U.S. CitiesCity-Data Forum Index
Happy Mother`s Day to all Moms!
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-23-2012, 09:08 AM
 
2 posts, read 3,629 times
Reputation: 10

Advertisements

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!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 06-23-2012, 11:04 PM
 
Location: Dallas area, Texas
2,331 posts, read 3,257,382 times
Reputation: 4098
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-24-2012, 08:01 AM
 
Location: DFW - Coppell / Las Colinas
36,757 posts, read 40,914,834 times
Reputation: 44339
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-24-2012, 12:34 PM
 
9 posts, read 23,825 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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-24-2012, 12:42 PM
 
186 posts, read 397,096 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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-25-2012, 11:47 AM
 
Location: plano
7,485 posts, read 9,229,750 times
Reputation: 7172
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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-30-2012, 03:31 PM
 
2 posts, read 3,629 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.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-30-2012, 05:02 PM
 
Location: Dallas/Fort Worth, Texas
4,191 posts, read 14,059,737 times
Reputation: 2649
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
Rate this post positively Reply With Quote Quick reply to this message
 
Old 07-01-2012, 06:43 AM
 
Location: plano
7,485 posts, read 9,229,750 times
Reputation: 7172
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.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top