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Old 05-04-2015, 09:49 PM
 
4 posts, read 5,860 times
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We are getting ready to add a pretty substantial addition onto our house. It is our homestead here in Austin Texas and we are trying to understand how our property taxes will change. Do they automatically jump up to the value of your addition plus what it was previously valued at or can it only increase by 10% a year since it is our homestead? Our area (along with everyone elses area) has been skyrocketing and the homestead exception has been keeping it somewhat at bay but will the addition change it all? Any experiences/advice appreciated. Also if you have tips on local lenders that would be great to hear too Cheers!
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Old 05-05-2015, 07:25 AM
 
Location: Round Rock, Texas
10,742 posts, read 10,135,285 times
Reputation: 14237
Quote:
Originally Posted by rilmarie View Post
We are getting ready to add a pretty substantial addition onto our house. It is our homestead here in Austin Texas and we are trying to understand how our property taxes will change. Do they automatically jump up to the value of your addition plus what it was previously valued at or can it only increase by 10% a year since it is our homestead? Our area (along with everyone elses area) has been skyrocketing and the homestead exception has been keeping it somewhat at bay but will the addition change it all? Any experiences/advice appreciated. Also if you have tips on local lenders that would be great to hear too Cheers!
Ufcu or amplify are excellent local lenders.
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Old 05-05-2015, 07:26 AM
 
Location: Downtown Austin
6,097 posts, read 15,363,554 times
Reputation: 5065
The value of your home will increase, thus the assessed value will increase, thus your taxes will increase. Your home insurance will increase also, as will your utility bills.

The County will know about your remodel through the permits you must open to have the work done. Sometimes they don't catch adjust it right away, sometimes not at all (usually for unpermitted add-ons like a garage conversion).

Now, as to whether your 10% gets reset, that's a good question. Check the last iten on this page:
Travis Central Appraisal District

It looks like it would be capped at 10% of the old value plus the value of new improvements. Though it's so poorly written it's not 100% clear.

Steve

Last edited by austin-steve; 05-05-2015 at 07:43 AM.. Reason: typo
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Old 05-05-2015, 07:29 AM
 
Location: Austin, TX
12,750 posts, read 28,746,779 times
Reputation: 6353
Quote:
it's not 10% clear.
Is that meant to be a play on words?
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Old 05-05-2015, 07:43 AM
 
Location: Downtown Austin
6,097 posts, read 15,363,554 times
Reputation: 5065
Quote:
Originally Posted by Trainwreck20 View Post
Is that meant to be a play on words?
Ha! I fixed it.
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Old 05-05-2015, 08:37 AM
 
Location: Austin TX
5,884 posts, read 3,424,570 times
Reputation: 7944
Quote:
Originally Posted by austin-steve View Post
The value of your home will increase, thus the assessed value will increase, thus your taxes will increase. Your home insurance will increase also, as will your utility bills.

The County will know about your remodel through the permits you must open to have the work done. Sometimes they don't catch adjust it right away, sometimes not at all (usually for unpermitted add-ons like a garage conversion).

Now, as to whether your 10% gets reset, that's a good question. Check the last iten on this page:
Travis Central Appraisal District

It looks like it would be capped at 10% of the old value plus the value of new improvements. Though it's so poorly written it's not 100% clear.

Steve
One of the benefits of living in the ETJ. No permits needed for most work.
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Old 05-05-2015, 09:53 AM
 
Location: Avery Ranch, Austin, TX
8,124 posts, read 13,494,481 times
Reputation: 3427
Quote:
Originally Posted by austin-steve View Post
Ha! I fixed it.
You might have been right the first time
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Old 05-05-2015, 08:25 PM
 
4 posts, read 5,860 times
Reputation: 10
Thanks for the feedback - we know everything goes up. We are architects and know too well that end of it, but the Taxes mystify, as do all City related things! It really comes down to the Homestead Exemption.... no on seems to know how the 10% comes into play - or the new value for that matter. We have had some clients tell us it comes down to the value they list on the permit application itself, it is all a joke though - they think having crown molding means your house is fancy and charge you more for it but all crown molding does is cover construction errors at 42cents a foot.... Does anyone know how the Homestead Exemption factors?
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Old 05-05-2015, 08:28 PM
 
5,400 posts, read 6,644,524 times
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A neighbor added a room above her attached garage. It's a pretty good sized addition too, about 400 square feet. Didn't need to pull any permits, and didn't need to let the county know. Something about not adding any new foundation (impervious cover). We are in an unincorporated area (Steiner Ranch) of Travis County. She didn't believe her contractor when he told her, so she consulted a lawyer. Turns out it was legit. County still doesn't know about the increase in square footage.
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Old 05-05-2015, 08:31 PM
 
Location: Austin, TX
16,721 posts, read 40,883,703 times
Reputation: 9198
Quote:
Originally Posted by mm57553 View Post
A neighbor added a room above her attached garage. It's a pretty good sized addition too, about 400 square feet. Didn't need to pull any permits, and didn't need to let the county know. Something about not adding any new foundation (impervious cover). We are in an unincorporated area (Steiner Ranch) of Travis County. She didn't believe her contractor when he told her, so she consulted a lawyer. Turns out it was legit. County still doesn't know about the increase in square footage.
If electrical, heating or cooling or plumbing is added, a permit is required.
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