2017 DFW County Appraisals & Assessments Thread (Denton: refinance, exemption, price)

[jencam]

Originally Posted by Persdawg

So would Tarrant County Appraisal District, or any other, get my actual sales contract at any point to base their market value on?


And is the ultimate goal for the appraisal total to catch up and meet the market value?
Mine is lagging because of the max 10% adjustment...but it will catch up next year if that's the goal!

No, that is not the goal and you wouldn't want that. It should never catch up if you have your homestead exemption.

[jencam]

Originally Posted by mSooner

Thank you! We are in Dallas County (Coppell). I don't think comps are going to help me--if anything they prove that we are still undervalued in this crazy market.

Of the two homes I found, one down the street (that was recently renovated and had a 2nd story added) has an improvement market value at $4 sq/ foot less. It is 900 sq ft
bigger, though.

The house behind us is even better. They are 150 sq foot bigger and their market value is $23k less. Similar condition.

Is this enough or do I need more? Land value is exactly the same for everyone.

Call and ask them. They told me exactly what I can do. Which will not help me, but it might you.

[TurtleCreek80]

Originally Posted by Persdawg

So would Tarrant County Appraisal District, or any other, get my actual sales contract at any point to base their market value on?


And is the ultimate goal for the appraisal total to catch up and meet the market value?
Mine is lagging because of the max 10% adjustment...but it will catch up next year if that's the goal!

Yes, the CADs either have access to MLS or otherwise find out what you paid. That's why we tell buyers to expect the appraisal value to rise to the purchase price, even if the tax rolls were significantly below purchase price.

The CAD's goal is to tax you at true market value. Your goal as an owner is to keep your appraisal value as low as humanly possibly to keep your taxes down.

[jencam]

Originally Posted by TurtleCreek80

Yes, the CADs either have access to MLS or otherwise find out what you paid. That's why we tell buyers to expect the appraisal value to rise to the purchase price, even if the tax rolls were significantly below purchase price.

The CAD's goal is to tax you at true market value. Your goal as an owner is to keep your appraisal value as low as humanly possibly to keep your taxes down.

I don't see how that is possible for a homestead. The cap on increases prevents it. Certainly though current times when values are going up way more than 10%. If they are only increasing 10% or less I can see what you mean.

[TurtleCreek80]

Originally Posted by jencam

I don't see how that is possible for a homestead. The cap on increases prevents it. Certainly though current times when values are going up way more than 10%. If they are only increasing 10% or less I can see what you mean.

You have to keep in mind that these 10%+ annual value increases have only been happening the last few years and will likely tap out sooner than later. Historical annual appreciation in DFW is more in line with inflation at 2-4% per year. Values aren't going to keep going up 10% per year in perpetuity - even if it feels that way sometimes!!

[jencam]

Originally Posted by TurtleCreek80

You have to keep in mind that these 10%+ annual value increases have only been happening the last few years and will likely tap out sooner than later. Historical annual appreciation in DFW is more in line with inflation at 2-4% per year. Values aren't going to keep going up 10% per year in perpetuity - even if it feels that way sometimes!!

I agree, but even before this my 'appraised value' never caught up to the 'market value'. It would have if it didn't have homestead exemption.

[Persdawg]

Originally Posted by TurtleCreek80

Yes, the CADs either have access to MLS or otherwise find out what you paid. That's why we tell buyers to expect the appraisal value to rise to the purchase price, even if the tax rolls were significantly below purchase price.

The CAD's goal is to tax you at true market value. Your goal as an owner is to keep your appraisal value as low as humanly possibly to keep your taxes down.

This is disturbing. I understand they can see the list/asking price...but you are saying they have access to the final price paid? This should be private, no?
Rising appraisals are only good for sellers.


So all things being equal, ex Homestead, the appraisal district wants the appraisal value to equal the market value?

[stephwin]

Originally Posted by Persdawg

This is disturbing. I understand they can see the list/asking price...but you are saying they have access to the final price paid? This should be private, no?

Nope, they have access to it. I filed a protest with Denton County. As part of their "evidence packet" they send me a unique link to access sales data for the entire county from the past 2 years. I can look up any house that sold in that time frame and find out what it sold for. Those are the numbers they use to argue their assessed value. I got the link a couple of days ago and I'm honestly shocked at some of the sold prices for my neighborhood.

For instance, my house was assessed at $495k. I can argue that 3 similar houses in the neighborhood were only assessed at $470k in hopes that they will drop my value. Then they can argue back that X number of houses were sold at prices between $505k-$520k and that the assessed value of $495k is valid.

[TurtleCreek80]

Originally Posted by Persdawg

This is disturbing. I understand they can see the list/asking price...but you are saying they have access to the final price paid? This should be private, no?
Rising appraisals are only good for sellers.


So all things being equal, ex Homestead, the appraisal district wants the appraisal value to equal the market value?

Correct, they know what you paid if you bought though MLS. That's why "pocket" listings have become so popular in pricey parts of Dallas because those transactions are done outside MLS and are truly private sales.

Yes, the appraisal district wants the appraised values to equal market values. Why would they not??

[jencam]

Originally Posted by stephwin

Nope, they have access to it. I filed a protest with Denton County. As part of their "evidence packet" they send me a unique link to access sales data for the entire county from the past 2 years. I can look up any house that sold in that time frame and find out what it sold for. Those are the numbers they use to argue their assessed value. I got the link a couple of days ago and I'm honestly shocked at some of the sold prices for my neighborhood.

For instance, my house was assessed at $495k. I can argue that 3 similar houses in the neighborhood were only assessed at $470k in hopes that they will drop my value. Then they can argue back that X number of houses were sold at prices between $505k-$520k and that the assessed value of $495k is valid.

Yup. I said my value has to be a clerical error. Condos are simpler for them to comp. Mostly all the same sized units are valued the same. I said you gave me an extra bedroom! They said nope, a few units your size are valued at this higher amount.

I said how? They said permits pulled for major updates. Well, funny you should say that, there aren't any for mine! (wish there were, but only for A/C install).

Too bad. I can't argue that. Well, I can, but it doesn't do any good (Tarrant, can't speak for other counties) unless I can prove that the value is lower than the APPRAISED value. I am stuck with my (totally incorrect) values for tax purposes. I wish they'd buy mine for what they say it's worth. I could buy another one that is actually updated as they think mine is. That would be fab.