HCAD protest (Howe, Mart, Point: homes, new construction, schools)

[EasilyAmused]

Originally Posted by PinkLadyK

Let me ask another way - when I type in my address on Redfin, it shows exactly what we paid for it. Why doesn't HCAD look at that?

HCAD has realtors on their board. Most informal panels have a realtor at the table. They have access to the MLS.

[PinkLadyK]

This is my point. So if they have access to sales price info, why aren't they using it?

[diggity101]

I believe it's because they're required to use a "mass appraisal system" They can use the sales data in a macro sense, but they're not supposed to value individual properties using that data alone.

[marksmu]

Originally Posted by PinkLadyK

This is my point. So if they have access to sales price info, why aren't they using it?

They can't use JUST the sales price if the sales price would make your recent sale, far higher than the rest of the neighborhood.

You are able to argue either Market price OR Unequal appraisal....Either one can be successful. Just b/c you paid $1,000,000 for your house does not mean its worth $1,000,000....if all other similar houses are selling for $250,000 you could get your taxes reduced to $250,000 b/c that is the true market value...being an idiot does not change the market value...that is an example of unequal appraisal.

Another Good example is new construction....The market value of new construction is by definition the cost to build the house when the transaction occurs between two willing people (builder & buyer) when neither is under duress, or required to take part in the transaction...If HCAD has comparable sales showing that someone is willing to pay $1,000,000 for your house that you just built...they will appraise it for $1,000,000...However, if you bring in your contract and check draws to show you only paid $750,000 - they will reduce it to $750,000, b/c that is the TRUE market price of your particular house. This would be an example of market price.

[astrohip]

D*mn, my value was just posted today (been watching every day for weeks). Up 32%.

Looks like I'll be fighting them again. This is just crazy. 32%?

[Dirt McGirt]

40% here from last year's value, which was set based on what I paid for it. Land value went from $70 sq ft to $100 sq ft year-over-year and they increased the improvement value by the same exact percentage. Ridiculous. I would sell it to HCAD and move out tomorrow if they would write me a check for the appraised value.

[PedroMartinez]

Bohica

[LegoBatman]

Our market value is up another 15% this year after a 36% bump last year. Current market value is 80% higher than the HCAD value when we bought 3 years ago and 44% higher than what we paid. They haven't changed the land value at all, only increased the value of the structure. I'm not looking forward to the inevitable "correction" in the value of the land.

Just for fun I looked up a friend's house in Memorial. Their land value is $1 million plus, but HCAD says that their 4500 sq ft home is worth just about the same as our 2200 sq ft home. Their house is newer, has higher quality fixtures, and a pool. Seems fair and logical to me.

[PedroMartinez]

Originally Posted by LegoBatman

Our market value is up another 15% this year after a 36% bump last year. Current market value is 80% higher than the HCAD value when we bought 3 years ago and 44% higher than what we paid. They haven't changed the land value at all, only increased the value of the structure. I'm not looking forward to the inevitable "correction" in the value of the land.

Just for fun I looked up a friend's house in Memorial. Their land value is $1 million plus, but HCAD says that their 4500 sq ft home is worth just about the same as our 2200 sq ft home. Their house is newer, has higher quality fixtures, and a pool. Seems fair and logical to me.

Their "formulas" always seem to figure out the highest value, not necessarily the most accurate value.

And once again, it's a horrible taxing system.

[crone]

Perhaps we all need adjust our expectations.

There is no way to determine what a house is worth except what willing buyer will pay a willing seller, or the cost to build. Assessing value in a new subdivision is easy. When the houses are 20 years or older, not so much.

Every elected official in this state is aware that the system is wrong and/or illegal.

We keep electing people who are unwilling to fix it. Live with it.

Under certain conditions the Great State of Texas can have their appointed sycophants enter my uterus, but never my house.