2016 Fort bend Appraisal values are out (Howe: new home, schools, closing)

[trbstang]

Originally Posted by Clever nickname here

Isn't there a 10% a year cap on increases?

Homes all have two values, appraised or taxable value, and market value. The 10% cap is on the taxable value, which is what your taxes are based on, if you have a homestead exemption filed. But they can raise the market value whatever amount they think they can get away with, based on the comparable sales and such.

[WRM20]

Originally Posted by DejaBlue

Explain the appraisal to me?

I love watching the housing market on HAR. Thanks to some awesome saving and living I'm so so close to being ready to buy my own. Apartments and bugs equal no for Deja.

But looking on HAR I'm going Houses are listed some $40-60k more than appraisal last year. If anything it can't be appraised for that much

I would think selling for slightly higher than appraised but what I'm seeing is highway robbery. I have a friend in Gleannloch Farms and 2 years ago her houses was in the high 2s now houses are in the 400s

Is that standard or seller greed? I'm sorry but if you're gonna jack it up, I better see upgrade city and that means hardwood too.

Salesprices are often far different than the HCAD values, especially in a rising market. It is not at all unusual to see a property sell for tens of thousands more than the HCAD value

[NTexas2010]

Originally Posted by Clever nickname here

Isn't there a 10% a year cap on increases?

Only if you have a homestead exemption on the property, and it has to be at least the 2nd year of the homestead exemption. So if you bought a house in 2015 and applied for a homestead exemption in 2016, the cap will not take affect until next year. In the mean time, the county can raise the taxable value with no cap.

[kchaturv]

Mine is up by 30% !!! I bought this in May last year so 10% does not apply, the appraised value is 120K more than what I bought it for!!!!

Any help /pointers in protesting this would be appreciated. House is in telfair

[NTexas2010]

Originally Posted by kchaturv

Mine is up by 30% !!! I bought this in May last year so 10% does not apply, the appraised value is 120K more than what I bought it for!!!!

Any help /pointers in protesting this would be appreciated. House is in telfair

The most likely response you will get from the county is they will ask you to provide the HUD-1 statement from closing, which will indicate what you paid for your home.

This is intentional - while Texas is a non-disclosure state, if the CAD over-appraises the value of your home, they will say "but we can lower the appraisal if you tell us what you paid for the house."

[NTexas2010]

Originally Posted by kchaturv

Mine is up by 30% !!! I bought this in May last year so 10% does not apply, the appraised value is 120K more than what I bought it for!!!!

Any help /pointers in protesting this would be appreciated. House is in telfair

We also bought in 2015, so we are seeing the same thing without the 10% cap - taxable amount jumped $50k.

[kchaturv]

@ NTexas, that would be my last resort. Currently I am planning to take the FBCAD appraisal value of rest of the street which happens to be more inline with their values and see what it gets me.

[NTexas2010]

Originally Posted by kchaturv

@ NTexas, that would be my last resort. Currently I am planning to take the FBCAD appraisal value of rest of the street which happens to be more inline with their values and see what it gets me.

Good idea. We dealt with the same thing 2 years ago. I brought comps for houses on our street and pointed to $/sq ft discrepancies.

The response I got was "please submit HUD-1 statement."

Best of luck to you regardless.

[kchaturv]

So I have a question. If I go for the informal review, I still retain the right to protest even if they change the appraisal value?

I am thinking of the case where I go and talk to the appraiser, show him the comp and he decides to drop the value by 50K. I would still be over 70K overvalued..
Can I still file the online protest after that?

[bohunak]

WRM 20 - "Sales prices are often far different than the HCAD values, especially in a rising market. It is not at all unusual to see a property sell for tens of thousands more than the HCAD value."

Make it more like hundreds of thousands in some cases. TW is good example of older houses build in 70-80's . Taxable value of $500 000, selling prices in $800k and more.