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Old 05-03-2010, 05:07 PM
 
42 posts, read 332,079 times
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Is 50K a big difference for Brentwood? The tax appraisal being the lower number. Sales price seems to be about normal for the area, but appraisal seems to be less than similar homes.
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Old 05-03-2010, 08:05 PM
 
Location: central Austin
7,228 posts, read 16,052,300 times
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You think that your tax appraisal is low?

Go and celebrate quietly. Where are you getting your sales price data? Don't believe what the neighbors say, ask a realtor to run comps.
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Old 05-03-2010, 08:32 PM
 
42 posts, read 332,079 times
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Ha...no, not my house. I'm just looking at sale prices and then looking at Travis Cad.
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Old 05-03-2010, 10:31 PM
 
10,130 posts, read 19,824,854 times
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Quote:
Originally Posted by NakedApe View Post
Ha...no, not my house. I'm just looking at sale prices and then looking at Travis Cad.
Could be a long-time owner, successful protester.. did you check the exemptions? Does the square footage match up with what you are seeing in the listing for sale?

Comps are a better determination than TCAD values. That said, TCAD value being 10-20% below asking price is pretty normal.
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Old 05-04-2010, 06:43 AM
 
Location: Folsom, CA
538 posts, read 1,732,800 times
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Here is a useful tool to determine local market value:

Austin Value Map - Find your Austin home value in 10 seconds
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Old 05-04-2010, 07:58 AM
 
Location: central Austin
7,228 posts, read 16,052,300 times
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When you say "sales price" you mean the list price? The price on the real estate listing? That can be VERY different from the actual amount paid (and which is not public information in Texas). A 50K difference between the listing price and the TCAD figure is not worrisome.

To get a clearer idea of the market in that area talk to a realtor who handles lots of sales in Brentwood. When realtors run comps they use the actual amount that the property sold for not the "wishing price" on the listing.
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Old 05-04-2010, 12:57 PM
 
Location: Austin Texas
434 posts, read 1,306,847 times
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Quote:
Originally Posted by centralaustinite View Post
When you say "sales price" you mean the list price? The price on the real estate listing? That can be VERY different from the actual amount paid (and which is not public information in Texas). A 50K difference between the listing price and the TCAD figure is not worrisome.

To get a clearer idea of the market in that area talk to a realtor who handles lots of sales in Brentwood. When realtors run comps they use the actual amount that the property sold for not the "wishing price" on the listing.
This is good advice! I live in Central Austin myself, tax values can be $200-300k different than market value! Best to get a Realtor or appraiser assist because list prices aren't the numbers to look at. It's sold data that's important here. Plus, Texas is a nondisclosure state, so sites like Trulia, Zillow etc usually give the tax appraised number and NOT the sold price, creating confusion.
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Old 05-04-2010, 01:00 PM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,010,638 times
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Quote:
Originally Posted by NakedApe View Post
Is 50K a big difference for Brentwood? The tax appraisal being the lower number. Sales price seems to be about normal for the area, but appraisal seems to be less than similar homes.
$50K doesn't surprise me. Rule of thumb is this:
The older the neighborhood, the more diverse the homes become in terms of condition and value. So it's difficult not only for TCAD but also for sellers to know the right price. Ultimately, the market decides the right price. Be happy if it's way low and leave it alone.

Occasionally, I get a very strange question from owners/sellers, which is:

"Won't buyers and other agents look at the TCAD value of my home and notice it is way below the list price and therefore think it's over priced? Should I get TCAD to price it right?".

Uh, God no! Maybe an inexperienced or poorly advised buyer and her agent might give credence to the TCAD number, but for most of us, it's a number with no credibility, to be ignored unless it's too high.

Steve
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