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Old 10-26-2007, 07:30 AM
 
58 posts, read 193,630 times
Reputation: 30

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Does anybody know how property appraisals works and how could I lower mine. I bought a house in Magnolia and the purchase price is very close to the appraised value. When we were looking for a house we saw that the normal difference between the sale price and the appraisal was 50K+

Any comments or suggestions will be welcome
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Old 10-26-2007, 07:51 PM
 
Location: Galveston, Texas
5 posts, read 18,493 times
Reputation: 12
You shouldn't need to "lower" your appraisal...It's the sales price that needs to be more accurate. If you see other homes in your area that are selling at 50K above appraisal, not just listed at 50K above...then you would price your home according to market value. Appraisal doesnt fluctuate as much as market value...and appraised value can very well be the same as market value, it depends on the market at the time.

Last edited by AustinTraveler; 10-26-2007 at 09:01 PM.. Reason: realtor soliciting
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Old 10-27-2007, 12:48 PM
 
58 posts, read 193,630 times
Reputation: 30
I guess I was not clear. I am talking about the appraised value the county does for tax purposes.
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Old 10-27-2007, 04:47 PM
 
Location: Katy
212 posts, read 894,049 times
Reputation: 63
Quote:
Originally Posted by rmilleta View Post
I guess I was not clear. I am talking about the appraised value the county does for tax purposes.
If you bought your house, and the sales price is lower than what they have it appraised at...then when you get your notice next year, file to protest your value. Then take your closing documents, and show the difference. You can do nothing about it this year, but possibly next year. Each tax year "stands on its own", you may need more proof to show your value. But if you purchased the home within 6 to 12 months, you may have some luck...honestly it just depends on the review board members or staff member.
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Old 10-28-2007, 09:20 AM
 
Location: Los Angeles ----> Houston
16 posts, read 48,640 times
Reputation: 14
Quote:
Originally Posted by charris911 View Post
If you bought your house, and the sales price is lower than what they have it appraised at...then when you get your notice next year, file to protest your value. Then take your closing documents, and show the difference. You can do nothing about it this year, but possibly next year. Each tax year "stands on its own", you may need more proof to show your value. But if you purchased the home within 6 to 12 months, you may have some luck...honestly it just depends on the review board members or staff member.
This is true. There is no rule that the appraised value has to be below the sales value. In fact, it has to be exactly at the sales value! (Theoretically).

For next year's taxes (unless you still haven't had a hearing for this year) try to find some comparables from the MLS for your neighborhood and compare them to what they determine to be the appraised value. If they are above, consider yourself lucky and accept without protest. If they are below the appraised value submit a protest and document your arguments.
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