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Closing statement

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Yes, you should be able to get the value you paid with your closing statement.

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First time home buyer, would appreciate any thoughts on my situation.

contracted on a house (new build) in shady acres in July 2013 @439.9k

moved in/closed June 2014

hcad value increased to $556k

i know now there has been significant appreciation in the area but I don't think I could sell for this much. I refinanced my house in March and it was valued at ~$520k

should i bother hiring a company to protest? Should I go in and show my closing statement? Show the recent appraisal? Happy to use a 3rd party but don't want to if I already have what I need to lower and avoid paying 50%.

any advice would he appreciated.

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as the other said, you can protest yourself and just bring your closing statement to the informal. it'll probably take you 10 minutes

Mine went up $170k. That's over my purchase price in 2014. Decided to us Protax to protest. Will see how it goes.

Mine went up 18% but is capped at 10% because of homestead exemption. Is it worth it to protest, even if I can't get the value below the capped amount?

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Closing statement

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Yes, you should be able to get the value you paid with your closing statement.

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That's exactly what I did to 'em Ags!

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Mine went up 18% but is capped at 10% because of homestead exemption. Is it worth it to protest, even if I can't get the value below the capped amount?

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Yes. You have to think long term.

Why would 6 of the house on my street be pending (including mine) while the other 11 have values posted?

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Why would 6 of the house on my street be pending (including mine) while the other 11 have values posted?

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Bc they hate you.

Mine posted this morning....$128k higher than i paid last year. Guy a few doors down is $170k higher than he paid in JANUARY 2015.

lolz.

Mine just posted this morning....At least it's capped

Market
250,000 in 2014
389,814 in 2015

an increase of 139,814 (56%)

Land only increased about $28k, not much can be done there.

BUT, no way did my property appreciate 110k +

Hell, i just did a refi and the appraisal for that came back at $358k, which i thought was high. The underwriter took that appraised amount and knocked it down to $289k for their purposes. There is no effing way I could sell my house for HCADs number.

This is in 77077, mind you. NOT 77079.

Eff these clowns, this will be fun

I bought in 2014 (July). My value went way up. I plan to protest back down to my purchase price.

I did the iFile deal...should I have done the informal instead? I assume if I don't get the answer I want I can just take it to the formal and shouldn't worry too much?

Posted today.

27% increase in Market. 10% in Appraised.

Few things for those questioning the protest procedures:

1. Yes, you should be able to get recent purchase price; that doesn't guarantee that you will.
2. Use the iSettle option first. Likely, it won't do any good and you'll need to proceed to the informal.
3. No, providing proof of purchase price at the informal hearing will not guarantee an adjustment, OF ANY KIND, to your new and improved market value.
4. Read the instructions for the formal hearing well in advance and make sure you follow them. If you're going to get recent purchase price as your market value, this is likely the place. Whatever evidence you bring, make enough copies for everyone.

Whole thing is such a ridiculous money grab; ought to be illegal...

I thought iSettle counts as the informal?

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I thought iSettle counts as the informal?

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It does, and that's the problem. You might as well just tell them you you don't want an informal at all if you use iSettle.

That makes sense

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I thought iSettle counts as the informal?

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I have been told that if you call and ask, they'll let you do an informal even if you do iSettle and don't like your results.

Haven't tried it myself so don't hold me to that.

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iSettle would be a pretty good dating website name.

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Charlie Robison could sing the TV commerical jingle.

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iSettle would be a pretty good dating website name.

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Charlie Robison could sing the TV commerical jingle.

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You're not the best...

but you're the best I can do...

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I thought iSettle counts as the informal?

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I have been told that if you call and ask, they'll let you do an informal even if you do iSettle and don't like your results.

Haven't tried it myself so don't hold me to that.

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iSettle can be done from your PC. It takes about 30 seconds and is very unlikely to yield any decent results. That doesn't mean you shouldn't start there. You will then, likely, be notified that your protest could not be settled electronically and that you have the option of the informal (FACE TO FACE) hearing with a representative of the district. This is where you should bring all your evidence (the FIRST time), including your HUD statement if recent purchase price is your argument. Once you've unsuccessfully protested through the informal hearing, you will have the option of scheduling a formal hearing with the review board (three "public representatives" and a representative of the district)....hth.

Maybe others have a different opinion, but it seems as though the district counts on most people to tire of their hoops and quit jumping prior to the formal.

skip isettle. just go straight to the informal.

Spring Branch. Went from ~$200k to $350k in 2014, to $435k in 2015. Luckily I've only been hit with the 10% taxable increases each year. And homes are still going for around market in the neighborhood with a new home being remodeled every month. I can't wait until they finish the 5k sqft home a couple streets down and get started on the next. This place is going to be Oak Forest in a couple years.

Damnit, wish I wouldn't have used iSettle. When I read it online, it sounds like that counts as my informal.

again...if you're not happy with the results of iSettle, HCAD has told me they'll let you schedule an informal. You just have to call.

Spring Branch - Up 77%.

up 47% in Oak Forest area.

Jubally or Lawyer. They cranked my land up big time.

Thanks.. I'll be trying this once I hear back from the dating site.

All the property tax dispute companies say that you only pay if they reduce your taxes, which is based on estimated taxes by applying last year's tax rate to the "assessed value." However, my notice from HCAD has only a market value and appraised value. What is my assessed value? I don't want to pay someone to reduce the market value if it is still above the capped 10% increase from last year because I wouldn't actually save anything.

Spring Branch West

2014 Market: 240,000
2015 Market: 305,000
Only up 30%.

I feel like the lucky one here.

Your appraised value will increase 10% (capped) EVERY YEAR until it reaches market value.

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All the property tax dispute companies say that you only pay if they reduce your taxes, which is based on estimated taxes by applying last year's tax rate to the "assessed value." However, my notice from HCAD has only a market value and appraised value. What is my assessed value? I don't want to pay someone to reduce the market value if it is still above the capped 10% increase from last year because I wouldn't actually save anything.

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lets say your market is 400k and your tax assessed is 300k... if you try and fight and get the mkt down to 330k then your set up well for next year going forward. but if you dont fight it, then next year your tax goes up to 330k, then 366k then 400k...you need to think long term.

What is my assessed value? Appraised value less exemptions?

Market up 21% (Land 4% / Improvement 57%). The rest of my street up 13% overall (Land 4% / 32% Improvement).

I did a kitchen remodel last year, so my Appraised value didn't get capped at 10%. They basically moved my Appraised value to match my 2014 Market value. Any chance of fighting this?