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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352365
04/25/22 08:41 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
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.
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Re: 2022 home appraisal value
[Re: Nickbyrd]
#14352367
04/25/22 08:42 PM
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Joined: Mar 2014
Posts: 3,905
Topwater2
TFF Team Angler
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TFF Team Angler
Joined: Mar 2014
Posts: 3,905 |
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"!!
FishKen
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352369
04/25/22 08:43 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352378
04/25/22 08:55 PM
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Joined: May 2002
Posts: 5,727
JCG57
TFF Celebrity
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TFF Celebrity
Joined: May 2002
Posts: 5,727 |
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.
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352384
04/25/22 09:00 PM
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Joined: Jul 2005
Posts: 23,012
Hard Rain
TFF Guru
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TFF Guru
Joined: Jul 2005
Posts: 23,012 |
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.
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352388
04/25/22 09:04 PM
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Joined: Jun 2002
Posts: 4,543
tx_basser
TFF Team Angler
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TFF Team Angler
Joined: Jun 2002
Posts: 4,543 |
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.
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352400
04/25/22 09:13 PM
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Joined: Aug 2001
Posts: 11,590
Razorback
TFF Guru
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TFF Guru
Joined: Aug 2001
Posts: 11,590 |
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?
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352463
04/25/22 10:01 PM
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Joined: Jan 2008
Posts: 13,582
Fishspanker
TFF Guru
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TFF Guru
Joined: Jan 2008
Posts: 13,582 |
We are all rich according to our taxable property value.
The Sheep who only fears the Wolf is eaten by the Shepherd.
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Re: 2022 home appraisal value
[Re: Dan90210 ☮]
#14352467
04/25/22 10:04 PM
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Joined: Oct 2005
Posts: 20,755
kingdad101
TFF Guru
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TFF Guru
Joined: Oct 2005
Posts: 20,755 |
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 ..
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352516
04/25/22 11:18 PM
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Joined: Nov 2014
Posts: 23,381
SteezMacQueen
TFF Guru
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TFF Guru
Joined: Nov 2014
Posts: 23,381 |
Interesting fact. Just got mine today. My home has gone up 178% since 2017.
Eat. Sleep. Fish.
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352583
04/26/22 12:41 AM
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Joined: Jun 2020
Posts: 11,112
grandbassslayer
TFF Guru
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TFF Guru
Joined: Jun 2020
Posts: 11,112 |
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.
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Re: 2022 home appraisal value
[Re: Topwater2]
#14352586
04/26/22 12:42 AM
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Joined: Apr 2004
Posts: 14,069
Stump jumper
TFF Guru
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TFF Guru
Joined: Apr 2004
Posts: 14,069 |
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.
2200 Bay Champ/200 Mercury Optimax 2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: 2022 home appraisal value
[Re: Mark Perry]
#14352659
04/26/22 02:06 AM
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Joined: Jul 2020
Posts: 2,713
CKINCAID
Extreme Angler
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Extreme Angler
Joined: Jul 2020
Posts: 2,713 |
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.
FJB If life isn't going right...Go left
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Re: 2022 home appraisal value
[Re: TR176]
#14352856
04/26/22 12:21 PM
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Joined: Sep 2005
Posts: 27,566
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,566 |
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.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate planning & tax attorney 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 mobile zac@artimlegal.com
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Re: 2022 home appraisal value
[Re: Uncle Zeek]
#14352863
04/26/22 12:25 PM
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Joined: Jun 2012
Posts: 3,845
Wool E. Booger
TFF Team Angler
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TFF Team Angler
Joined: Jun 2012
Posts: 3,845 |
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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