Figuring out property tax in house total cost..... (Hays: sales, appliances) - Austin - Texas (TX) - City-Data Forum

chris4t4 · 10-04-2009, 08:24 PM

How are taxes calculated? By sq footage or by total home value including (upgrades, pool, etc taken into account?)

sanmiguel · 10-05-2009, 10:41 AM

Quote:

Originally Posted by chris4t4

How are taxes calculated? By sq footage or by total home value including (upgrades, pool, etc taken into account?)

The procedure TCAD uses is to estimate what a property might have sold for prior to the downturn in prices, add 20% to that amount and then hope that the homeowner is too stupid or inattentive to contest the yearly appraised value. At least that is how it seems to me

iceshots · 10-05-2009, 10:45 AM

Taxes are based on the appraised value of your house. If you ask how are the appraised values determined, then you will be openning up a whole can of worms as the previous post shows.

If you are buying a new house, the realtor should have information on what the current taxes are and what the appraised value is. If the appraised value is higher than your purchase price, then you stand a very good chance to get the value lowered next year when the assessments come out. Just show them what you paid, and they will usually use that as fair market value. This is what happened to me in Hays county.

chris4t4 · 10-05-2009, 11:38 AM

When trying to figure out how much house we can afford, property taxes have a huge impact. We are trying to account for everything so there are no major surprises...

For example, the house is with a new builder i.e. asking price 220,000. Total sq footage 2700. Taxes are 2.91 in the area. Do I multiply 220,000 x 2.91% = $6402 and that will be the estimated property tax for the year? ...OR is it sq footage 2700 x 2.91% = $7857.

And do they also account for interior upgrades like granite, cabinetry, hardwood flrs, pools, or hot tubs, etc on initial tax year OR do they get ya the next year with all the improvements. So basically go lean on interior upgrades so it's not shown on any final paperwork???

Thanks!!

Trainwreck20 · 10-05-2009, 11:43 AM

Appraisal basis for a new house will be 2.91% x [sales price - 15,000 (homestead exemption)]. I think the HSE is so small that most people don't bother to account for it in the estimate of taxes. You do not HAVE to submit your sales price. IF you are in to gaming the system, you can wait to see what the appraisal district assigns at the value of your home, and if it is below your sales price, don't worry about it. This would more likely happen if you did some expensive upgrades during construction that are non-standard or extensive. If you do upgraded floors, rounded corners, wiring upgrades, etc, these will not necessarily show up on your appraisal.

If the tax base is too high, you can always just bring in your sales price. Personally, after seeing the appraisal process in detail recently, I can see myself supporting a sales-price disclosure change....

buffalobelly · 10-20-2009, 01:49 PM

Quote:

Originally Posted by iceshots

Taxes are based on the appraised value of your house. If you ask how are the appraised values determined, then you will be openning up a whole can of worms as the previous post shows.

If you are buying a new house, the realtor should have information on what the current taxes are and what the appraised value is. If the appraised value is higher than your purchase price, then you stand a very good chance to get the value lowered next year when the assessments come out. Just show them what you paid, and they will usually use that as fair market value. This is what happened to me in Hays county.

Does that mean that if I buy a home in December for less than the TCAD appraised value that I have to wait an entire year before the lowered taxes will kick in?

centralaustinite · 10-20-2009, 02:00 PM

Quote:

Originally Posted by buffalobelly

Does that mean that if I buy a home in December for less than the TCAD appraised value that I have to wait an entire year before the lowered taxes will kick in?

Yes!

verybadgnome · 10-20-2009, 02:15 PM

Quote:

Originally Posted by centralaustinite

Yes!

So if I successfully get my appraisal lowered by, e.g. $20k next year, will my neighbors point to me the following year as a basis for getting theirs lowered?

CarnivalGal · 10-20-2009, 03:14 PM

Quote:

Originally Posted by verybadgnome

So if I successfully get my appraisal lowered by, e.g. $20k next year, will my neighbors point to me the following year as a basis for getting theirs lowered?

Possibly.

CarnivalGal · 10-20-2009, 03:17 PM

TCAD doesn't need to know about any improvements you have made unless you needed to get a permit for them. If you did, they will know about them anyway. But you don't need a permit for things like new flooring, granite, or new appliances. So there's no need to tell them - unless you really want to pay more.