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Old 05-29-2009, 10:23 AM
13 posts, read 55,629 times
Reputation: 15



Being a first time homeowner, I received '2009 property value notice' from tarrant appraisal district for my property. Since this is the first time and it is a new construction in Keller,tx, the market/appraised value for last year was just the land price. I am seeing the market/appraised value for 2009 to be less than the purchase price that we paid to the builder. The lender had appraised the property to be same as the purchase price. My question is should I need to call TAD to say that my purchase price was more than the price that they had listed in their propery value notice for estimated tax payment. That is,

For 2008: lets say, market value and appraised value is $30,000
For 2009, it shows as: land value = $40,000 and Improvement = $250,000, making a total market/appraised value at $290,000.

Lets say we paid, $310,000 for the purchase price and appriased at the $310,000 by the lender, do I need to contact TAD in this case to let them know that the total price was $290,000.

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Old 05-29-2009, 11:11 AM
2,893 posts, read 5,496,750 times
Reputation: 1980
You can if you want, though I've not heard of many people *wanting* to pay more in property taxes (which is what will happen if you get your appraised adjusted up).
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Old 05-29-2009, 11:14 AM
37 posts, read 82,744 times
Reputation: 26
No - you do not need to do this, and I wouldn't recommend it! They will raise your taxes. Please keep in mind that the tax values are based on drive-by only and do not neccessarily represent true market value. Good luck!
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Old 05-30-2009, 12:02 PM
95 posts, read 235,595 times
Reputation: 34
The first year of taxes is always cheap on a new house because its only based on the land value. Next years taxes will jump, don't worry!! There is nothing that you need to do.
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Old 06-04-2009, 09:27 AM
Location: Keller, TX
295 posts, read 877,268 times
Reputation: 57
yeah, take this as a freebie and enjoy !

What will happen next year is, they'll find out what your house was for sale and that's typically what the appraised value. So let's say the original sales price was $350,000 and you ended up getting it for $310k (by way of an offer), the TAD appraisal for next year will likely be $350,000.
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