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Re: 2022 home appraisal value [Re: Mark Perry] #14352365 04/25/22 08:41 PM
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It seems to be a proven fact that once the population reaches a certain level a state income tax is not far behind. It just takes getting the right people in office. The disease is spreading.

Re: 2022 home appraisal value [Re: Nickbyrd] #14352367 04/25/22 08:42 PM
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Originally Posted by Nickbyrd
Just had this conversation yesterday going to try an contest it . Not doubling or tripling my taxes . What is the proper proceeure to go about contesting it ? I heard something about a form ? A little help would be greatly appreciated


Take pictures of anything that devalues your home. Say you have a small crack in a wall or garage floor. Take that pic so it looks real bad and plead your case. Any cracks outside like, grout in a brick wall or anything like that. Show a couple pics when you plead your case and save some pics for next year. From the mouth of an appraisal district employee (not me) "take pictures"!!


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Re: 2022 home appraisal value [Re: Mark Perry] #14352369 04/25/22 08:43 PM
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wopics

Re: 2022 home appraisal value [Re: Mark Perry] #14352378 04/25/22 08:55 PM
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This can actually work out well for us olds. Valuations effectively frozen for much of the taxes and authorities reducing rates due to much higher valuations. Helps reduce the pain of terrible CD rates.

Re: 2022 home appraisal value [Re: Mark Perry] #14352384 04/25/22 09:00 PM
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As bad as I hate to say it ours is probably fair. We could see the house for around $100k higher than the appraisal. Also the smaller house across the street sold at the end the year for higher than our appraisal. We would not be able to win any protest.

Re: 2022 home appraisal value [Re: Mark Perry] #14352388 04/25/22 09:04 PM
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Housing Bubble isn't going to pop... with all of the people relocating to Texas from liberal states things are only going to increase. You add in all of the home investors like Open Door and people just blowing money to move, it is going to grow. Hike in interest rates might slow somewhat, but what we are seeing now I think will continue for the next 5-7 years.

Re: 2022 home appraisal value [Re: Mark Perry] #14352400 04/25/22 09:13 PM
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Again, local government and appraisal districts are not supposed to be for-profit enterprises. They aren't supposed to try to capitalize on exploding housing markets, or anything else, to see how much money they can extract from citizens. A lot of people are reeling financially from inflation but no corresponding increases in pay. Is this supposed to be public service in any way, shape, or form?

Re: 2022 home appraisal value [Re: Mark Perry] #14352463 04/25/22 10:01 PM
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We are all rich according to our taxable property value.


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Re: 2022 home appraisal value [Re: Dan90210 ☮] #14352467 04/25/22 10:04 PM
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Originally Posted by Dan90210 ☮
Originally Posted by patriot07
Originally Posted by kingdad101
happening all over the state ..The Housing Bubble is about to bust and they are getting their HIGH figures in so we can still pay HIGH Taxes when it happens ..

They've been saying that for 5 years.

Housing bubble really only bursts under 2 scenarios - if there is an outside factor (like mortgage securities fraud in 2007/2008), or if housing gets way, way more expensive than renting. As it is, rent has come up along with housing. We bought a rent house in 2019 hoping to rent it for about $950. We are about to rent it for $1300 - over 30% increase in that time. Not quite as much as housing, but not far behind. ETA - if we had listed it publicly, we could have been closer to $1500. We are at $1300 for a family friend.

Mortgage rates will put a halt to prices skyrocketing, and will probably bring them back down a bit (maybe 5-10 percent for sub-$1M homes). But there is no bubble to burst like 2008 right now.


Agreed. There may be some softening but this is not a bubble fueled by bad loans and greedy speculation. These prices will only go up. My home where it in LA would fetch 1.5 million easy. Many areas in Texas will become like.

Friend of mine has been "waiting until prices come down because they are too high" to buy his first house... he has been saying that since 2015.

That 200k house on my street I told him to buy back in 2015? It just sold again for 495k. They were only asking $425k...got 495k. I almost could not believe it.

He has decided he is no longer waiting... just going to rent forever.

I AGREE ,, THE bust I talk about is , MORE HIGH priced homes than ppl with DEEP pockets .. ... like your friend and many I know ..hope I'm wrong ..


Re: 2022 home appraisal value [Re: Mark Perry] #14352516 04/25/22 11:18 PM
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Interesting fact. Just got mine today. My home has gone up 178% since 2017.


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Re: 2022 home appraisal value [Re: Mark Perry] #14352583 04/26/22 12:41 AM
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All 4 of our went up, but they are still assessing them slightly less than market value. I contested one a few years ago. It was easy, did it over the phone and they lowered it.

Re: 2022 home appraisal value [Re: Topwater2] #14352586 04/26/22 12:42 AM
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Originally Posted by Topwater2
Originally Posted by Nickbyrd
Just had this conversation yesterday going to try an contest it . Not doubling or tripling my taxes . What is the proper proceeure to go about contesting it ? I heard something about a form ? A little help would be greatly appreciated


Take pictures of anything that devalues your home. Say you have a small crack in a wall or garage floor. Take that pic so it looks real bad and plead your case. Any cracks outside like, grout in a brick wall or anything like that. Show a couple pics when you plead your case and save some pics for next year. From the mouth of an appraisal district employee (not me) "take pictures"!!

This only works in Rockwall County if you obtain repair estimates. A few years ago when protests where handled by the appraiser the process was a whole lot easier. Since they have gone to the 3 jerks on the board it has gotten a lot tougher to win. When I protested based on a neighbors house that is the same with the exception of his improvements the 3 jerks told the appraiser that his value was too low and to raise it. I slammed the door on the way out. Last year I won based on the highest foundation repair estimate I got but they would not reduce it for other things where I did not have estimates. I have tried using a service but the ones I called wanted a flat fee because of the value of my house. I think they did not want to deal with Rockwall County.


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Re: 2022 home appraisal value [Re: Mark Perry] #14352659 04/26/22 02:06 AM
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I bought my home new 4 years ago...I could make 300k on it now. I'm thinking of selling and a rental and buying when it tanks again.


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Re: 2022 home appraisal value [Re: TR176] #14352856 04/26/22 12:21 PM
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Originally Posted by TR176
Texas by law can only raise an individual homestead appraisal subject to taxation by 10%, and each taxing authority can only increase the overall amount of the increase in revenues by 3.5%. I know this is confusing as the appraisal will increase by the amount they come up with but the tax increase will be limited as if it only increased 10%.
If anyone can read the law and make a clearer summary please do so.


The "market value" of your homestead can go up by any amount, but the increase in taxable value (i.e. appraised value) is limited to a 10% increase per year.

So suppose your homestead was appraised at $200,000 in 2021, and the appraisal district decides that the 2022 market value is now $300,000. Your appraised value is capped at 10% of the previous year, so it goes up by $20,000 ($200,000 x 10%). So your 2022 appraised value is $220,000.

When you get hit with 10% increases for several years in a row, it's rather like being pecked to death by chickens.


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Re: 2022 home appraisal value [Re: Uncle Zeek] #14352863 04/26/22 12:25 PM
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Originally Posted by Uncle Zeek
Originally Posted by TR176
Texas by law can only raise an individual homestead appraisal subject to taxation by 10%, and each taxing authority can only increase the overall amount of the increase in revenues by 3.5%. I know this is confusing as the appraisal will increase by the amount they come up with but the tax increase will be limited as if it only increased 10%.
If anyone can read the law and make a clearer summary please do so.


The "market value" of your homestead can go up by any amount, but the increase in taxable value (i.e. appraised value) is limited to a 10% increase per year.

So suppose your homestead was appraised at $200,000 in 2021, and the appraisal district decides that the 2022 market value is now $300,000. Your appraised value is capped at 10% of the previous year, so it goes up by $20,000 ($200,000 x 10%). So your 2022 appraised value is $220,000.

When you get hit with 10% increases for several years in a row, it's rather like being pecked to death by chickens.


Being pecked to death by chickens is about the best analogy of property taxes I’ve ever heard.

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