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2018 Tax Appraised Values

ftf

By ftf
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smokebomb

smokebomb 357

Posted
Posted
Just now, staboner said:

also, my house value is down 35% and my land value is up 40%. WTF. why are they doing that? Is some kind of correction math or some shit?

They’ve done this across the board since it’s harder to protest land value than it is to protest the structure’s value. 

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drt

drt 638

Posted
Posted (edited)

It’s pretty much impossible to get them to budge on the land value. So, they going in dry next year on your improvement value. 

 

Edited by drt
Err, must be an echo in here...
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Godzillatron

Godzillatron 292

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The number one thing driving our real estate prices is people moving here, tourism (AirBnB, etc) has a marginal effect. We have had roughly 30k people moving here year for over a decade which means we need roughly 15k new housing units each year to keep equilibrium. The best we’ve done is 13,500. It’s basic supply and demand. Code Next was supposed to help address that imbalance but of course the NIMBY crowd has gutted it


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This won't change until we get some politicians willing to stand up to the ANC crowd. And if Morrison is somehow elected Mayor...


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Brewin’1up

Brewin’1up 34

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Protesting your Property Value for Dummies

1. The appraisers are human, not monsters. Treat them like humans and they will respond in kind. I know it may not be possible with this group, but try to not be an asshole. The old adage about catching more flies with honey than with vinegar applies. If you show up and present convincing evidence without being confrontational, your likelihood of getting a reduction goes waaay up.

2. Don’t try to “Out Analyze” the Appraisal District. Their staff spends months analyzing the market. When Joe Taxpayer shows up with a Realtor’s CMA and an Excel spreadsheet that he created the night before, and tries to argue about average price/sqft in his neighborhood, he gets silently laughed at. Realtors present the idea that price/sqft is the final word in property valuation because that’s how they market homes, but it can be skewed fairly easily. Average price/sqft doesn’t take into account many other variables that the Appraisal District does such as: differences in lot size, view, topography, class or quality of construction, condition, roofing, siding, year built, or detached improvements like patios, garages, deck or pools. Example: Two houses in the same neighborhood have the same square footage/floor plan. One has a larger lot vs. the other with a standard lot. One has stucco or stone siding vs. the other with vinyl or wood siding. One has a tile or metal roof vs. the other with asphalt shingle roof. One has a 3-car garage vs. the other with a 2-car garage. One has been maintained & updated vs. the other which has not. One has detached improvements like; a garage, patio, deck, pool/spa, or outdoor kitchen. All of these differences will add value, but won’t change the square footage.

3. Learn how the district has your property classified. Request an Evidence Package from the appraisal district and compare the CADs records to your house. Things to verify:  number of improvements, total square footage of the house, lot size, exterior siding, roof type, foundation type, bedroom & bathroom count, number of fireplaces. Verify their records because they are human and mistakes do happen. Sometimes the correction puts the value in line.

4. Go to your Informal Hearing. Take the time to actually read the documents they send you. You only get one Informal Hearing and showing up unprepared and/or without evidence because you didn’t read the instructions is no excuse. If you are unprepared for the Informal, your only recourse will be to present your case to the ARB (Appraisal Review Board) at the Formal Hearing. Ask questions and let the appraiser explain the appraisal protest and appeal process. Because of time constraints, you will not be taught the process at the ARB Formal Hearing.

5. Bring photos and estimates of needed repairs. There is a good chance an appraiser has not been to your house in years (maybe ever). You’ll need to show them what your property looks like and why your house is different from everyone else’s. You need to present your house as the ugliest house on the block with all its faults and structural fails.

This is my best advice for getting a reduction in value.

1. You can absolutely do this yourself at the Informal meeting without having to go in front of the ARB, provided you do your homework - meaning don't rely on the CMA your realtor gave you or some appraisal estimate you printed off the internet. You don't need to hire a tax agent unless you're in the 1% and have money to burn. If you decide you do want to use a tax agent, I personally would recommend against using O’Connor & Associates - those clowns couldn’t pour water out of a boot if the instructions were printed on the heel.

2. Ask the CAD for an Evidence Package. This is a list of all the Sales and Equity comparables that were used to value your neighborhood. Just write on your protest form that you would like an Evidence Package and they will mail it to you. The Sales comps will be a list of what the homes in your area actually selling for. Don't focus on the foreclosures or low sales, look at the ones that are Classed the same, and closest in size to your home. The Equity comps will be a list of what similar homes in your neighborhood are valued at. Paying the most attention to the ones that are the same Class as, and closest in size to your home.

3. Photos and Repair Estimates are your best evidence. The CAD appraisers can’t see inside your home. They don't know that it hasn't been updated or that there are foundation problems. It’s your job to inform them so take some good photos, ideally 8-10 clear and centered images will illustrate your concerns. Note: the CAD and the ARB can’t accept the digital photos on your phone so stop at Walgreens and print out your pics. If there is something wrong with your house, have a contractor come out and give you an estimate for repairs to support your photos. Don’t expect a dollar-for-dollar reduction, if the appraiser gives consideration for 2/3 the total of the estimate, I’d consider that a win.

5. If you purchased your home within the previous 12 months, and your purchase price was less than what the CAD has as your Market Value, bring your closing documents. 99% of the time the appraiser will agree to lower your value to the purchase price (assuming it was an arms-length transaction). If there is a discrepancy in the square footage, bring your Fee Appraisal - since a Fee Appraisal sketch is typically more accurate than the CAD sketch.

If your purchase price was greater than what the CAD has for your Market Value, you really shouldn't be protesting. The Appraiser and/or the ARB is not going to care what other comps sold for, since the Best comparable is the actual sale of the Subject property. Your purchase price - by definition - is your property’s market value. If you have a mortgage on your new home, the bank would have ordered a Fee Appraisal, and the loan wouldn't have funded unless the Fee Appraisal comps also supported your purchase price. Your best option in this situation is to keep your head down and your mouth shut. Little known fact - the ARB has the option to RAISE values. I've see it happen in situations like this, and it’s not a pretty scene.

E-file vs. showing up in person for the Informal Meeting

It will depend largely on your argument and your evidence. In my opinion, actually going to the CAD for the Informal Meeting is probably your best chance of getting the largest reduction. The E-file process itself is pretty sterile. It’s just a one-time email exchange of evidence and a take-it-or-leave-it offer, no discussion, no rebuttal. You miss out on the human element since there’s no opportunity to discuss your value with an appraiser. By attending the Informal Meeting, you allow the appraiser to explain why your home is valued the way it is, why they used the comparables they did, and having the appeal process explained to you. There's a definitely a benefit to having a face-to-face meeting, but it really depends on your situation and what your time is worth. Examples:

1. If you just bought the property and your purchase price is less than the CADs Market Value, you could probably get away with doing the E-file and just send them a copy of your closing documents and fee appraisal.

2. If it’s a condition issue with the house, you’re probably better off going into the CAD with your photos and repair estimates, so you can speak with an appraiser and explain your situation.

 

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Catpfish

Catpfish 618

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Posted

My dealings with Travis CAD has pretty much been the exact opposite of your #2 in the first part.  They strictly looked at numbers and had no common sense when it came to individual properties.  In one protest that I was helping with, they were trying to tell me that this whole subdivision had 5,000 square foot one stories on 9-10,000 square foot lots and when I tried to point out that there was no way with impervious cover restrictions and setbacks, they told me just to go to the formal because they  wouldn't discuss anything further with me.

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drt

drt 638

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On 4/7/2018 at 7:50 PM, staboner said:

but they can't go up and down on the house/improvement value over and over? you would think once they downed it substantially that it would be easier to fight the following cycle if they upped it

damn i am dizzy. 

Actually, they do exactly that as land value rises.  I assume they get land value in established neighborhoods by prices people pay for teardowns, at least it seems that way around here.

As far as making it easier to fight, not really.  They're comparing your house to other houses in your neighborhood that have sold recently.  Not to what your house is actually worth, or what it would cost to build.  If sales prices go up, it does not matter what your house was valued at last year.

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Brewin’1up

Brewin’1up 34

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To address the questions about changing land values...

In appraisal, the land value is typically 20-30% of the overall property value. What happens is, in a built out neighborhood where you don’t have vacant lots sales to determine land values. Property values will change with the market and land values will stay the same until it becomes necessary to adjust the land::property value ratio. The overall market value will still be determined by the neighborhood sales.

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AUS-97HORN

AUS-97HORN 11765

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Posted

78757 i went up another 19.5% this year.

 

thats basically the 5th straight year its been 20% year over year, I then drag my ass down to the office every year, and get 5-12% knocked off and start the process all over again next year.

But with the new tax write off rules for 2018, every dollar saved is huge because I can turn around and claim a larger sales tax deduction.

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Don Keibals

Don Keibals 113

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Posted
2 hours ago, SA-KC_Horn said:

My structure/improvements went up 39k....not one single improvement I made is worth that value in the past year. So I'll be protesting this one. I am assuming this is based on the sale of homes in my neighborhood.

Yes, they use what are called comparables.  5 sales of homes similar to yours.

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T’Boo Ted Marshall

T’Boo Ted Marshall 2732

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Ugh.  Rental property in 75248 went up another 30% after a 37% increase last year.  I actually think for the first time in a while it is overvalued by DCAD so I'll be relying on the tax consultants to really show their worth this year.

 

House is up to just a bit over what a realistic selling price is but at least it is under the Homestead cap.  

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bluto

bluto 4929

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Posted

Appeal deadline was moved up 2 weeks mainly to give CADs more time to get through all the appeal work. Vast majority of agents don't apppeal until deadline day so it created a massive bottleneck, especially with commercial. Overall it's a good thing. 

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bluto

bluto 4929

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Abbott is wanting to cap everything at 2% year over year... and that's total tax bill not just value or tax rate. It would blow up school funding and muni's will prob attempt a hit on him if he starts to get real traction though. 

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ChickenSandwich

ChickenSandwich 9836

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19 minutes ago, bluto said:

Abbott is wanting to cap everything at 2% year over year... and that's total tax bill not just value or tax rate. It would blow up school funding and muni's will prob attempt a hit on him if he starts to get real traction though. 

it is a great idea, and if it causes money to be diverted from Homeless libraries, bike lanes and cultural art centers/or "art consultants"....so be it.  Think how much would be saved from not doing anymore code next consulting reports

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hornbri

hornbri 1398

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32 minutes ago, bluto said:

Abbott is wanting to cap everything at 2% year over year... and that's total tax bill not just value or tax rate. It would blow up school funding and muni's will prob attempt a hit on him if he starts to get real traction though. 

Just remember this is what California has and part of the reason they are so in debt...( they also have state income tax and could not make up the difference)

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Brewin’1up

Brewin’1up 34

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Posted
22 hours ago, pacman said:

ho hum, just $30k over purchase price from mid-August

The county also thinks I have 700+ more square footage that the appraisal stated at time of purchase.

This is an easy win for you.

Take your closing docs and fee appraisal sketch to the CAD and they'll fix your sqft difference and adjust to your purchase price.

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phdhorn

phdhorn 6224

Posted
Posted
On 4/24/2018 at 7:31 PM, ChickenSandwich said:

It’s time to lower the cap to 5% land and prop combined, 1% for a senior citizen 

Well at least you get to freeze your school tax portion of the bill when you hit 65 (freezes @ the amount the year you qualify).  Since school taxes are like 80% of my bill, I can at least live with that.  Probably the only reason I can think of that I want to get to 65 and beyond.

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ousuxndallas

ousuxndallas 65

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Posted
18 hours ago, Rusty Shackelford said:

I protested and got mine lowered last year and this year they kept it exactly the same as my reduced appraisal last year.  Is that normal?

Same here.  Fought a large increase last year, got a "compromise" when I protested.  This year, 0% increase.  Tarrant County.

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phdhorn

phdhorn 6224

Posted
Posted (edited)

Question:  I've done my own appeals, have always had reductions, settled at the informal.  However, with the Homestead Exemption I only get taxed maximum of 10% increase over the previous year anyway,; 1 of my 3 appeals I got it to about 9%, the others over 10% (see below).

So, if I use one of these tax services, do they still bill you for the savings "on paper" even if your final settlement is > 10%?  In that case, for example, let's say they got me from 22% increase to 11%.  Yeah, they "saved" me all that tax money on paper, but I still pay the 10% increased amount in December anyway, so in reality I haven't "saved" any real dollars.  Yet they bill me for my "savings" of 11%, let's say it's about $400.  So they collect $400 off of me, yet I still pay say the 10% capped tax increased amt. no matter what, leaving me in essence "losing" $400.

What part of this if any isn't correct?

I asked the question about 2 years ago why bother even appealing if you're capped at 10% anyway, if you can't get the increase below 10%?  The answers were 1) to learn the process anyway, some year you might, and 2) you still lower your assessed value from year to year and make the tax increases relatively less (in real value, not percent) each year.  And I've done it (3 of the last 5), don't regret it, have had good reductions, but only one of these was < 10%, the others about 11% and 12%.  I didn't fight those and go to the formal, because frankly there's no way I would have gotten that result there.

So, do these companies really say "we can get you down to single digits or we won't bill you"?  Or do they bill you for the on-paper "savings" yet you still pay the same tax increase in December, since it's > 10%?  Otherwise you seem to lose money.

Edited by phdhorn
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ChickenSandwich

ChickenSandwich 9836

Posted
Posted (edited)
On 4/25/2018 at 12:44 PM, hornbri said:

Just remember this is what California has and part of the reason they are so in debt...( they also have state income tax and could not make up the difference)

if California would charge public school tuition for any undocumented student, they could fix their failing public school system even without property tax hikes, and the SALT tax may make them lower state taxes because they can't pass that tax burden off on the rest of the country anymore.  They would fail with and without property tax hikes.

austin seems hell bent on copying the “M&M” model from Lake Travis. 

Mansions or Mobile Homes. Nothing in between. 

Edited by ChickenSandwich
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dimyh

dimyh 1874

Posted
Posted
On 4/10/2018 at 1:52 PM, Brewin’1up said:

Protesting your Property Value for Dummies

5. Bring photos and estimates of needed repairs. There is a good chance an appraiser has not been to your house in years (maybe ever). You’ll need to show them what your property looks like and why your house is different from everyone else’s. You need to present your house as the ugliest house on the block with all its faults and structural fails.

This is my best advice for getting a reduction in value.

3. Photos and Repair Estimates are your best evidence. The CAD appraisers can’t see inside your home. They don't know that it hasn't been updated or that there are foundation problems. It’s your job to inform them so take some good photos, ideally 8-10 clear and centered images will illustrate your concerns. Note: the CAD and the ARB can’t accept the digital photos on your phone so stop at Walgreens and print out your pics. If there is something wrong with your house, have a contractor come out and give you an estimate for repairs to support your photos. Don’t expect a dollar-for-dollar reduction, if the appraiser gives consideration for 2/3 the total of the estimate, I’d consider that a win.

 

 

Good stuff there, any other tips on getting them to knock off prices based on recent damages? In year 2 of home ownership with an increase of 10%, not as terrible as some of you old fucks but still a kick to my wallet. I'm definitely not the surly 2% and need every amero I can get. 

Just confirmed water damage from a pipe leak. Its older house so when they stripped out drywall/flooring we identified wood root & mold. Plus outside drainage problems that may have contributed as well. Still working on insurance to see what will be covered but right now the place is an absolute dump compared to my purchase price from 2016.

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