Its that time again. Prepare your balloon knots

Pegging out with the full 10% (appraisal) in the 77008; 12.6% market

+12.8%

rentals were even worse

30% increase after a 13% increase last year. Ridiculous.

They more than doubled my land. I'm in the burbs and none of the other neighborhoods in the area got hit with much higher land values. Considering land values are hard or impossible to argue this is gonna be brutal.

Since when can the appraisal value (not market) exceed 10% on homesteaded property? They popped me with 12.1%.

Quote:

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Texas Property Tax Code Sec 23.23 limits increases of the total assessed value to 10% from year to year if the property is under homestead exemption. This 10% increase excludes any improvements added by the property owner.

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screw em all

+19.8%

Full 10% in Kingwood.

Appraised increase should never be more than 10% oer state law, but market can increase by any amount as its just the value HCAD deems the house would sell for. Appraised is what your taxes are based on.

Didn't you add a new building for an office or airbnb?

No change in land value, +24% change in improvement for a total of +17.3% Market. 77077

Aggie71013 said:

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Appraised increase should never be more than 10% oer state law, but market can increase by any amount as its just the value HCAD deems the house would sell for. Appraised is what your taxes are based on.

Didn't you add a new building for an office or airbnb?

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In 2015. My market value went up 24% ... in a softening market ... when properties just like mine are sitting on the market so long the listings are being taken down.

Maybe they just caught it. Did they add any new improvement details in your building info?

Ryan the Temp said:

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Since when can the appraisal value (not market) exceed 10% on homesteaded property? They popped me with 12.1%.

Quote:

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Texas Property Tax Code Sec 23.23 limits increases of the total assessed value to 10% from year to year if the property is under homestead exemption. This 10% increase excludes any improvements added by the property owner.

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Didn't you add an office out back last year?

Aggie71013 said:

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Maybe they just caught it. Did they add any nee imorovement details in your building info?

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Nope. HCAD gets permit info from COH. We did that dance in 2016.

Had great wins in unrecorded and unrestricted land and homes. Had great losses in real neighborhoods.


My house - real value 1.5mm ... hcad value 700k !!!!!!

4 identical empty lots - real value 75k ... hcad value 22k !



Two rentals in real hoods - real value 250k ... hcad value 230k ugh

Two lots in real hoods - real value 50-60k ... hcad value 50k ugh

Two multifam in real hoods - real value 400k ... hcad value in high 300s


When i add it all up given the lower tax rates - my overall tax burden is less than last year

What should I do if my appraised value is significantly below the market value? I've gotten hit with the full increase each of the past 3 years, but I haven't fought it because I'm appraised at 75% of the market value. The market value might be a touch high, but not by much.

Don't say anything and hope it takes them forever to figure it out

Primary residence in Oak Forest up 29%

2022 - $475,317
2023 - $613,743

77008 rental up 21%

2022 - $455,801
2023 - $553,313

77009 rental up 12%

2022 - $409,000
2023 - $458,874

My market for 2023 went up from $425k last year (I successfully protested market value last year) to $524064 this year. 23 freaking percent! In 77389.

My market value was $337036 on Jan 1, 2021. That's a 55% increase in two years.

The sick thing is, I protested market value last year to get $425k using actual comps from my street and NOTHING has sold on my street (or on any adjacent for that matter) since then.

I think I'm going to protest again using that same info. I know one comp from last year that was over $500k had a pool, which I do not (and I used that as part of my argument last year).

Appraised is obvs up the full 10% increase because it was significantly below market thanks to multiple successful protests in previous years.

77007 rentals up 12%

Looks like 12% was their bogey

AG1904 said:

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What should I do if my appraised value is significantly below the market value? I've gotten hit with the full increase each of the past 3 years, but I haven't fought it because I'm appraised at 75% of the market value. The market value might be a touch high, but not by much.

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I was where you are. But when they bump up your market value, by law, they are required to increase your appraised by 10% every year until appraised matches market. So, it's to your advantage in the long term to keep market as low as possible, especially if you think it's overvalued based on condition and/or comps.

AG1904 said:

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What should I do if my appraised value is significantly below the market value? I've gotten hit with the full increase each of the past 3 years, but I haven't fought it because I'm appraised at 75% of the market value. The market value might be a touch high, but not by much.

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Double post

77008 here - market up 25% and appraised pegged at 10%. Not even sure it's worth protesting as they would have to come off market value $100k just to get down to 10% cap on appraisal.

Ryan the Temp said:

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Since when can the appraisal value (not market) exceed 10% on homesteaded property? They popped me with 12.1%.

Quote:

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Texas Property Tax Code Sec 23.23 limits increases of the total assessed value to 10% from year to year if the property is under homestead exemption. This 10% increase excludes any improvements added by the property owner.

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The statutory formula is:

Limitation on the Value of a Residence Homestead = Last Years Value + 10% of Last Years Value + Market Value of all New Improvements

New Improvment means ..." an improvement to a residence homestead made after the most recent appraisal of the property that increases the market value of the property and the value of which is not included in the appraised value of the property for the preceding tax year. The term does not include repairs to or ordinary maintenance of an existing structure or the grounds or another feature of the property."

I will protest (Jubally shout out, but GD your prices keep creeping, twice in 2 years and up $20 since 2015) up, down or sideways. Want market to be as low as possible, always, to limit how many 10% pegs to get there.

Ryan,

My best guess is that you don't actually have the homestead exemption on 100% of your parcel. Likely the guest quarters, garage apartment, office, or whatever you added in the back is excluded from your homestead exemption. So your house and land and everything is all going up by more than 10%, but is limited to 10% but they also raised the value of your guest quarters or office in the back, but that isnt considered part of the capped value by them.

What I recommend you do to check and see if that is the issue, is go to the Harris County Tax Office website (hctax.net) and look up your account. Check the Harris County jurisdiction line, and the exemption value on that line should be 20% of the total appraised value (assuming all you have is regular homestead exemption). If it is less than 20%, it means your homestead isn't actually applied to 100% of your property and that some portion of your property isnt getting the homestead exemption (likely this is the improvement value of your addition in the back).

Total value up 23 percent in Kingwood. Appraised value up 10 percent.

Up 10% in Westbury.

Ouch.
24% market value and 10% appraised.

Market up 19.8% in 77007. Wtf

77008 too and market went up 15%. Same boat as you on protesting but I probably will to help neighbors.

Question for smart people. Let's say that I purchased a home in November 2022 and never got around to sending in the homestead exemption because I am lazy moron. New home was appraised at $200K in 2022 and is now $320K for 2023. Can I still submit the homestead exemption and have the 2022 value of $200K capped at 10%, or did I miss my window?

Yes

Yes as ducks said, I just did this 2 weeks ago.