Appraisal Protest Question

[FalconheadWest]

The appraisers will not look at any comps that sold in 2009. You need to take them 2008 comps only. The tax value is generated as of Dec 31 of the previous year the tax value is posted, so they have no control over what happens in the current year. You have to use 2009 comps for next year's protest.

[blincbo]

We bought our house last July. It was appraised by almost $30,000 more than the purchase price. I went to informal meeting few weeks ago, and appraiser immediately offered to bring appraisal back to the purchase price (they got our homestead exemption already). After, see all above comments I'm not sure that I made a right choice by refusing this offer, and asking for a formal meeting (I believe the appraisal should be actually lower than the purchase price). There were not many sales (I only have 2) in our neighborhood that can support my claim. Is it possible that this "troika" will bring appraisal price back up. The appraiser told me it should not happen - it can't get above purchase price (according to him).. You comments?

[FalconheadWest]

Originally Posted by blincbo

We bought our house last July.

The appraisers look at last year, and mostly only the last 6 months. If you bought in July, and your neighborhood shows some good numbers, of course your value can go above your purchase price. He shouldn't have said what he said, but you should have taken his offer as they're probably not going to lower it below what you paid.

[CarnivalGal]

Originally Posted by FalconheadWest

The appraisers look at last year, and mostly only the last 6 months. If you bought in July, and your neighborhood shows some good numbers, of course your value can go above your purchase price. He shouldn't have said what he said, but you should have taken his offer as they're probably not going to lower it below what you paid.

But according to TCAD, they look at the value in January of the current year, so the value in January or 2009. There are only 2 comps that sold in that month, and they are both WAY less than the average of houses that sold in the last half of '08 and first half of '09, which are the comps I got from my realtor. So, does that mean they should only use the houses sold in January?

[woodinvilleguy]

Originally Posted by antonini

Just bought brand new condo in February and my appraisal came in $10000 higher than the purchase price. What are my chances of getting the appraisal dropped to the purchase price? Thanks.

Bring in you Hud-1 statement and they will lower the value to that value. That is what happenned to me last year.