We bought a house in Houston three months ago for $169K. After the purchase, we sent in a request to the County Tax office to transfer the property to our names. Today, we check the County Tax office website and find out that the property has been transfered to our names. However, the appraisal of our property is shown at $179K. Can we protest the appraisal from the County Tax office by showing them our purchased price? By the way, the tax value of this property was $162K the last two years.
2007-08-05 04:32:38 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I'm not sure if you are not looking at a double edged sword on this one.
One side will lower your tax liability but the other side builds instant equity for you and you are in a better position if and when you decide to refinance and or sell the property.
In the future, appraisers will take or can take into consideration the tax assessed value, as a means of attaching a value to your home.
Just some food for thought.
2007-08-05 04:39:37 · answer #1 · answered by LadyB!™ 4 · 0⤊ 1⤋
1
2016-04-21 18:01:03 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Yes, but you'll probably have to wait until next year. It's too late for value protests in TX now if memory serves correctly. Contact the local appraisal district. They'll give you a package on challenging the property valuation. A recent sale of the property is the best basis for challenging the valuation and these are generally approved very quickly.
State law in TX requires that the property valuation for property taxes be closely related to the fair market value of the property. Formal re-valuations occur about every 3 to 5 years with interim adjustments based upon statistical analysis. That said, it's more art than science and a recent arms-length sale is the best proof of the true value of the property.
2007-08-05 04:45:45 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Typically, to protest the appraisal, you have to present evidence/justification for the value that you think it should be appraised at (needs foundation work/roof leaking/energy costs/termites/a contracted appraisal,etc.). Physical evidence is most effective (photos, documents, appraised values of similar properties in the area, etc.). If not, it sounds like you got a good deal on your house from their perspective, unless you can prove otherwise. In other words, the burden of proof is on you unfortunately (at least that is how it is in my appraisal district a couple of hundred miles south of where you are). =)
2007-08-05 04:49:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The tax value and appraisal value are two separate things. Tax assessed value is just that, it is what they refer to as a mill rate the county charges on all properties to come up with an assessed value. The appraisal is the value most likely to produce a buyer, fair market value in other words.
So you can protest the Counties tax assessment, but understand they don't care about market value. And you have to have some pretty sound evidence that they assessment is unfair in comparison to your neighbors.
2007-08-05 04:38:49 · answer #5 · answered by Anonymous · 1⤊ 2⤋
What was the appraisal when you purchased the house? That appraisal would be useful in protesting the county's value.
2007-08-05 04:38:56 · answer #6 · answered by bdancer222 7 · 1⤊ 0⤋
The valuation used for tax assessment is not necessarily relative purchase price. Think of it this way. If you were extremely fortunate enough to purchase this property for $100,000, would you expect the tax assessment to reflect your good fortune ? Of course not. Tax assessment valuations are done based upon market value, and not on what you paid for the property.
If other comparable properties in your taxation district are similarly assessed, you have no complaint whatsoever.
2007-08-05 04:45:24 · answer #7 · answered by acermill 7 · 0⤊ 0⤋
you can protest -- just go to the clerks office and see how it is done. i would not hold out too much hope -- what the tax appraisal has listed and market valve of houses are rarely the same.
2007-08-05 04:38:41 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Thats not an appraisal, its what the county thinks its worth...its never quite in agreement...the jerks where i live say its worth 260, but i say i paid 186, and thats what i should pay, but they disagree, even though i have contested it.....
2007-08-05 04:59:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
it usually changes when the property changes owners. a mortgage appraisal is probably done differently than a real estate tax appraisal - you can discuss it and see what they say - it probably won't affect your taxes a whole lot
2007-08-05 04:39:12 · answer #10 · answered by Anonymous · 0⤊ 1⤋