HCAD appraisal values out for most people (West: credit, houses)

[astrohip]

Originally Posted by PedroMartinez

Either I'm not understanding you correct, or something isn't quite right in your statement.

You are taxed on your appraised value, not your market value; therefore, if you are not protesting and changing your appraisal value, there is no point and your taxes will always be what they say they are.

Since the appraisal is capped at 10%, they can't raise the appraised value to what they feel your home is worth; therefore, they show you both what they feel your house is worth and what your appraisal, or "tax value", is.

This is your answer...

Originally Posted by btj23

You're protesting your market value, and the goal is to get that as low as you can. If you get it below the appraised value, you save cash-money this year. If you don't, then at least you've reduced the market value. Eventually, the market value will go to sleep for a bit, and the appraised value will catch up to it. If you can keep the market value as low as possible, then there will be years when nothing really increases as far as either value. This happens when they equalize, so the lower the market value, the quicker the values can equalize.

Did you follow that?

Only the Market value can be protested. Only the appraised value is taxed. Confusing, but the way it works.

[Cbink]

Mine's up the full 10% but is still 20% below the HCAD market value. Some of my neighbors clearly didn't get homestead in (some couldn't because they bought last year and some clearly forgot) and they've been screwed by as much as 30%!!

They also haven't added my pool (I didn't realize they listed this until my neighbor asked me if they'd added in my pool) but have for 2 of my neighbors that put them in during 2012. We were trying to figure out what they'd added on for the pools but had nothing to go on.

[Cbink]

Originally Posted by astrohip

This is your answer...


Only the Market value can be protested. Only the appraised value is taxed. Confusing, but the way it works.

But it would only be worth protesting if you can get the market value down to within 10% of (last years) appraised value (or less than appraised value obviously).

There's no limit on the market value so they can put it to whatever they want. It being as low as possible this year doesn't mean they won't jack it up next year and since the appraised value is capped to 10% it's that which matters and arguing your market value every year, unless you can get it within that 10% will have no effect.

[roseINweeds]

Hi All,
After reading some of the responses, I'm getting a better understanding of how things work, but as a first time homeowner, I need a little more clarity. Can you assist?

I bought my home Feb 2013 in Katy.
I checked HCAD to see value for the current year, and the market/appraised value are up 20% from the prior year!
I just recently completed my Homestead for 2014, and it looks like it has been applied, so why didn't my value just go up 10%?
I also noticed that my neighbors with similar sq footage and style had a 20% increase in their market value and a 10% increase on their appraisal value. They all have the Homestead.

Did I do something wrong regarding the Homestead? Should I have filed for it in 2013 when I bought my home?
To what degree is protesting helpful, if at all, in my case?

Thanks so much for any feedback!

[ToyYot]

Originally Posted by roseINweeds

Hi All,
After reading some of the responses, I'm getting a better understanding of how things work, but as a first time homeowner, I need a little more clarity. Can you assist?

I bought my home Feb 2013 in Katy.
I checked HCAD to see value for the current year, and the market/appraised value are up 20% from the prior year!
I just recently completed my Homestead for 2014, and it looks like it has been applied, so why didn't my value just go up 10%?
I also noticed that my neighbors with similar sq footage and style had a 20% increase in their market value and a 10% increase on their appraisal value. They all have the Homestead.

Did I do something wrong regarding the Homestead? Should I have filed for it in 2013 when I bought my home?
To what degree is protesting helpful, if at all, in my case?

Thanks so much for any feedback!

You're OK, when you get your tax bill at the end of this year it will take into account your exemption.

[jwtomt2day]

I was under the impression you needed to have one previous year claiming the homestead exemption plus this year to get the capped value?

[ToyYot]

Originally Posted by jwtomt2day

I was under the impression you needed to have one previous year claiming the homestead exemption plus this year to get the capped value?

Nope

[LegoBatman]

Originally Posted by jwtomt2day

I was under the impression you needed to have one previous year claiming the homestead exemption plus this year to get the capped value?

Originally Posted by ToyYot

Nope

I'm pretty sure jwtomt2day is correct. In order for the cap on the increase of the appraisal value to apply you have to have had a homestead exemption both the current year and the previous year.

The year you buy your house the homestead exemption applies to the amount of taxes you pay, but does not protect you from a large increase in the appraised value.

Here is the description of the cap on the HCAD site:
HCAD: Capped Values

[tstone]

Originally Posted by LegoBatman

I'm pretty sure jwtomt2day is correct. In order for the cap on the increase of the appraisal value to apply you have to have had a homestead exemption both the current year and the previous year.

So if I understand correctly, those who bought after Jan 1, 2013 cannot take advantage of the 10% cap.

All I can say is good luck with the protests, and I hope you budgeted for this when you moved. This is only stage 1.

If you're in an area like mine, where the voters approved graduated rate increases for the ISD over several years, good luck even moreso.

[jwtomt2day]

Originally Posted by tstone

So if I understand correctly, those who bought after Jan 1, 2013 cannot take advantage of the 10% cap.

All I can say is good luck with the protests, and I hope you budgeted for this when you moved. This is only stage 1.

If you're in an area like mine, where the voters approved graduated rate increases for the ISD over several years, good luck even moreso.

Exactly. After I posted here yesterday I did the math and realized they only raised me 10% but raised my neighbors who bought in 2013 20%...