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Old 06-09-2014, 12:00 PM
 
262 posts, read 395,085 times
Reputation: 104

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Last year my house was appraised to $250k. This year the appraised market value is $300k but due to 10% HS cap, the assessed tax value is $275k (250k + 10% of 250k). I filed a protest online and since we can protest the market value and not the assessed tax value, I submitted CMA I received from my realtor as evidence and filed a protested with Opinion value as $265k. My opinion value was based on the average sale price of all homes sold in 2013 in my elementary school zone. My home is 2011 built and the homes in the CMA ranged from 2004-2013...I live in a neighborhood where there are still new homes being built.

Now I got a settlement offer of $280k. Though it reduces the market value of my home by 20k, I dont think it reduces my tax since the assessed tax value is 275k anyway. CollinCad based the settlement offer based on 1 new home of the same sqft that was sold for 290k in 2013. Is my understanding correct about no lower taxes. If I accept the offer, would the lower market value help me in anyway next year. I am thinking it wouldn't because next year cap would be based on the assessed value of $275k....Am I right here?

What if I don't accept the offer, go to the hearing and they don't budge? Would they still honor their settlement offer or they will set the value back to the market value of $300k.

Need help with making a decision.....I have no plans to sell my home anytime soon....
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Old 06-09-2014, 06:22 PM
 
31,722 posts, read 49,228,413 times
Reputation: 17513
I don't think it is fair to use 1 house of same sq footage that is new--
your house isn't NEW--
appraisers aren't figuring mortgage value that way

they are just trying to get the highest price per sq ft they can--greedy--
my sympathies--
and I bet they wouldn't honor the offer if you take it to hearing--
that is like a counter offer from a buyer/seller--you are basically making another offer with the lower value...but I don't know that board--live in Tarrant county
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Old 06-10-2014, 12:57 PM
 
262 posts, read 395,085 times
Reputation: 104
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