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Protest Question

1,581 Views | 14 Replies | Last: 6 yr ago by GarlandAg2012
Pepper Brooks
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AG
Hi,

We bought our house for $320,000 last year around this time and the appraisal came back at the same number. Assessed value was around $282k, appraised was $309k. Fast forward to now and our assessed value went up to $326k(14%), appraisal matches assessed, as we apparently aren't eligible for the 10% HS cap the first year.

Our neighbor has essentially the same floor plan in similar condition and they are sitting at $305k assessed value... so I protested and asked for $300k using a few other less comparable comps plus our neighbor. They countered at $320k which is what we paid last year. This still seems high to me out of principle given the neighbors value.

If I reject this... can I counter or will they typically go straight for a hearing? I feel like I have little bargaining power since it appraised at what they offered. Would you take this?
Pepper Brooks
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AG
I forgot to mention that we're in Carrollton. Denton Co.
mtony77
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AG
Only real way to get it down is through a hearing
SteveBott
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AG
Take 320k and here is why.

Their 320 minus your 305 is 15k

15k times 2.5% tax rate is saving a whopping 375.00 next year. How many hours are you spending to get that savings?

Tax rate will vary but still.
aggie appraiser
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BoilerAg10 said:

Hi,

We bought our house for $320,000 last year around this time and the appraisal came back at the same number. Assessed value was around $282k, appraised was $309k. Fast forward to now and our assessed value went up to $326k(14%), appraisal matches assessed, as we apparently aren't eligible for the 10% HS cap the first year.

Our neighbor has essentially the same floor plan in similar condition and they are sitting at $305k assessed value... so I protested and asked for $300k using a few other less comparable comps plus our neighbor. They countered at $320k which is what we paid last year. This still seems high to me out of principle given the neighbors value.

If I reject this... can I counter or will they typically go straight for a hearing? I feel like I have little bargaining power since it appraised at what they offered. Would you take this?


What's your argument? Sure, the house is worth $305, but we are terrible negotiators and paid an extra $15K because we fell in love with the sellers.

You paid $320, so obviously you thought the house was worth $320 when you bought it, and it isn't like the market has tanked in the last year.

The other guy may be bumping up against the 10% cap every year. His value isn't more relevant than your purchase price...which is basically your admission that you accept that as your homes value.

I don't see how you win in any type of negotiation. Maybe you can gain a little ground, but I would just laugh at you and say "next".

Good luck.

Pepper Brooks
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AG
Thanks for the feedback. Y'all have confirmed the thought process I've been working through. I also did the math on what we would save and it's not worth me driving the 30 min up to Denton.
The Original AG 76
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AG
Just curious..it appears that the CAD knows what you paid and what your appraisal was. They have NO RIGHT to have this info unless you give it to them. Any idea how they have this info ?
Copp
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If the sale was a market sale the CAD can see the purchase price.

Don't kid yourself that the county is trying to assess your house at market value. That's the argument they use, but in reality they are just trying to meet a budget for tax revenue. I never argue off value. Always argue off condition or comparable to a neighbor
The Original AG 76
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AG
Copp said:

If the sale was a market sale the CAD can see the purchase price.

Don't kid yourself that the county is trying to assess your house at market value. That's the argument they use, but in reality they are just trying to meet a budget for tax revenue. I never argue off value. Always argue off condition or comparable to a neighbor
As buyer you have a right ( in Texas) to DEMAND that your realtor does NOT release to anyone the sale price. The CAD does not have a legal right to have the sale price.
Copp
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CADs are utilizing and skimming all real estate sites for information. Zillow, etc. if it sells on the MLS the CADs are finding the information.

Idk the law regarding that, and I wish the CADs didn't have that information. My experience is limited to a Dallas county though. But they have far too much information in my opinion
The Original AG 76
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AG
Copp said:

CADs are utilizing and skimming all real estate sites for information. Zillow, etc. if it sells on the MLS the CADs are finding the information.

Idk the law regarding that, and I wish the CADs didn't have that information. My experience is limited to a Dallas county though. But they have far too much information in my opinion
my understanding is that you have the right to ORDER the realtor NOT to post the sales price on the MLS. obviously the CAD minions can see the asking price but in most cases they are too busy to cruise the MLS for routine appraisals. Regarding Zillow .... absolutely useless.
Copp
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Zillow is useless for us, but not for the CAD. They use it to find recent pictures. Just started happening over the past few years. We go to argue condition, and they immediately pull up the latest pictures from a rental listing and use that to combat your argument for condition. CADs are gaining far too much information for my liking
SteveBott
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AG
If a realtor lists on the MLS they are contractually obligated to report the sale there. Don't want to report? Don't list

Appraisers can access MLS. Therefore CADs can see sales price.
p_bubel
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The Original AG 76 said:

Just curious..it appears that the CAD knows what you paid and what your appraisal was. They have NO RIGHT to have this info unless you give it to them. Any idea how they have this info ?
They don't have the appraisal, but they do have an MLS account.

Quote:

If a realtor lists on the MLS they are contractually obligated to report the sale there
I really wish they would enforce this. It generally winds up hurting those that try to refinance or purchase after that transaction.
AggiePlaya
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AG
The Original AG 76 said:

Copp said:

CADs are utilizing and skimming all real estate sites for information. Zillow, etc. if it sells on the MLS the CADs are finding the information.

Idk the law regarding that, and I wish the CADs didn't have that information. My experience is limited to a Dallas county though. But they have far too much information in my opinion
my understanding is that you have the right to ORDER the realtor NOT to post the sales price on the MLS. obviously the CAD minions can see the asking price but in most cases they are too busy to cruise the MLS for routine appraisals. Regarding Zillow .... absolutely useless.
That used to be the case but not any more. I think they called it "X" or "Z" it out for keeping sale info anonymous.

Anyway, rules changed so you can't keep it anonymous in MLS any longer
GarlandAg2012
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AG
Don't think you'll be able to get them below what you paid for it.

However, I disagree with the logic on not protesting. Sure it's only a few hundred dollars this year, but since you aren't capped this year the lower you get it now the smaller the increases will be in the future with the 10% cap. Protesting is like an investment in the future.

See the chart at the bottom of this page for an example of what I mean:

https://jubally.com/
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