|
|
Notice of Appraised Value
05-02-2015, 12:49 PM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
|
Notice of Appraised Value
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.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
05-02-2015, 01:41 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
|
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.
__________________
Numbers is hard
|
|
|
05-02-2015, 02:09 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
|
Just got ours and it was up 30%. That actually reflects the real market here. Not sure it is worth protesting.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
|
|
|
05-02-2015, 02:11 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,001
|
Quote:
Originally Posted by 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 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.
__________________
Retired since summer 1999.
|
|
|
05-02-2015, 03:10 PM
|
#5
|
Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 2,464
|
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.
__________________
For me experiences are not good or bad, just different
|
|
|
05-02-2015, 03:32 PM
|
#6
|
gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
|
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?
|
|
|
05-02-2015, 03:42 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Location: No fixed abode
Posts: 8,764
|
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.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Anonymous (not Will Rogers or Sam Clemens)
DW and I - FIREd at 50 (7/06), living off assets
|
|
|
05-02-2015, 03:45 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
|
Quote:
Originally Posted by DFW_M5
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.
__________________
Numbers is hard
|
|
|
05-02-2015, 03:48 PM
|
#9
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
|
Quote:
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.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
05-02-2015, 03:53 PM
|
#10
|
Recycles dryer sheets
Join Date: Mar 2014
Posts: 257
|
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.
Sent from my iPhone using Early Retirement Forum
|
|
|
05-02-2015, 04:04 PM
|
#11
|
Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
|
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.
Quote:
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?
|
|
|
05-02-2015, 04:07 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,001
|
Quote:
Originally Posted by DFW_M5
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.
__________________
Retired since summer 1999.
|
|
|
05-02-2015, 04:23 PM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,263
|
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.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
|
|
|
05-02-2015, 05:10 PM
|
#14
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Posts: 17,203
|
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...
|
|
|
05-03-2015, 04:24 AM
|
#15
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 6,256
|
Recent articles in the Denver Post:
Metro Denver homeowners should brace for tax increases, assessors warn - The Denver Post
Quote:
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
Quote:
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.
|
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
|
|
|
05-03-2015, 05:05 AM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
|
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.
Sent from my iPhone using Early Retirement Forum
|
|
|
05-03-2015, 05:41 AM
|
#17
|
Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,581
|
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.
|
|
|
05-03-2015, 07:10 AM
|
#18
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
|
Quote:
Originally Posted by 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.
|
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.
|
|
|
05-03-2015, 07:48 AM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
|
Quote:
Originally Posted by Bamaman
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.
__________________
Numbers is hard
|
|
|
05-03-2015, 07:56 AM
|
#20
|
gone traveling
Join Date: Sep 2003
Location: DFW
Posts: 7,586
|
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
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|