I guess I'll get this year's "bend me over" thread started since I have absolutely no idea what the hell the Rockwall CAD is smoking, but it must be some good shit.
Get a load of this shit. We put a pool in at the end of last year so I was expecting my value to automatically go up.
Market Value - Structure/Buildings went from $283,490 to $331,200 = +$47,710 (15% increase)
Market Value - Land went from $58,860 to $411,760= +$352,900 (700% increase) What the hell is that all about????
Total Market Value went from $342,350 to $742,960.
Appraised Value - $342,350 to $705,004 (they show on the CAD site that there is a $37,956 Homestead Cap reduction from the Market Value of $742,960)
Homestead Cap Value went from $293,840 to $365,644 = +$71,804 (20% increase)
They have my taxes based off the $705,004 for everything except the ISD, where I get a $25,000 exemption amount.
1. Shouldn't I be paying taxes on my Homestead Cap Value?
2. I thought values couldn't go up more than 10% if you have a homestead?