Tcad 2018 (Austin: house, property taxes, prices)

[MeredithTX]

Up nearly 20% on our rental property in SW Austin. Land value has tripled in the 5 years we have owned it.

[tiffngio]

Doing the happy dance. My Avery Ranch home only went up 2%!!!!

[77030]

We just bought our house in December. Previous owner's appraisal was not capped. Appraisal equaled market. Went up 43% for 2018. Not good.

[Mimmyu]

Originally Posted by 77030

We just bought our house in December. Previous owner's appraisal was not capped. Appraisal equaled market. Went up 43% for 2018. Not good.

If you don't have any exemptions, your appraisal will match the assessment. The assessment will continue to grow uncapped even if your appraisal doesn't. When ownership changes hands, the new owner's appraisal gets set to the assessment value. Unless the previous owners didn't have any exemptions, you should always expect a big jump in tax liability when changing ownership in this market.

It's a real conundrum for elderly owners who want to pass their houses onto their families.

[TexasHorseLady]

Originally Posted by 77030
We just bought our house in December. Previous owner's appraisal was not capped. Appraisal equaled market. Went up 43% for 2018. Not good.

Originally Posted by Mimmyu

If you don't have any exemptions, your appraisal will match the assessment. The assessment will continue to grow uncapped even if your appraisal doesn't. When ownership changes hands, the new owner's appraisal gets set to the assessment value. Unless the previous owners didn't have any exemptions, you should always expect a big jump in tax liability when changing ownership in this market.

It's a real conundrum for elderly owners who want to pass their houses onto their families.

Have you applied for your homeowner's exemption? If not, do it NOW for 2018 (assuming you lived in the house January 1, 2018. Also, contest the appraisal - take your settlement statement in to show how much it actually sold for on the open market. That should drop it considerably if it is assessed over that.

[asubram3]

We bought our (first) home in July 2017 and filed for the homestead exemption in Jan 2018. On the TCAD website it looks like the total appraised value jumped up by 22% over the previous year's appraised value (land value almost doubled). This year's appraised value is well over what we bought the house for in July. What are our options now to protest this increase? I understand the 10% cap doesn't apply to us?

[TexasHorseLady]

Originally Posted by asubram3

We bought our (first) home in July 2017 and filed for the homestead exemption in Jan 2018. On the TCAD website it looks like the total appraised value jumped up by 22% over the previous year's appraised value (land value almost doubled). This year's appraised value is well over what we bought the house for in July. What are our options now to protest this increase? I understand the 10% cap doesn't apply to us?

The value of the home should be based on its market value as of January 1, 2018. Have you had your agent who helped you purchase the house run comps for that period of time (usually three months before and three months after are used)? However, having proof of what you paid for it in July may help. It's harder when it's the land value that goes up.

[RunninJT]

Originally Posted by andy2000

The value of the structure only went up slightly, but they more than doubled my land value. They did the same for a few of the neighbors I spot checked. Overall, it's about a 17% increase. This is in 78753, just off I-35.

Also in 78753 and I read a neighborhood email chain a few days ago from people here who were completely caught off guard by their house value. Thing is they were amazed at just the tax assessed value and thought that was it. The average sale price for homes in our area however they seemed to have no clue of. I was tempted to tell them to check redfin or zillow but was afraid they might have heart attacks. I know, I know, prices are not 100% accurate, but still.

[CptnRn]

Originally Posted by asubram3

We bought our (first) home in July 2017 and filed for the homestead exemption in Jan 2018. On the TCAD website it looks like the total appraised value jumped up by 22% over the previous year's appraised value (land value almost doubled). This year's appraised value is well over what we bought the house for in July. What are our options now to protest this increase? I understand the 10% cap doesn't apply to us?

https://texasprotax.com I hired these people to protest my tax increases, they have obtained reductions both of the last two years.

[Jimmyp25]

Originally Posted by CptnRn

https://texasprotax.com I hired these people to protest my tax increases, they have obtained reductions both of the last two years.

What do they charge ?