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Old 06-23-2012, 09:08 AM
 
2 posts, read 3,841 times
Reputation: 10

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Hi All-
We are first time home buyers and we have been looking at homes for last 2 months. Looking for houses in frisco, plano and carrollton in the 250 range. We found a bunch of houses on sale the legacy & Custer area in Plano (VILLAGE AT LEGACY) much within our budget!

The houses are small, but i for a young couple (no kids) we do not mind a small backyard. Before putting an offer on a house, we did some ground work trying to pull up County records for some houses and found something worrisome...

Most of the houses in the neighborhood have been appraised lower in 2012 than last year. Actually they are lower that they were in 2007

sample...

2012 PRELIMINARY VALUE BY TAXING JURISDICTION

Entity Code--------- Entity Name------Market Value--------Appraised Value--------Assessed Value
CPL-----------------PLANO CITY------$210,797.00--------$210,797.00------------$210,797.00
GCN-----------------COLLIN COUNTY--$210,797.00--------$210,797.00------------$210,797.00
JCN-----------------COLLIN COLLEGE--$210,797.00--------$210,797.00------------$210,797.00
SPL-----------------PLANO ISD--------$210,797.00------- $210,797.00------------$210,797.00


VALUE
HISTORY Year-----Imprv----Land-----Market-------Appraised-----Assessed-----
2011-------------170,336--50,000---220,336------220,336-------220,336
2010-------------167,982--50,000---217,982------217,982-------217,982
2009-------------173,888--50,000---223,888------223,888-------223,888
2008-------------175,660--50,000---225,660------225,660-------225,660



Does anyone know why this could be?

Saw a couple of threads talking about this neighborhood, but did not find anything alarming..

//www.city-data.com/forum/dalla...ff-legacy.html
//www.city-data.com/forum/dalla...-bad-area.html

Something to be concerned about?

Any input will be greatly appreciated!
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Old 06-23-2012, 11:04 PM
 
Location: Dallas area, Texas
2,352 posts, read 3,592,273 times
Reputation: 4163
I don't know about this neighborhood, but many homes around have a lower evaluation this year. With all of the foreclosures, housing prices are depressed.
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Old 06-24-2012, 08:01 AM
 
Location: DFW - Coppell / Las Colinas
40,062 posts, read 45,727,531 times
Reputation: 52310
Don't put a lot of value in Tax District values. Every year they raise mine and every year I argue it's worth a whole lot less than it's really worth.

A good real estate agent can run sales history in an area and help you interpret. You not only want to look at historical sales info but sales in the last 6 moths and what's on the market today.

Since January, our market has improved dramatically and gone back to 2005-07 levels.
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Old 06-24-2012, 12:34 PM
 
9 posts, read 28,306 times
Reputation: 15
Been seeing the same thing. Also noticed that a lot of the houses that look good on paper and the computer screen are crap once you set foot in them. The ones that are decent are getting snapped up within 1-2 days of being listed, many by investors.
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Old 06-24-2012, 12:42 PM
 
186 posts, read 424,695 times
Reputation: 141
Tax values aren't always similar to home values. Anyways, market has been declining since 2007 so tax assessments went down simultaneously in all areas. Area mentioned by OP is not a bad pocket but do check their school district.
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Old 06-25-2012, 11:47 AM
 
Location: plano
7,880 posts, read 10,534,760 times
Reputation: 7733
Tax values reflect how hard the homeowner "works" to protest and lower his value more so than the market. You can hire a firm to protest the value for you but they get half the tax savings as payment but if they cant reduce the value it is basically a free service.
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Old 06-30-2012, 03:31 PM
 
2 posts, read 3,841 times
Reputation: 10
Thank you all for the feedback. Apparently home appraisal is based on the sales of homes in the area in the last 6 months. The realtor showed us a CMA (Comparative market analysis) report and according to that the house is prices correctly. The lender will be doing a home appraisal at the time of closing and if we find any discrepancy we can always ask the Seller to lower the value.
Will post the updates once i have more information...thank you again.
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Old 06-30-2012, 05:02 PM
 
Location: Dallas/Fort Worth, Texas
4,200 posts, read 14,631,416 times
Reputation: 2684
Quote:
Originally Posted by Johnhw2 View Post
Tax values reflect how hard the homeowner "works" to protest and lower his value more so than the market. You can hire a firm to protest the value for you but they get half the tax savings as payment but if they cant reduce the value it is basically a free service.
Not always the case, I charge only a flat $125 for protest no matter what the savings.

Naima
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Old 07-01-2012, 06:43 AM
 
Location: plano
7,880 posts, read 10,534,760 times
Reputation: 7733
Quote:
Originally Posted by nsumner View Post
Not always the case, I charge only a flat $125 for protest no matter what the savings.

Naima
Great to know, that is a great deal for higher property tax homes where the tax value is out of line.
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