Is Your Tax Appraisal a Fair Assesment?

How do you determine your market value?

You can: contact your Realtor who can provide you with market information, collect information from neighbors who have recently purchased their homes, or a contract company who specializes in assisting with tax assessor valuation protests.

Should you appeal your property valuation?

If the market value on your home is lower than your tax-assessed value, then you should appeal.

When should you receive your property valuation and how long do you have to appeal?

The County Appraisal Districts began mailing property valuations sometime after April 15th. Most homeowners should have received their valuation on or before May 1st. Homeowners have until May 31st, or 30 days from the date they receive their valuation (whichever is later), to appeal.

How to appeal your property taxes.

If you believe your property valuation is higher than the current market value, you should appeal your taxes. When people don

Moolah U Camp Takes Money Lessons Beyond Central Texas

            Each camp has 15 to 20 kids ages 8 to 15 who work together to plan, manufacture, market and sell their product. Some camps make items such as purses made out of duct tape or bookmarks. At each camp, kids have to figure out how much each product is going to cost and set a price to make a profit. At the end of the camp, each kid receives a check for his share of the profits. Kids are encouraged to use that money to open a savings account if they do not already have one.
           

Is Your Austin Texas Tax Appraisal a Fair Assesment?


 

Why is tax-assessed value different than market value?                                
The tax-assessed value is what your county believes your home or condo is worth. The county attempts to set their values at market value. However, they do not evaluate comparables, nor do they perform an individual market analysis on every home. The county simply values your home according to the area, not the house, meaning the value may be too high or too low, depending on the size, location, amenities and condition of the specific home.

How do you determine your market value?
You can: contact your Realtor who can provide you with market information, collect information from neighbors who have recently purchased their homes, or a contract company who specializes in assisting with tax assessor valuation protests.

Should you appeal your property valuation?

If the market value on your home is lower than your tax-assessed value, then you should appeal.

 

When should you receive your property valuation and how long do you have to appeal?
The County Appraisal Districts began mailing property valuations sometime after April 15th. Most homeowners should have received their valuation on or before May 1st. Homeowners have until May 31st, or 30 days from the date they receive their valuation (whichever is later), to appeal.

How to appeal your property taxes?

If you believe your property valuation is higher than the current market value, you should appeal your taxes. When people don

Central Texas Real Estate Trends

The end of government tax credits and subsidies is a new trend, the results of which are yet to be observed. Homeowners continue to lose equity on their houses and one in seven are delinquent or in foreclosure. The amount of foreclosures will remain elevated. It is increasingly difficult to obtain a home mortgage, which continues to affect the amount of home purchases possible. These factors have contributed to another trend: people view renting as a more practical option.

There is a low cost of living in central Texas and there are job openings. However, despite available labor, one in six people are unemployed or underemployed. Small business failures have increased by almost fifty percent. These uncertainties in the economy and the potential changes in laws, regulations and taxes, will continue to affect the real estate market into 2011.

Housing prices have continued to drop by about twenty-five percent and commercial real estate has seen a fifty percent dip. Although the plunge in the market is a negative trend, it has also helped to promote central Texas as a desirable place of residence. The combined factors of land prices, housing prices and cost of living, are making the state one of the most affordable and attractive option for prospective home buyers. The region is also becoming a popular retirement option.

So, there are some encouraging signs that things may be turning around and the fate of many industries hangs in the balance. It will become clearer further into 2011 whether the real estate market has bottomed out. Either way, there will be a long and slow recovery process. Predictions are that the housing market will return to a “normal” state between 2013 and 2014, but it will take 5 to 10 years for the market really pick up. A rise in the housing market would benefit many industries aside from real estate, from contracting to moving companies. Luckily, 2011 should see a rise in more positive real estate trends.

Disclaimer

This site is intended for clients that are not currently registered with a Broker. If you have a current Buyers Representation Agreement signed with another Texas real estate Broker, please contact your Agent or Broker. Texas Real Estate Commission Consumer Protection Notice