How to appeal against Home Appraisal from Collin County?

[pistisan]

Originally Posted by soda7o

same here
as someone else stated they have realestate licensed people in the CAd and they go into MLS to find out the sale prices.. this is what my reviewing agent told me. she also told me that as i bought the house in the past year they cannot lower it but that can raise it to purchase price if i want ( i opted out, as i admit i over paid for my home, but i had a very strict deadline and it was my company that was picking up the tab so i did not feel the impact)

she did explain how they calculate the appraised value and it really does not have much to do with Sq foot prices. as that was my argument to her because my home was apprised almost 8 dollars more per sq/ft than all houses in my subdivision (400 homes in total) she explained that second floors are taxed higher than ground floors, so a house of the same sq footage but larger second floor will appraise higher.

she went on to say that garages are taxed at a different rate and etc... she also said that if a house has had no sales or updates/renovatiosn for which they filed a permit, they consider it original and not updated and therefore they value it lower.

land rises with the value of the property but usually in larger increments.. if property goes form lets say 400K to 425K land value will probably not go up but if it reaches 500K than land value will jump up as well...

same for pools, they use year of build and Sq/ft to determine value but they also assume that if it is newer it is nicer and "rape" people who build new pools , another interesting fact about pools is that they go by the submitted permit and not by actual pool... so in my case who ever built my pool after the house was built, was honest and put down the actual sq footage, where as the builder put 400 sq/ft for all pools they built. which is a complete lie as my neighbors all have pools the same size if not bigger than my... but CAD cannot do anything about it as far as adjusting appraised value unless they go out and re measure each pool.

there is very little hope but its either homes start selling for lower prices than what i/you paid or nothign sells and they have no new data to base their analysis on.... fingers crossed for next year

There are two key options available to us as the base for argument: "Value is unequal compared with other properties" and "Value is over market value". If you recently purchased your home your assessed value will be higher than others, which is hard to sell. Or look at similar homes in your neighborhood and compared it to your sq.ft value as the base of the argument. If let say multi story homes, 4/3, build around the same time, with similar features going at the rate of $105/sqft, and your home is $115/sqft. you should have a good case to reduce it to the normal rates.

[aznkobee]

I scheduled a hearing because I still wasn't happy with what the appraiser said. I am wondering if I even have a chance since they know exactly how much I paid for the house last year. My argument is that the county can not use the MLS as the sole determining factor for the appraisal because I am clearly paying alot more than all my neighbors granted there's very few houses on sale in the area recently. The appraiser I met when I went for the informal meeting was a jerk. He keeps giving me the typical BS reasons why my house is more valuable than every example I gave. He would say the reason why this house which is 500 sq ft bigger than your house is appraised less is because his garage is only 400 sq ft and your's is 500 sq ft. Total jerk off.. and at the end he said "I don't know why you want to get a formal hearing because you are not going to get the house appraised one penny less than what you payed for period."

[dallas_cowboy]

Originally Posted by aznkobee

I scheduled a hearing because I still wasn't happy with what the appraiser said. I am wondering if I even have a chance since they know exactly how much I paid for the house last year. My argument is that the county can not use the MLS as the sole determining factor for the appraisal because I am clearly paying alot more than all my neighbors granted there's very few houses on sale in the area recently. The appraiser I met when I went for the informal meeting was a jerk. He keeps giving me the typical BS reasons why my house is more valuable than every example I gave. He would say the reason why this house which is 500 sq ft bigger than your house is appraised less is because his garage is only 400 sq ft and your's is 500 sq ft. Total jerk off.. and at the end he said "I don't know why you want to get a formal hearing because you are not going to get the house appraised one penny less than what you payed for period."

wowww..... just curious what would county do if I we don't agree with their settlement appraisal value? Are we forced to pay the final price or are there next steps?

[soda7o]

Originally Posted by pistisan

There are two key options available to us as the base for argument: "Value is unequal compared with other properties" and "Value is over market value". If you recently purchased your home your assessed value will be higher than others, which is hard to sell. Or look at similar homes in your neighborhood and compared it to your sq.ft value as the base of the argument. If let say multi story homes, 4/3, build around the same time, with similar features going at the rate of $105/sqft, and your home is $115/sqft. you should have a good case to reduce it to the normal rates.

I paid for it more than it is appraised for and they have that info so i cauld not go with the Value over Market value" but i did go with the "Value is unequal compared with other properties" and if i did not purchase the house recently they would have lowered it to the comps but as i did just boughtit in Dec they said they cannot lower it, they can only raise it to what i paid for it...next year is a whole different ball game as my purchase price would not be a factor at that point

[soda7o]

Originally Posted by aznkobee

I scheduled a hearing because I still wasn't happy with what the appraiser said. I am wondering if I even have a chance since they know exactly how much I paid for the house last year. My argument is that the county can not use the MLS as the sole determining factor for the appraisal because I am clearly paying alot more than all my neighbors granted there's very few houses on sale in the area recently. The appraiser I met when I went for the informal meeting was a jerk. He keeps giving me the typical BS reasons why my house is more valuable than every example I gave. He would say the reason why this house which is 500 sq ft bigger than your house is appraised less is because his garage is only 400 sq ft and your's is 500 sq ft. Total jerk off.. and at the end he said "I don't know why you want to get a formal hearing because you are not going to get the house appraised one penny less than what you payed for period."

Logically speaking that MLS value should not be the sole factor.. but government agencies are not logical... and use it or what ever is more favorable and easiest to them

its a free market economy so if one person chooses to pay over market value for something does not mean it is actually worth it
in my case i know i over paid, but i had a time crunch, and my company picked up the difference so it was no big deal to me.
i made an offer that i knew was over value but also knew would secure me the house (i also wanted movein ready so some of the items like washer dryer, and othe misc items came with the house as part of my over market value offer

but the Collin county appraisers dint want to hear that
if i was in your shoes i'd fight it