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Old 08-20-2016, 01:34 PM
 
20 posts, read 31,309 times
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given following scenario:

current appraisal: $380k
purchase price: $450k
tax rate: 2.2%

question 1: does Travis CAD access the purchase price through MLS and bump the value to $450k after the purchase?
question 2: if I apply for Homestead, do I pay 80% of the appraised value and cap my annual increases at 10% - is that how it works ?


basically I am wondering if my annual taxes will be

a) $7920 ($450k * 0.8 * 0.022)
b) $9900 ($450k * 0.022)
c) $6688 ($380k * 0.8 * 0.022)


regards and thank in advance
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Old 08-20-2016, 01:55 PM
 
Location: central Austin
7,228 posts, read 16,015,840 times
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Texas is a non-disclosure state and TCAD does not have direct access to the purchase price. But as people dispute their values, they bring in purchase prices for comps and TCAD builds their data base that way, I would guess that your taxes will be based off an appraisal value closer to $400K
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Old 08-20-2016, 02:24 PM
 
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Like centralaustinite said, Texas is a non-disclosure state so they should not know the purchase price unless you tell them. If you receive a questionnaire asking about price you paid, do not answer it.

The appraised values for this year have already been set. So if 380k is what your appraised value is, that is what you will pay taxes on this year. I think you'll be closest to the number you calculated for c), but the calculation is not entirely accurate. You do not get a 20% homestead exemption from every taxing entity -- they vary. The city of Austin, for example, gives only 6%. So there is a mix of effective exemption amounts within that 2.2% rate. Also, the rates you see right now are for last year. This years rates aren't finalized yet -- that happens late September. But they should be pretty close or a little bit lower (even though most everyone will pay more, because of the increase in property values).

The CAD website or traviscountytax.org should provide an estimated tax total based in the current appraised values and last year's rates. If the property had a homestead exemption, it will be reflected in that estimate and *I think* you'll get that exemption this year (but you still want to apply for your own for the future). If it didn't have the exemption on Jan 1 2016, you won't get it this year, but you'll get it next year. Either way the website estimate of taxes should be pretty close to correct for this year.
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Old 08-20-2016, 03:13 PM
 
20 posts, read 31,309 times
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Quote:
Originally Posted by atxcio View Post
Like centralaustinite said, Texas is a non-disclosure state so they should not know the purchase price unless you tell them. If you receive a questionnaire asking about price you paid, do not answer it.

The appraised values for this year have already been set. So if 380k is what your appraised value is, that is what you will pay taxes on this year. I think you'll be closest to the number you calculated for c), but the calculation is not entirely accurate. You do not get a 20% homestead exemption from every taxing entity -- they vary. The city of Austin, for example, gives only 6%. So there is a mix of effective exemption amounts within that 2.2% rate. Also, the rates you see right now are for last year. This years rates aren't finalized yet -- that happens late September. But they should be pretty close or a little bit lower (even though most everyone will pay more, because of the increase in property values).

The CAD website or traviscountytax.org should provide an estimated tax total based in the current appraised values and last year's rates. If the property had a homestead exemption, it will be reflected in that estimate and *I think* you'll get that exemption this year (but you still want to apply for your own for the future). If it didn't have the exemption on Jan 1 2016, you won't get it this year, but you'll get it next year. Either way the website estimate of taxes should be pretty close to correct for this year.

thanks - great response. But the reason I asked is a real estate agent that mentioned something in the passing "yeah, county can access the MLS data now and you can bet they are!". Didn't go into the details since it was at a bar - so here I am ... drunk talk or real deal?


cheers!
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Old 08-20-2016, 03:16 PM
 
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drunk talk
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Old 08-20-2016, 10:25 PM
 
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While it's technically a non-disclosure state, we bought a new house and when we went to protest this year, they had our purchase price.

So sometimes they still get it (and no, we did not provide it).
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Old 08-20-2016, 10:28 PM
 
743 posts, read 1,359,406 times
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Quote:
Originally Posted by kermit_xc View Post
thanks - great response. But the reason I asked is a real estate agent that mentioned something in the passing "yeah, county can access the MLS data now and you can bet they are!". Didn't go into the details since it was at a bar - so here I am ... drunk talk or real deal?


cheers!
Per my comment above (TCAD had access to our purchase price), the rep we spoke to at a tax protest company told us that it's becoming more common for TCAD to get MLS data. Not sure why or how, but it's happening.
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Old 08-20-2016, 11:22 PM
 
Location: Austin, TX
15,234 posts, read 35,417,009 times
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Quote:
Originally Posted by blakely View Post
Per my comment above (TCAD had access to our purchase price), the rep we spoke to at a tax protest company told us that it's becoming more common for TCAD to get MLS data. Not sure why or how, but it's happening.
Many, if not most, tax protesters bring in MLS sales data for comps to the property they are protesting. TCAD then enters that data into their database. I have not used a professional protest company, but if they are bringing in MLS comps to protest appraisals, then TCAD is not swimming in them - and all obtained legally, not directly through the MLS.
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Old 08-21-2016, 09:41 AM
 
Location: Austin, TX
1,825 posts, read 2,810,079 times
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Given how easy it is to get MLS data (via Redfin or a few other places) what is to stop a TCAD employee from just looking up your home, seeing it was sold last year, and using that as a basis?
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Old 08-21-2016, 10:17 AM
 
Location: Central Texas
20,958 posts, read 45,174,666 times
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Quote:
Originally Posted by Aquitaine View Post
Given how easy it is to get MLS data (via Redfin or a few other places) what is to stop a TCAD employee from just looking up your home, seeing it was sold last year, and using that as a basis?
Exactly. Redfin skirts the non-disclosure law, and I seriously object to them doing so, not just as an agent, but as a property owner and Texan.
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