Looking for advice or helpful information, especially if anyone has a legal background here.
Long story short: my wife and I bought a home for about 5% over the assessed value (market) whereas our neighbors inexplicably are appraised for about 75-80% of the market value. I spent a few hours entering every single home on our street in excel and looking at land vs home improvement per square foot.
Our immediate neighbors have an evaluation of $30/sq ft for their 1400-1700 sq ft homes, with a land value constant at $425,000. Our 1050 sq ft home is valued at $69/sq ft, which makes our home improvement around $75-$76,000. Neighbors are $35-$40,000, despite having larger homes in identical shape.
I presented this information at an informal hearing, and they told me they didn't care about our neighbors despite me disputing based on equity (not market value). They said I had to bring a closing doc showing the lower sales price. I emailed the TCAD tax liaison and they responded with:
"Even though you checked equity as your type of protest, the district relies on the sales price as the best evidence of value since you bought your house in April 2018. If you have a settlement statement that shows your sales price less than your noticed value, then you should present that evidence and your market value will be lowered to that value.
At your informal, the appraiser cannot increase the market value of your house. If your settlement statement/ sales price is higher than your noticed value of $497,546, something like $519,000, the ARB at your formal hearing has the authority to actually raise your market value to your sales price if the district presents sales information."
Does anyone know if this is legally accurate? I read information online ( https://www.poconnor.com/using-assessment-comparables-fight-unequal-property-taxes/ ) that Texas law says equity based appeals are valid and supposed to be considered, but it sounds like some cities and appraisal districts try to enforce their own rules and policies regardless.
Long story short: my wife and I bought a home for about 5% over the assessed value (market) whereas our neighbors inexplicably are appraised for about 75-80% of the market value. I spent a few hours entering every single home on our street in excel and looking at land vs home improvement per square foot.
Our immediate neighbors have an evaluation of $30/sq ft for their 1400-1700 sq ft homes, with a land value constant at $425,000. Our 1050 sq ft home is valued at $69/sq ft, which makes our home improvement around $75-$76,000. Neighbors are $35-$40,000, despite having larger homes in identical shape.
I presented this information at an informal hearing, and they told me they didn't care about our neighbors despite me disputing based on equity (not market value). They said I had to bring a closing doc showing the lower sales price. I emailed the TCAD tax liaison and they responded with:
"Even though you checked equity as your type of protest, the district relies on the sales price as the best evidence of value since you bought your house in April 2018. If you have a settlement statement that shows your sales price less than your noticed value, then you should present that evidence and your market value will be lowered to that value.
At your informal, the appraiser cannot increase the market value of your house. If your settlement statement/ sales price is higher than your noticed value of $497,546, something like $519,000, the ARB at your formal hearing has the authority to actually raise your market value to your sales price if the district presents sales information."
Does anyone know if this is legally accurate? I read information online ( https://www.poconnor.com/using-assessment-comparables-fight-unequal-property-taxes/ ) that Texas law says equity based appeals are valid and supposed to be considered, but it sounds like some cities and appraisal districts try to enforce their own rules and policies regardless.