TXTransplant said:

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K Bo said:

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Wife and I bought our house off market in May '21. 2022 appraised value up 10% but 13% below our purchase price. I'm in the "always protest" camp but think I might take what feels like a small W here.

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How does your market value compare to the assessed value and your purchase price? You can protest just that value, since it also provides a limit on how much they can increase your assessed value in any given year. Thinking about the sales on my street, I think I'm going to protest my market value.

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Market and appraised are the same, both 13% below our purchase price.

I'll admit, I don't fully understand the property tax code. We were riding previous owner's exemption for '21 and we have the exemption for '22 but I was expecting them to bump market and appraised to purchase price then apply the exemption going forward. I'll likely protest and expect no reduction. I'd just hate to be that case where they do increase after protest. (again, not sure if that's how it works)

Not only property values going up...car insurance rates! I called my home/car insurance agent that I have had since I was 16. They said that all the increases in price of parts/etc for car repairs have gone up. Of course they pass it on to us few who carry car insurance.

I was going to start doing some home improvement projects, but going to put them on hold for a while and see if these crazy prices come down later in the year.

+8%

rentals up anywhere from 14% to 38%.

K Bo said:

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TXTransplant said:

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K Bo said:

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Wife and I bought our house off market in May '21. 2022 appraised value up 10% but 13% below our purchase price. I'm in the "always protest" camp but think I might take what feels like a small W here.

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How does your market value compare to the assessed value and your purchase price? You can protest just that value, since it also provides a limit on how much they can increase your assessed value in any given year. Thinking about the sales on my street, I think I'm going to protest my market value.

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Market and appraised are the same, both 13% below our purchase price.

I'll admit, I don't fully understand the property tax code. We were riding previous owner's exemption for '21 and we have the exemption for '22 but I was expecting them to bump market and appraised to purchase price then apply the exemption going forward. I'll likely protest and expect no reduction. I'd just hate to be that case where they do increase after protest. (again, not sure if that's how it works)

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Being off market probably helped you. They have access to the MLS data and know most sales prices.

What irks me, though, is how arbitrary/inconsistent they are about increasing values, even when they have the data. There are always a couple of houses on my street that the CAD ignores while hammering the ready of us. Heck, there is one house that has a pool (it was there when it last sold, probably 5 years ago) and the pool still isn't noted on the property record.

randy828 said:

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Not only property values going up...car insurance rates! I called my home/car insurance agent that I have had since I was 16. They said that all the increases in price of parts/etc for car repairs have gone up. Of course they pass it on to us few who carry car insurance.

I was going to start doing some home improvement projects, but going to put them on hold for a while and see if these crazy prices come down later in the year.

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Shop around for a new policy. We switch every time it goes up and can easily find a better deal.

Up by 26% in Cinco. Does protesting matter when they raise it that much? No chance I'll get it down below 10% so my effective bill will be the same regardless if I understand correctly

JobSecurity said:

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Up by 26% in Cinco. Does protesting matter when they raise it that much? No chance I'll get it down below 10% so my effective bill will be the same regardless if I understand correctly

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Could help next year and future years. If it stays at 26% you'll get a full 10% increase next year by default just to catch up.

if you use a property tax firm they will get it knocked down by say 5%. Which of course means you still pay the 10% increase this year PLUS you pay them a portion of the 5% "tax" they saved you. A complete racket

I guess I can't argue HCAD wasn't consistent this year. Everyone on my street got a 10% increase, except for the three houses that don't have HE. Those went up 28, 29, and 30%. One house jumped from $383k to $498k. It sold for about $425k last summer.

Up $50K in market value in 77429. Almost $110K more than what we paid for it in 2012.

Appraisal value up 10%.

Actual market values are up significantly in the last few years. If the system worked correctly the market values would increase with the market and our elected officials would reduce tax rates to account for that. I have no hope our elected officials will decrease tax rates accordingly. Katy ISD has reduced theirs the last few years, but not enough to counteract the increase in property values.

So the appraised value in the file for FBCAD has my house going up >10% but I assume for property tax info they will cap it at 10% w/ my homestead exemption?

Either way, bleh

Appraised/Market went up 9% in 77008.

Aggie71013 said:

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Actual market values are up significantly in the last few years. If the system worked correctly the market values would increase with the market and our elected officials would reduce tax rates to account for that. I have no hope our elected officials will decrease tax rates accordingly. Katy ISD has reduced theirs the last few years, but not enough to counteract the increase in property values.

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I think they have to by law. Total tax revenue cannot increase more than 3.5%.

29% increase

18.4% on market and 9% on appraised in 77345.

Market rate up 36% (95k) in 77379.

Not sure. Fought it last year and will do it again.

Exclude retirees from the tax and I might could accept it.

TXTransplant said:

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Lots of properties without an exemption, and HE doesn't take effect until you've lived in the house for one full calendar year. All of those people who purchased homes at ridiculous prices in 2021 are fresh meat for the CAD in 2022.

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you sure that is true?

bularry said:

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TXTransplant said:

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Lots of properties without an exemption, and HE doesn't take effect until you've lived in the house for one full calendar year. All of those people who purchased homes at ridiculous prices in 2021 are fresh meat for the CAD in 2022.

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you sure that is true?

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So, you have to own and occupy the property on Jan 1 of the year you want the exemption. The $ amount exemption takes effect immediately (where a portion of your assessed value is excluded from taxes).

But the 10% cap on the increase in the assessed value doesn't take effect until the following calendar year. If they didn't do it this way, they would never revalue homes that sold. You'd just keep the previous owner's exemption. Assessed values are dated as of Jan 1 (current values are for the property as it existed on Jan 1 2022).



The 10% limitation on a Texas homestead is effective January 1st of the tax year following the first tax year the owner qualifies the property for a homestead exemption.

https://www.appraisaldistrictguide.com/texas/exemption/homestead-maximum.html

schmellba99 said:

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TXTransplant said:

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gougler08 said:

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TXTransplant said:

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Lots of properties without an exemption, and HE doesn't take effect until you've lived in the house for one full calendar year. All of those people who purchased homes at ridiculous prices in 2021 are fresh meat for the CAD in 2022.

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Good point, people going to get raked over the coals

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This discussion made me wonder how many people are significantly under-escrowed. I know mortgage companies try to account for tax increases, but we've had significant value increases across the board. It has to be affecting more properties than in a typical year.

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That is one reason why I do my own escrow. It sucks writing that check every year, but I also have access to my money, can tell myself that I at least make some interest off of it and don't have to worry about my mortgage jumping $200 or $300 a month suddenly to make up for things that the escrow company screws up.

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This x1000! Escrowed on my first place and had them overvalue the amount, but kept a sizable chunk in there and gave me back a small part. Told myself I would not let others hold my money hostage like that and haven't escrowed my last 2 houses.

27% market / 10% appraised. 77077

It would irk me way less if the city/county/Hisd even pretended to give a crap about the services they provide. Roads are crumbling, hisd is garbage, my HOA contracts trash pickup and pays extra for the constables because the police are worthless. You'd think that for the amount of money we pay in property taxes that they'd be able to accidentally do something right.

20% Market / 10% Appraisal in 77079