keller home value 2010 (Fort Worth: sales, how much, home builder)

[aksaaby]

hi friends we recently baught new(2009) house(3900sq ft) in keller very near to south lake. we paid 340k. recently we got letter from county stating that market value of this house is 420k. I think now a days market is down. why they are saying market value is this much. anybody knows this. is this real market value? or fake...My neighbour got letter from county (2008 built house 5400 sq ft) is 580k.
please share experience.......

[Mckellyb]

Just because "they" say that's what the value is, doesn't mean that's what the value is. Many people won't bother to challenge it, so it's in the taxing authority's best interest to get as much as possible.

Get ready for a fight with the assessor's office, make sure you have your HUD-1 closing statement showing what you paid.

What the house sold for last year is likely very, very close to what actual market value is.

Our place in SW Fort Worth, Risinger & Hulen neighborhood, built in '06, 3K sq. feet, the original buyer paid $215K, or so, the county values it at $185K, we bought it for $165K. Guess what number I'm going to argue is the correct value.

Don't get me started on how we have to wait until January 1 to claim the homestead exemption. There's a solid $2K down the tax black hole.

[loves2read]

frankly I think the appraisal office is going to challenge a builder's sale price for new home as not reflective of home's value--too many builders are caught with inventory and selling below market to move the houses they have already up--their financing is killing them on completed homes...

IF you want to challenge you need to get representative data for similar homes--sq ft/room count/yard size/garages/any additionals like pool added--and see what they are selling for--
that won't be easy--IF you used a realtor to buy this house, the realtor might pull some comps for you...
IF you bought through the home builder--then I don't know that a RE office is going to want to do that for you
home sale prices are NOT public record in TX as they are in some states...

[mudbelly]

By definition, your sales price IS the market value. The easiest tax challenge you will ever have is the one where you show what you paid. You should be able to handle it with a phone call and a fax of the HUD-1 as Mckellyb stated; your sales price will become your new tax value. I have fought the TAD several times, and have never had them refute the sales price.

[Mckellyb]

FWIW, our house is newer than the one next door by a coupla years, and it has a similar, albeit larger, floor plan (100% main floor living with a 500+ sq. foot theater/gameroom/bonus room upstairs). We have a true 'oversize' garage, and the week after we closed @ $165K, which included a solid $5K in furniture, even if you put it on craigslist, the 300 square foot larger, so 3,300 feet, next-door place has an asking price of $239K.

I could not be happier. It's like instant equity...in theory. They'll not get more than $185K for it, not in this market.

[loves2read]

how can you have equity in a house when it is just overprice on MLS--
that is not equity???

[Rakin]

It's a common trick they use to get you to bring in your closing statement and "Prove" how much you paid.

Don't do it, get your agent to run comps and go fight it to keep it as low as possible.

[Mckellyb]

Originally Posted by loves2read

how can you have equity in a house when it is just overprice on MLS--
that is not equity???

This is why I had the addition of "in theory".

Our true equity comes from putting $65K down and riding out the garbage economy.

[loves2read]

the question is why would their realtor (if s/he did) allow/encourage them to list for so much above market--
anyone in his/her right mind is going to do comps--
they are only driving off people who might WANT to buy in that area because it fits their budget=
pricing a house so much above market just means that buyers interested in that area would not be looking at that house..
it is going to languish probably until they drop the price and that will make it look suspicious...
not smart IMO...IF they want to sell and sell quickly...

[Rakin]

Originally Posted by Mckellyb

Don't get me started on how we have to wait until January 1 to claim the homestead exemption. There's a solid $2K down the tax black hole.

Usually when you buy an existing home there is a homestead exemption put on it by the previous homeowner. This carries over to reduce taxes the year your purchase until you file your exemption.