceiling” that
automatically limits School taxes to the amount you paid in the year that you qualified for the
homestead and Over-65 exemption. A County, City or Junior College may also limit taxes for the
Over-65 Exemption if they adopt a tax ceiling. Tax ceiling amounts can increase if you add
improvements to your home (i.e., adding a garage, room or pool).
In addition, Over-65 homeowners who purchase or move into a different home in Texas may also
transfer the percentage of school taxes paid, based on the former home’s school tax ceiling.
This is commonly referred to as a Ceiling Transfer. To transfer your tax ceiling for the purposes
of County, City or Junior College District taxes, however, you must move to another home within
the same taxing unit. You must request a certificate from the Appraisal District for the former
home and take it to the Appraisal District for the new home, if it is in a different district. "

And there is Deferral.

"Over-65 Tax and Disabled Person Deferral
If you are a homeowner who qualifies for the Over-65 or the Disabled Persons exemption, you
may also defer or postpone paying any property taxes on your home for as long as you own and
live in it. Check with your appraisal district for information about how to apply for this
postponement. It is important to note that this deferral only postpones your taxes and does not
cancel them. It also accrues eight (8) percent interest annually until the deferral is removed. When
the property is sold or comes under the ownership of heirs, the taxes and accrued interest
becomes payable.
Note:If you have an existing mortgage on your residence, the tax deferral does not prevent your
mortgage company from paying delinquent taxes; a tax deferral applies only to the collection of
taxes. "

Several Texas Counties also have instituted a Ceiling. The one we live in does, however I think the number of counties that have done this is less than ten. I know of no cities that instituted it.

 

[audreyh1]

While Texas doesn't have a state income tax, they do kill you on property taxes. And a 5% increase is a lot of money when property taxes are too high to begin with.

My buddy in North Dallas sold his house because his property taxes raised to $50K. A bare 75' x 220' lot up there goes $1.6 million.

We moved to Alabama because of their low property taxes. With 3500 square feet and 4 acre yard, our taxes would be just over $600. But my wife is disabled and we are excluded from paying property taxes.

After all, how often do you feel that your local politicians are good stewards of your tax dollars? This is something to consider when you are looking for some place to retire to.

LOL! Somehow my property taxes haven't been that bad. Perhaps because I don't live on a large expensive property or near the largest metropolitan areas.

Congrats on your move!