2012 Appraisal value thread (sale, home, buyer)

[atxcio]

Originally Posted by mickey65

Doesn't anyone homestead their house? If you did, they couldn't go any higher than 10% for the increase each year!

They can increase the appraisal as much as they want, but the taxable value can only go up by 10% with the homestead exemption. So when you look at the records, you'll see a different number sometimes for appraised and taxable value (taxable value amounts take different exemptions into account for ISD, city, county etc.. since they all offer different exemptions).

[JohninAustin]

Looks like the appraisals came in about the same as last year for most people.....but don't be fooled! There are A LOT OF LOW SALES this last year that make for great comparables to LOWER your property taxes. I can not stress enough that everyone here should protest their taxes now! They will be going up next year as the market is exploding.... so take advantage of the lower comparables from this last year. It's very easy to protest yourself or you can find a some company to do it for you for percentage of what you save. (expample: The cheapest place I found online that takes 33% of your tax savings is DiscountPropertyTaxes.com)

[Exiled Texan]

If I renovated my home, but didn't add any square footage, are they still confined to 10% increase? Yes, I filed all my permits, etc.

A little nervous as my appraisal amount is seemingly pending. They actually visited our house the other day.

[G Grasshopper]

Circle C: mine went up about 3.4 %.

[CptnRn]

Originally Posted by Exiled Texan

If I renovated my home, but didn't add any square footage, are they still confined to 10% increase? Yes, I filed all my permits, etc.

A little nervous as my appraisal amount is seemingly pending. They actually visited our house the other day.

The tax assessor usually does follow up and inspect after a building permit is cleared. They did when I added a deck.

[camelian]

Originally Posted by mickey65

Doesn't anyone homestead their house? If you did, they couldn't go any higher than 10% for the increase each year!

How does homesteading work if the purchase price last year was higher than tax value for 2012? My tax value dropped 26.5%..40k lower.

I was going to homestead because 2011's value was way inflated but now 2012's value is slightly under. If I homestead, would it increase the tax value for the year?

[Exiled Texan]

Originally Posted by CptnRn

The tax assessor usually does follow up and inspect after a building permit is cleared. They did when I added a deck.

Yes, they stopped by last week. Are they capped at all?

[JohnHenrySDM]

When a property changes ownership, the first year under new ownership can see a huge increase in taxable value because they need to 'catch up' with appreciation for all the years the previous owner had the 10% homestead cap. Is that correct?

[mickey65]

Originally Posted by JohnHenrySDM

When a property changes ownership, the first year under new ownership can see a huge increase in taxable value because they need to 'catch up' with appreciation for all the years the previous owner had the 10% homestead cap. Is that correct?

I don't think so. My house was NEVER homesteaded in all the years since 1984 that it was owned (based on the country records of it on-line). My house was assessed at a certain price for selling, and it's been dropping down to it's "correct" value in the last 4 years since I've owned it.

[G Grasshopper]

Originally Posted by JohnHenrySDM

When a property changes ownership, the first year under new ownership can see a huge increase in taxable value because they need to 'catch up' with appreciation for all the years the previous owner had the 10% homestead cap. Is that correct?

When we bought our house, in April of 2011, it already was homesteaded by the prior owners. We we told that it would stay homesteaded with us, but we would have to request a transfer in the fall. We did that. I don't believe the taxes went up, and my impression is that the house always kept its homesteaded status.