When do appraisals come out? (Dallas: sale, homes, buyers)

[CarnivalGal]

FINALLY got our appraisal. It went up $6000. Going to protest. I actually don't think it's that far off, but my neighbor, who has the exact same floor plan built at the exact same time had her's go down and is now valued about $7000 less than ours (it was valued about $10k higher than ours last year). I'm curious to see how the heck they figured hers went down $17k but ours went up $6000. Neither one of us made any changes or improvements.

[LookingtoLeave]

My appraisal about had me in tears today. So I bought my house late 2009 and the taxes on my closing docs from my lender were $5,197 which should have been based on the purchase price of the house and carried me through 2010. Well I've been paying that amount into escrow of course and now I get my tax statement that states my 2011 appraisal is $6,203. How in the world can taxes increase a little over $1,000??? Now my lender wants me to pay an additional $200 on my mortgage throughout the remainder of the year to catch up. I can't afford that!!!! Aren't there limits to the amount they can increase your tax amount. How can you expect people to an additional $100 or so in their monthly payments?

What is this information based on? The value of my land went down $5,000 but the value of my actual home went up by $10k which is on the Structural & Improvement Market Value line. I am sorry but I get so tired of hearing everyone say their %s went down or the value went down, but they gouge everyone in Steiner Ranch like you wouldn't believe.

[XLadylawX]

Originally Posted by LookingtoLeave

My appraisal about had me in tears today. So I bought my house late 2009 and the taxes on my closing docs from my lender were $5,197 which should have been based on the purchase price of the house and carried me through 2010. Well I've been paying that amount into escrow of course and now I get my tax statement that states my 2011 appraisal is $6,203. How in the world can taxes increase a little over $1,000??? Now my lender wants me to pay an additional $200 on my mortgage throughout the remainder of the year to catch up. I can't afford that!!!! Aren't there limits to the amount they can increase your tax amount. How can you expect people to an additional $100 or so in their monthly payments?

What is this information based on? The value of my land went down $5,000 but the value of my actual home went up by $10k which is on the Structural & Improvement Market Value line. I am sorry but I get so tired of hearing everyone say their %s went down or the value went down, but they gouge everyone in Steiner Ranch like you wouldn't believe.

Protest it.

[LookingtoLeave]

Originally Posted by XLadylawX

Protest it.

Oh believe me, I will. I have to. Took a huge paycut and can't pay an add'l $200/month. Either way, it's been my understanding the county can't increase taxes more than 10% but what I don't know is 10% of what? If my property value didn't go up over 10% then but my % does, can that account for the $1000 increase and is that technically allowed?

It just makes me wonder where in the world the initial $5,197 came from when I closed on my home...

[CptnRn]

Originally Posted by LookingtoLeave

My appraisal about had me in tears today. So I bought my house late 2009 and the taxes on my closing docs from my lender were $5,197 which should have been based on the purchase price of the house and carried me through 2010. Well I've been paying that amount into escrow of course and now I get my tax statement that states my 2011 appraisal is $6,203. How in the world can taxes increase a little over $1,000??? Now my lender wants me to pay an additional $200 on my mortgage throughout the remainder of the year to catch up. I can't afford that!!!! Aren't there limits to the amount they can increase your tax amount. How can you expect people to an additional $100 or so in their monthly payments?

What is this information based on? The value of my land went down $5,000 but the value of my actual home went up by $10k which is on the Structural & Improvement Market Value line. I am sorry but I get so tired of hearing everyone say their %s went down or the value went down, but they gouge everyone in Steiner Ranch like you wouldn't believe.

I found this article that says:

Travis County tax appraisals (http://impactnews.com/southwest-austin/inside-information/3396-travis-county-tax-appraisals - broken link)
Appraisal caps Increases in home values generally lead to higher tax bills, but Texas law limits the amount that a house’s taxable value can increase from one year to the next. Under the state’s 10 percent appraisal cap policy, even if a home’s actual market value goes up by more than 10 percent from one year to the next, the home's taxable value will not exceed a 10 percent increase.

If you have a $300,000 home and it went up $10,000 in value, that is only a 3.3% increase. I see that many of the homes for sale in Steiner Ranch are priced far higher then that.

On the TCAD website it says:

Travis Central Appraisal District
What is a Homestead Cap?
In general, the appraised home value for a homeowner who qualifies his homestead for exemption in the preceding and current year may not increase more than 10 percent per year.
The Property Tax Code set a limit on the appraised value of a residence homestead, stating that its appraised value for a tax year may not exceed the lesser of the market value of the property; or, The sum of : 10 percent of the appraised value of the property for last year; The appraised value of the property for the last year in which the property was appraised; and The market value of all new improvements to the property, excluding a replacement structure for one that was rendered uninhabitable or unusable by casualty or by mold or water damage.


The appraisal limitation first applies in the year after the homeowner qualifies for the homestead exemption.

Which raises the question. Did you apply for the Homestead Exemption? Most realtors make their buyers aware of this around closing time.

If you have the Homestead Exemption it reduces the taxable value of your home by 20%. Travis Central Appraisal District

Here is the FAQ on filing a protest. http://www.traviscad.org/faq_arb_protest.html

Here is an attorney's website with good information on how to file a protest. http://www.texas-property-taxes.com/protest.html

[je4xff]

Originally Posted by CptnRn

Quote:
Travis County tax appraisals (http://impactnews.com/southwest-austin/inside-information/3396-travis-county-tax-appraisals - broken link)
Appraisal caps Increases in home values generally lead to higher tax bills, but Texas law limits the amount that a house’s taxable value can increase from one year to the next. Under the state’s 10 percent appraisal cap policy, even if a home’s actual market value goes up by more than 10 percent from one year to the next, the home's taxable value will not exceed a 10 percent increase.

And don't think they won't try to violate this policy. In 2009, my initial appraisal shot up by over 16%. After protesting, they dropped it down to the maximum 10%.

In 2010, my appraisal dropped massively to below the 2008 level, and this year it's up a little over 3%.

I do recommend protesting every year. I use one of the law firms that will represent you. Once signing up with them, they will represent and protest automatically each year, and if they manage to get the appraisal lowered, then they will charge you 40% of the tax savings. It may seem like a hefty charge - but it's worth it for me because there's nothing to lose. You can do it on your own - I just assume let a pro handle it. They have been able to get my tax reduced for 2 out of the last 3 years.

[CarnivalGal]

Originally Posted by LookingtoLeave

My appraisal about had me in tears today. So I bought my house late 2009 and the taxes on my closing docs from my lender were $5,197 which should have been based on the purchase price of the house and carried me through 2010. Well I've been paying that amount into escrow of course and now I get my tax statement that states my 2011 appraisal is $6,203. How in the world can taxes increase a little over $1,000??? Now my lender wants me to pay an additional $200 on my mortgage throughout the remainder of the year to catch up. I can't afford that!!!! Aren't there limits to the amount they can increase your tax amount. How can you expect people to an additional $100 or so in their monthly payments?

What is this information based on? The value of my land went down $5,000 but the value of my actual home went up by $10k which is on the Structural & Improvement Market Value line. I am sorry but I get so tired of hearing everyone say their %s went down or the value went down, but they gouge everyone in Steiner Ranch like you wouldn't believe.

Absolutely protest it. But you will need info to back you up. Have your realtor give you a list of comps and what they actually sold for. Also, go to TCAD's website and look up your street. See if your neighbors homes went up or down and how they are valued against yours. And I am assuming that you have a homestead exemption. If not, you need to file for one.

[sanmiguel]

I don't know about other areas but many Hyde Park homeowners have seen drastic reductions in assesed valuations. Unlike the past where the land values have been universally jacked up, this year it is the improvements that have been reduced. It leaves someone like me with a 1200 square foot whose structure is valued at 195k scratching my head while the next door neighbor's 2600 sq ft, in comparable condition, has been knocked down to 120k. Clearly, market value is not the criterion that TCAD is using in our respective cases.

[CarnivalGal]

Originally Posted by sanmiguel

I don't know about other areas but many Hyde Park homeowners have seen drastic reductions in assesed valuations. Unlike the past where the land values have been universally jacked up, this year it is the improvements that have been reduced. It leaves someone like me with a 1200 square foot whose structure is valued at 195k scratching my head while the next door neighbor's 2600 sq ft, in comparable condition, has been knocked down to 120k. Clearly, market value is not the criterion that TCAD is using in our respective cases.

I have come to the conclusion that TCAD basically pulls the figures out of their you-know-what. That's the only way I can figure they come up with their numbers.

[sinking]

If I just purchased my house and want to protest the appraised value to my purchase price do I have to bring my HUD to the Williamson CAD or can I just mail them a copy with my protest form?