Home appraisal - more than I paid for the house

[pronstar]

Just got our appraisal from the Dallas Central Appraisal district.

It was last appraised by them in 2014.
The new appraisal is 65% higher, and is for more than we paid for the house.

Do you guys have any thoughts on what I can do for relief?

Seems like they pulled the new numbers out of their collective asses...


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[oldag]

You can protest the appraised value based on market value or equity.

Market value - get a realtor to provide you with recent sales of similar homes in your neighborhood (you need actual sales figures, not listed figures). Normalize for square footage, e.g. take into account things like pools or extra buildings on the property. Figure out if your house is about the same $/ft2 as the recent sales. If yours is higher, you may be able to protest that your appraisal does not reflect market value. What you paid five years ago will have no bearing on this matter.

Equity - look at the appraised values for your neighbors (via appraisal district website, free access). Normalize for square footage, take into account things like pools or extra buildings on the property. Figure out if your house is about the same $/ft2 as similar houses in your neighborhood. If yours is higher, you may be able to protest that your appraisal is not equitable (e.g., they are shafting you and passing on the savings to your neighbors).

If you think you have a case, take a spreadsheet to the meeting with all the details and data. Be very calm and polite. Start by telling them you are protesting on either equity or market value (whichever applies). Don't gripe about how much less you paid. Then lay out your supporting data.

I have won two reductions, one for market value and one for equity.

If your $/ft2 (normalized) matches the others, or is below, your odds of relief are slim to none.

Note that you have to file a protest notice by a certain deadline.

Good luck.

 

[pronstar]

Yeah we just bought this house last June. The 2014 appraisal was for the previous owner.

I know there are some firms that handle this. Given my limited time due to posting on TGT, I think I’ll investigate some.

Anyone use such a service?
Good results?


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[ZX9RCAM]

I've mentioned before that I use O'Connor and Associates.
They do all the leg work, and if they wrangle a discount, they keep 50% of it.
IIRC, last year they saved me $300, so I sent them $150.

 

[pronstar]

I just found this site,
PropertyTax.io

There’s a free component, and one you pay for. The free component seems to paint a good-ish picture for me, based on comps.

Good-ish, because it says the median in my area is more than I paid, the best case is a $300 reduction. It appears to just look at purchase prices, not sure if square footage is in there.
I’ll give O’Connor a shot


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[tC_Matt]

Forgive me if I'm wrong but if you claim homestead exemption, I thought they can't raise it more than 10% per year.

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[ZX9RCAM]

I just found this site,
PropertyTax.io

There’s a free component, and one you pay for. The free component seems to paint a good-ish picture for me, based on comps.

Good-ish, because it says the median in my area is more than I paid, the best case is a $300 reduction. It appears to just look at purchase prices, not sure if square footage is in there.
I’ll give O’Connor a shot


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Hopefully they handle property out of my area, I don't know.

 

[TheMailMan]

https://www.dallasnews.com/news/watchdog/2018/12/30/propertytax

 

[EZ-E]

I won one in my 1st house years ago. They priced my newly built tract house higher than the neighbors that had more ft.2 than mine. Easy win for me.

 

[baboon]

Yeah we just bought this house last June. The 2014 appraisal was for the previous owner.

I know there are some firms that handle this. Given my limited time due to posting on TGT, I think I’ll investigate some.

Anyone use such a service?
Good results?


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We used one when we first bought our house. They were no real help. Then after the wife went on disability they wanted to say it was them saving us money.

 

[WT_Foxtrot]

Yeah we just bought this house last June. The 2014 appraisal was for the previous owner.

I know there are some firms that handle this. Given my limited time due to posting on TGT, I think I’ll investigate some.

Anyone use such a service?
Good results?


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Forget hiring anyone and paying for nothing. Protest it and let them know you have and be prepared to produce your HUD-1 from last year when you bought it. They will drop it to the purchase price. Tarrant County did the same for me back in 2010 on the house I'm in now and I didn't even have to produce anything. They already had the record of the sale when I called.

Was about a $60K discrepancy from what I paid and their value. Of course they've gotten back up to that level and then some, but it's taken a long time.

 

[ZX9RCAM]

Why would one pay for nothing?

 

[smittyb]

Forgive me if I'm wrong but if you claim homestead exemption, I thought they can't raise it more than 10% per year.

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They can’t raise ASSESSED value more than 10%. There is no limit to the amount they can raise the appraised value.

Then they just raise your assessed value 10% a year till you can’t afford it anymore.

 

[Vaquero]

Why would one pay for nothing?

That's called "taxes".

 

[tC_Matt]

They can’t raise ASSESSED value more than 10%. There is no limit to the amount they can raise the appraised value.

Then they just raise your assessed value 10% a year till you can’t afford it anymore.

Damn. As a new home owner that's disheartening

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[avvidclif]

I got my statement from Van Zandt county yesterday. Looked at it and marveled. Since 2014 my appraised value has increased 75%. That's their numbers not mine. You figure it. I paid 65K in 2006 and now it's 155k. Of course it was frozen in 2012 so don't really care.

 

[F350-6]

I'm with WTF. Fill out the form and say you bought the house in June for XXX. They'll lower the appraised value to the sales price.

I think all the counties are jacking up prices as much as possible to sneak it in because the state is talking about setting tighter limits on how much they're allowed to raise taxes, so they're going for the max they can get before the new rules (if they get passes) go into effect.

 

[ZX9RCAM]

That's called "taxes".

He stated forget hiring someone and paying for nothing.

 

[Younggun]

He stated forget hiring someone and paying for nothing.

I got it.

I think Vaq just layered on another joke.


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[WT_Foxtrot]

Why would one pay for nothing?

Sorry.....maybe I wasn't clear. But in his situation, hiring someone to fight his appraisal.....which some do and have mentioned in this thread.....doesn't make sense because all he has to do is present his HUD-1 from his closing documents, which are very recent, to get the tax appraisal reduced to the purchase price of the home.

I mean, you could hire someone and pay them to do it for you. But in this case, it's not needed and a total waste of money.