2022 Property Tax Values are out

[LCHorn 2620]

7 minutes ago, Pato del Muerto said:

So - and please don’t laugh at me- in a just system, rates would go down to adjust for the higher values such that revenues remained neutral or had a modest increase in accordance with need.  How difficult would it be to get the PTB in the various governments to make this happen or get it on a prop for vote?

again, it’s not polite to laugh. 

I had the same thought; it’s kind of amazing that there’s not more local candidates running on a tax cutting platform.  Maybe @Bozo_Casanovaknows more, or perhaps there is but they are nut jobs otherwise like Don Zimmerman.  
 

Not humble bragging but my unimproved land value went from $200k to $1m; that’s got to be a record.  

Edited April 15, 2022 by LCHorn
Spelling

[hornbri 1398]

Up a smooth 89%. HS capped it at 10% but damn…

[Pato del Muerto 52499]

Just now, hornbri said:

Up a smooth 89%. HS capped it at 10% but damn…

Nothing like being able to count on a 10% increase every year for the foreseeable future. 

[hornbri 1398]

2 hours ago, TexasEd said:

lol TCAD.org is broken

Here is a direct link to the search - https://stage.travis.prodigycad.com/property-search

[hornbri 1398]

6 minutes ago, Pato del Muerto said:

Nothing like being able to count on a 10% increase every year for the foreseeable future. 

With the amount of these raises I don’t think we will ever catch up, its going to be 10% forever.

We are planning a kitchen remodel this year so next year I am going to get fucked for all of it, sigh. Makes me rethink the whole thing and just moving to the country. 

[Anastasis 23471]

[Bozo_Casanova 26470]

39 minutes ago, LCHorn said:

I had the same thought; it’s kind of amazing that there’s not more local candidates running on a tax cutting platform.  Maybe @Bozo_Casanovaknows more, or perhaps there is but they are nut jobs otherwise like Don Zimmerman.  
 

Not humble bragging but my unimproved land value went from $200k to $1m; that’s got to be a record.  

The short answer is that they do often do roll them back a little, but thanks to Robin Hood it’s not really a local decision in practice. 

Edited April 15, 2022 by Bozo_Casanova

[Armybrat 40850]

35 minutes ago, LCHorn said:

I had the same thought; it’s kind of amazing that there’s not more local candidates running on a tax cutting platform.  Maybe @Bozo_Casanovaknows more, or perhaps there is but they are nut jobs otherwise like Don Zimmerman.  
 

Not humble bragging but my unimproved land value went from $200k to $1m; that’s got to be a record.  

We just got a $4.5 million offer for a property that was tax appraised at only $600k last year. People are nuts.

 

[Armybrat 40850]

3 minutes ago, Bozo_Casanova said:

The short answer is that they do often do roll them back a little, but thanks to Robinhood it’s not really a local decision in practice. 

Yeah, that Robin Hood thing needs to be modified badly, Like cap it to a much lower % of a “rich” district’s revenue. 
But the current idoits on the 11th Street Hill are not likely to do anything practical like that. /cr

[Texas Jeff 1945]

1 hour ago, Pato del Muerto said:

So - and please don’t laugh at me- in a just system, rates would go down to adjust for the higher values such that revenues remained neutral or had a modest increase in accordance with need.  How difficult would it be to get the PTB in the various governments to make this happen or get it on a prop for vote?

again, it’s not polite to laugh. 

This is exactly how it's supposed to work after the last legislative session.

School district tax rates are "compressed" so that taxes do not rise by more than 2.5% (I think) per year.  They reduce the rates as valuations go up.
Other taxing authorities are limited using similar "compression" so that the taxes do not rise by more than 3.5% (I think) per year.

UNLESS ... your local taxing authority has a Tax Rate Election, in which they can bump up the tax rate by more than these limits.  That is how the City of Austin was able to raise their tax rate by 20% a few years ago to pay for Project Connect.

You should hear about tax rates coming down in the fall in reaction to these steep property appraisal increases.  Unless CoA decides it is time for another TRE.

[Pato del Muerto 52499]

10 minutes ago, Texas Jeff said:

This is exactly how it's supposed to work after the last legislative session.

School district tax rates are "compressed" so that taxes do not rise by more than 2.5% (I think) per year.  They reduce the rates as valuations go up.
Other taxing authorities are limited using similar "compression" so that the taxes do not rise by more than 3.5% (I think) per year.

UNLESS ... your local taxing authority has a Tax Rate Election, in which they can bump up the tax rate by more than these limits.  That is how the City of Austin was able to raise their tax rate by 20% a few years ago to pay for Project Connect.

You should hear about tax rates coming down in the fall in reaction to these steep property appraisal increases.  Unless CoA decides it is time for another TRE.

So I should file for value protest and submit my hud 1 to get the valuation decreased from 430k to 340k for this year mostly to protect myself from a voted increase to an otherwise capped amount due?  
 

are valuations and taxes tied together or can the valuation outpace taxes for a time until it slows and taxes can catch up?  Like a separate taxable value?

addendum- what the county sent me is sufficient to have my PMI removed. Is it fairly accurate?  My letter has like 6 comps. I want to be sure the valuation will be there when I request the PMI removal and pay for an appraisal. Would be super cool if I could just send what the county gave me to my servicer but I can’t imagine they’d accept it. 

Edited April 15, 2022 by Pato del Muerto

[MrBig 5398]

7 minutes ago, Pato del Muerto said:

addendum- what the county sent me is sufficient to have my PMI removed. Is it fairly accurate?  My letter has like 6 comps. I want to be sure the valuation will be there when I request the PMI removal and pay for an appraisal. Would be super cool if I could just send what the county gave me to my servicer but I can’t imagine they’d accept it. 

Please follow up on this. It would be nice to just send this info to the loan servicer and get the PMI dropped off. But getting a new appraisal means there’s a risk of a higher valuation and paying even more taxes. Can’t they just take the county’s word for it and not make us pay for a new appraisal?

Can’t they just take the butcher’s word for it instead of making us stick our head up a bull’s ass to appraise the T-bone?

[Sbbruin 21856]

Thank baby Jesus for Prop 13.  Housing has gone through the roof here.  My prop tax bill would be triple what it is if it were assessed at current value

[jimmyjazz 45958]

1 hour ago, Armybrat said:

We just got a $4.5 million offer for a property that was tax appraised at only $600k last year. People are nuts.

 

Why the hell didn't you just say "yes"?

[jimmyjazz 45958]

Just got through to TCAD -- NW Hills appraisal up 59%.  Sounds like we got off light compared to some of you.

What I don't understand is why the land only went up 50% and the improvement went up 63%?  Has the cost of building a house gone up THAT much, and beyond that, it's outpacing the rising cost of land within the City of Austin?  I don't buy that one bit.

If the taxing authorities don't drop their rates it's gonna be cake-eating time.

[Brisketexan 105145]

5 minutes ago, jimmyjazz said:

Just got through to TCAD -- NW Hills appraisal up 59%.  Sounds like we got off light compared to some of you.

What I don't understand is why the land only went up 50% and the improvement went up 63%?  Has the cost of building a house gone up THAT much, and beyond that, it's outpacing the rising cost of land within the City of Austin?  I don't buy that one bit.

If the taxing authorities don't drop their rates it's gonna be cake-eating time.

Last time I contested, I was told that the distinction meant absolutely nothing.  It's entirely arbitrary between land and improvement.

[AUS-97HORN 11765]

1 hour ago, Pato del Muerto said:

addendum- what the county sent me is sufficient to have my PMI removed. Is it fairly accurate?  My letter has like 6 comps. I want to be sure the valuation will be there when I request the PMI removal and pay for an appraisal. Would be super cool if I could just send what the county gave me to my servicer but I can’t imagine they’d accept it. 

you need to very, very carefully read your PMI removal paperwork before doing anything. 

most lenders, and agents tell you that once you have 80% of the value of the home being covered you can apply for PMI removal.   NOT NECESSARILY

 

personal story in my case, the 80% number was correct if I had gotten the loan amount down below 80% of the ORIGINAL purchase price.   

However, appreciated price was NOT included in that 80% number.   

My PMI contract specifically said it would stop once I petitioned with either 80% of purchase price OR 75% of  THEIR certified appraiser's appraised value.   

Since I was no where near the original 80% , even though my house had appreciated past 80%,  I had to pay a fucking outrageous $500 official appraisal from my mortgage holder (couldnt use anyone else)  to get the PMI removed at 74%.   They finally removed it then, but it took me almost 9 months to recoup the savings of not having the PMI.

 

so that was a long story to tell you to very carefully read the "removing PMI" section of your paperwork to see what exactly is needed to allow you to remove PMI via appreciated value increase

[We’reTexas 1473]

40 minutes ago, Sbbruin said:

Thank baby Jesus for Prop 13.  Housing has gone through the roof here.  My prop tax bill would be triple what it is if it were assessed at current value

And I’d be able to buy a house in CA. 
 

 

Edited April 15, 2022 by We’reTexas

[HRSchenker 2268]

DCAD numbers are up. Mostly 28-32% increases in my hood. KCAD numbers are still pending. 

[LCHorn 2620]

30 minutes ago, AUS-97HORN said:

you need to very, very carefully read your PMI removal paperwork before doing anything. 

most lenders, and agents tell you that once you have 80% of the value of the home being covered you can apply for PMI removal.   NOT NECESSARILY

 

personal story in my case, the 80% number was correct if I had gotten the loan amount down below 80% of the ORIGINAL purchase price.   

However, appreciated price was NOT included in that 80% number.   

My PMI contract specifically said it would stop once I petitioned with either 80% of purchase price OR 75% of  THEIR certified appraiser's appraised value.   

Since I was no where near the original 80% , even though my house had appreciated past 80%,  I had to pay a fucking outrageous $500 official appraisal from my mortgage holder (couldnt use anyone else)  to get the PMI removed at 74%.   They finally removed it then, but it took me almost 9 months to recoup the savings of not having the PMI.

 

so that was a long story to tell you to very carefully read the "removing PMI" section of your paperwork to see what exactly is needed to allow you to remove PMI via appreciated value increase

Haha!  $500 Appraisal @Wulaw Horn@UTPhil2006

[Bozo_Casanova 26470]

2 hours ago, Armybrat said:

Yeah, that Robin Hood thing needs to be modified badly, Like cap it to a much lower % of a “rich” district’s revenue. 
But the current idoits on the 11th Street Hill are not likely to do anything practical like that. /cr

Yes I’m sure the rural Republican majority would love to make things more equitable for city dwellers. 

[AUS-97HORN 11765]

5 minutes ago, LCHorn said:

Haha!  $500 Appraisal @Wulaw Horn@UTPhil2006

I forgot to mention it was 18 years ago and the house was only worth $150k at the time.   I worked with appraisers all the time in my job then and even the rush jobs only cost $350-400 for anything under $500k. 

[DalTxHornFan 3101]

2 hours ago, Texas Jeff said:

This is exactly how it's supposed to work after the last legislative session.

School district tax rates are "compressed" so that taxes do not rise by more than 2.5% (I think) per year.  They reduce the rates as valuations go up.
Other taxing authorities are limited using similar "compression" so that the taxes do not rise by more than 3.5% (I think) per year.

UNLESS ... your local taxing authority has a Tax Rate Election, in which they can bump up the tax rate by more than these limits.  That is how the City of Austin was able to raise their tax rate by 20% a few years ago to pay for Project Connect.

You should hear about tax rates coming down in the fall in reaction to these steep property appraisal increases.  Unless CoA decides it is time for another TRE.

The other thing is that new construction is excluded in that 3.5% calculation.  So, as an example, Williamson County's overall tax receipts will be going up a shit ton more than 3.5% YOY with all the new homes and neighborhoods springing up lately.  Not sure how they actually comply with that law, but I suppose they have some high-powered bureaucrats on that assignment.

Edited April 15, 2022 by DalTxHornFan

[CooterBrown 18014]

With the amount of these raises I don’t think we will ever catch up, its going to be 10% forever.
We are planning a kitchen remodel this year so next year I am going to get fucked for all of it, sigh. Makes me rethink the whole thing and just moving to the country. 

Don’t pull a permit. Problem solved.

[TKthunder2 4991]

12 hours ago, immamac said:

650k to 1.05M in zilker. That's fucking insane.

NW Hills, and this doesn’t include the renovation we just started. FYI @hornian

[Steel Shank 9425]

Total: +211%

Land: +325%

[Hefeweizen 5324]

10 minutes ago, Steel Shank said:

Total: +211%

Land: +325%

That's a lot of pipe.

[Paper_jam 831]

My sleepy and unfashionable location in remote NE Austin usually gets a bit of a break, but up 55% this time.

 

[SizzleChest 8284]

12 minutes ago, Steel Shank said:

Total: +211%

Land: +325%

 

[UTPhil2006 3807]

2 hours ago, AUS-97HORN said:

I forgot to mention it was 18 years ago and the house was only worth $150k at the time.   I worked with appraisers all the time in my job then and even the rush jobs only cost $350-400 for anything under $500k. 

Good price then.  They used to be reasonable prices 

[Updawg 2266]

My land value tripled. It had been the same for quite a while

[Armybrat 40850]

3 hours ago, jimmyjazz said:

Why the hell didn't you just say "yes"?

Because the guy with an almost identical property very close to us just closed at $6.7 million.

[Armybrat 40850]

1 hour ago, Paper_jam said:

My sleepy and unfashionable location in remote NE Austin usually gets a bit of a break, but up 55% this time.

 

Four Seasons neighborhood off East Braker?

[boilerhorn 1381]

Far NW Austin.  

Up 100% total.
Land up 350%
Improvement up 50%.

 

[totallynotabuttpirate 5400]

6 hours ago, Armybrat said:

We just got a $4.5 million offer for a property that was tax appraised at only $600k last year. People are nuts.

 

Damn, are you a nurse? 

 

[Hefeweizen 5324]

West Lake Hills.  Appraisal almost caught up to real market since i'm under contract right now.  Apparently selling at the right time, because the property tax situation fixin to get ugly.  

 

Land up 90%.

Total up 60%.

[Gladeite 375]

Barton Creek.  Up 10% total.  We must have more TCAD management in our neighborhood than I thought.

 

 

[Muny_Tex 293]

you need to very, very carefully read your PMI removal paperwork before doing anything. 
most lenders, and agents tell you that once you have 80% of the value of the home being covered you can apply for PMI removal.   NOT NECESSARILY
 
personal story in my case, the 80% number was correct if I had gotten the loan amount down below 80% of the ORIGINAL purchase price.   
However, appreciated price was NOT included in that 80% number.   
My PMI contract specifically said it would stop once I petitioned with either 80% of purchase price OR 75% of  THEIR certified appraiser's appraised value.   
Since I was no where near the original 80% , even though my house had appreciated past 80%,  I had to pay a fucking outrageous $500 official appraisal from my mortgage holder (couldnt use anyone else)  to get the PMI removed at 74%.   They finally removed it then, but it took me almost 9 months to recoup the savings of not having the PMI.
 
so that was a long story to tell you to very carefully read the "removing PMI" section of your paperwork to see what exactly is needed to allow you to remove PMI via appreciated value increase

This was my experience as well…my servicer won’t adjust it without a certified appraisal even though my market value is up over 45% since I purchased in late 2020.

My PMI is only $26/mo so I’m better served just eating the dick until I reach 80% LTV than waiting ~2 yrs to recoup the appraisal cost.


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[ZB'Tejas 593]

Damn, I tried to look but I guess everyone is logging on this morning as I can’t even bring up the site.


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[ZB'Tejas 593]

My land value barely went up but improved sky rocketed. In Total about 100% higher.

Does the additional fee from Pro Tax only count reduction in assessed? Or would they also bill you for reduction on apprised that would not actually affect your taxes?


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[Pato del Muerto 52499]

50 minutes ago, Muny_Tex said:

This was my experience as well…my servicer won’t adjust it without a certified appraisal even though my market value is up over 45% since I purchased in late 2020.

My PMI is only $26/mo so I’m better served just eating the dick until I reach 80% LTV than waiting ~2 yrs to recoup the appraisal cost.


Sent from my iPhone using Tapatalk

No, that’s exactly what they said when I inquired.  But I’m 1 year into a 30 year note at 95% LTV with $140 or so a month PMI. I had figured 2 years before I could get it removed but things have gone up quickly, and waiting for the balance to hit 78% would be stupid. 
but also stupid would be paying 600 or so for an appraisal that didn’t hit the needed value, as I don’t believe that would reset the LTV calculation for the 78% auto removal- I’d just have to wait and pay for another. 

[CooterBrown 18014]

Talked to an owner of one of Austin’s old school restaurants today. He said this latest round of property tax increases is gonna put some out of business since there are no caps on commercial property. So get ready for more mixed use that no one goes to.

[ZB'Tejas 593]

My land value barely went up but improved sky rocketed. In Total about 100% higher.

Does the additional fee from Pro Tax only count reduction in assessed? Or would they also bill you for reduction on apprised that would not actually affect your taxes?


Sent from my iPhone using Tapatalk

For properties with exemptions (EX: Homestead), there is a market value reduction fee calculated IF the market value is reduced but doesn’t beat the capped value ($2.50/$1k value reduction).

Found this on the site so a reduction in 200k would cost me $5k. Ouch. Time to cancel protax I think.


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[MAUFRAIS 6629]

[LCHorn 2620]

2 hours ago, Pato del Muerto said:

No, that’s exactly what they said when I inquired.  But I’m 1 year into a 30 year note at 95% LTV with $140 or so a month PMI. I had figured 2 years before I could get it removed but things have gone up quickly, and waiting for the balance to hit 78% would be stupid. 
but also stupid would be paying 600 or so for an appraisal that didn’t hit the needed value, as I don’t believe that would reset the LTV calculation for the 78% auto removal- I’d just have to wait and pay for another. 

FYI, bear in mind you’ll need to have made 24 on time payments in addition to proving 25% equity based on present value.  

[Pato del Muerto 52499]

Just now, LCHorn said:

FYI, bear in mind you’ll need to have made 24 on time payments in addition to proving 25% equity based on present value.  

I had not heard or read anything about 24 on time payments. If that’s the case then it will be an easy appraisal next summer. 

[LCHorn 2620]

1 hour ago, CooterBrown said:

Talked to an owner of one of Austin’s old school restaurants today. He said this latest round of property tax increases is gonna put some out of business since there are no caps on commercial property. So get ready for more mixed use that no one goes to.

Bear in mind that residential property values and commercial property values are going to be subject to a lot of the same economic forces but aren’t directly intertwined, I.e., home buyers aren’t shopping for tacquerias if they can’t get the house they want.  

[Anastasis 23471]

7 minutes ago, LCHorn said:

Bear in mind that residential property values and commercial property values are going to be subject to a lot of the same economic forces but aren’t directly intertwined, I.e., home buyers aren’t shopping for tacquerias if they can’t get the house they want.  

Cashing out and moving the family to a taco truck sounds like a pretty reasonable idea in the current environment. 

[hornian 5219]

2 hours ago, CooterBrown said:

Talked to an owner of one of Austin’s old school restaurants today. He said this latest round of property tax increases is gonna put some out of business since there are no caps on commercial property. So get ready for more mixed use that no one goes to.

I own a commercial property (not saying where), and it had a 0% increase. Same exactly as last year. Crossing my fingers that they just keep ignoring my commercial property for years to come. 

But when it does get increased, I'm going to have to raise rent on tenants (including my own law firm) to cover that, since we are pretty lean on rent rates to be competitive (we are 100% occupied currently, which is nice). 

[AUS-97HORN 11765]

44 minutes ago, hornian said:

I own a commercial property (not saying where)

But when it does get increased, I'm going to have to raise rent on tenants (including my own law firm) to cover that (we are 100% occupied currently, which is nice).