property taxes and house sales (Austin: how much, buyer, closing)

[Tom Williams 9]

in regards to the hefty property taxes in Texas/Austin
if a house was bought a few years ago for lets say 600K
and they paid property taxes based on that 600k, so lets say
12k , and the house sells today for 800K how much does the new sale usually
affect the tax appraisal for the following year .... keep in mind that appraisals where we're from (Canada) are usually quite a bit lower than
market value usually (5 -10%)

thanks
TW

[austin-steve]

Well, the answer would be "probably not at all", except that each sale collectively affects the overall value of an area, as interpreted by the Country Appraisal Districts. In other words, a sale doesn't in and of itself trigger any sort of formal reassessment of value.

The one except is if the buyer or seller return the optional sales value survey that will be mailed out after a sale, and one of them volunteer the sales price to the County. That could result in a value increase the following year if the area in which the house is located is reassessed.

Steve

[VickyTexas]

....what I found interesting is that Texas is a non-disclosure state... the appraisal district sent me a letter after closing, nicely requesting that I provide them with the sale price and I delicately sent the letter through the shredder. ;-)