Just closed on a new house. I want to protest as BCAD's appraisal is more than what I paid. I know they're technically different, but house has some issues BCAD likely didn't take into account.

How can I protest? I don't have the required info to submit online since I didn't own when the letters went out. And I can't seem to find any info whatsoever about sending a letter or doing so in person on the website. Can I even protest this year or do I have to wait? Thanks for any help.

Show up at the office and sign up for a protest.

Should be fairly easy. Show photos of why the house is in below average condition and bring the appraisal if it supports your case. Also the contract.

You should be able to protest as I think I did mine a month or two after I got my place. (but I'm no expert)

p_bubel said:

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Should be fairly easy. Show photos of why the house is in below average condition and bring the appraisal if it supports your case. Also the contract.

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Photos are the best way to do this. I protest every year with the same photos and it is the easiest way for the adjuster to help you.

Thanks all.

Mail or Fax this form in. You can call customer service to confirm receipt.

http://www.bcad.org/data/_uploaded/file/PDFs/NOTICE%20OF%20PROTEST_3_20_18.pdf

Protest on "Incorrect appraised (market) value" and "Value is unequal compared to other properties".

Add the following statement in Section 4: "Please send comps for 'Incorrect appraised (market) value' and 'Value is unequal compared to other properties'"

You'll be mailed comps that you can use in addition to the photos and advice from above. You'll also be sent your informal meeting and potential ARB meeting time. It really is worth the time and effort. This is the only tax you can negotiate. Good luck!

Fax numbers:
210-242-2453 or 210-242-2454
Sometimes one line may be busy so just use the other.

Can I use the comps my realtor pulled for me for when I purchased the home?

And do I need to put in what I think the property should be worth?

Pendragon12 said:

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Can I use the comps my realtor pulled for me for when I purchased the home?

And do I need to put in what I think the property should be worth?

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Think of it as a negotiation. You will have to state an appraisal you think is accurate on your home, and you and the district will meet somewhere in the middle. Some of it depends on the district mood that year. Some of it depends on the specific reviewer you get. But if you give them a crackhead low-ball assessment they are less likely to listen to your case.

Sure. Those comps plus the ones provided by the county are going to help you form your case. As Burdizzo said, it's a negotiation and you should use any information you feel will help your cause.

This is my personal opinion: I don't put a value on the protest because I like to start talking numbers when I sit down with the folks face-to-face in the BCAD office.

You have until May 15 to file a protest, so act now.

Make sure to use your contract. No better way to determine market value than to actually expose to the market and let the market do its thing. They should adjust your value to what you paid for it. If the seller paid any closing costs I would actually argue that they match what you paid minus closing costs paid by the seller.

Call me if you need any help. SA Realtor, Class of '98
Medina Realty Group, REMAX Patriot
210-216-3065

Pendragon....if you bought it on the open market, all
You have to bring are your Closing documents that prove the value you paid for the house. (Edit...as Ag 02 said above)

It would also be wise to bring something that says you paid fair market value...ie, that it wasn't a foreclosure or short sale, etc.

In year one off of an open market purchase, you should not have to negotiate Anything past this. They'll accept the closing statements as proof (not the estimate, the final docs).

AG_2006 said:

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Pendragon....if you bought it on the open market, all
You have to bring are your Closing documents that prove the value you paid for the house. (Edit...as Ag 02 said above)

It would also be wise to bring something that says you paid fair market value...ie, that it wasn't a foreclosure or short sale, etc.

In year one off of an open market purchase, you should not have to negotiate Anything past this. They'll accept the closing statements as proof (not the estimate, the final docs).

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I have heard theories that if the CAD knows a property sold within the last year they will intentionally appriase it higher than what they think market value is. New Homeowner the gets an appraisal higher than FMV from the CAD so they protest and use their closing statement as basis. CAD now has a comp to put in their database to appraise all other homes in the area.

CAD would not otherwise have access to this data because there is no law requiring disclosure, but since the property owner voluntarily disclosed it as part of a protest, it is fair game.

(It's a trap)

Burdizzo said:

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AG_2006 said:

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Pendragon....if you bought it on the open market, all
You have to bring are your Closing documents that prove the value you paid for the house. (Edit...as Ag 02 said above)

It would also be wise to bring something that says you paid fair market value...ie, that it wasn't a foreclosure or short sale, etc.

In year one off of an open market purchase, you should not have to negotiate Anything past this. They'll accept the closing statements as proof (not the estimate, the final docs).

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I have heard theories that if the CAD knows a property sold within the last year they will intentionally appriase it higher than what they think market value is. New Homeowner the gets an appraisal higher than FMV from the CAD so they protest and use their closing statement as basis. CAD now has a comp to put in their database to appraise all other homes in the area.

CAD would not otherwise have access to this data because there is no law requiring disclosure, but since the property owner voluntarily disclosed it as part of a protest, it is fair game.

(It's a trap)

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Tax appraisal for my home came in before it was on the market if I remember correctly. But they may try again next year.

Quote:

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CAD now has a comp to put in their database to appraise all other homes in the area.

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CAD has MLS accounts. They really don't need anymore comps, nor any proof of what you paid. They already know if it was listed on SABOR.

I will add that well over 95% of the homes I appraise in town, whether for purchase or refi are above CAD assessments.

They're still a couple of years behind fair market value in most markets. That's what makes the appeal tough.

You really have to show them that the property needs some work, or updating. They generally go on the assumption that the home is either in average to above average condition.

The kicker is, they judge that by your front yard and the condition of the front of your home most of the time.

The biggest and easiest fruit to pick in all of this is the actual size of the home. This is off in a large portion of the CAD accounts for various reasons. I'd take a look at the last appraisal and check the as-measured size of the house. If it's smaller, make sure to point that out.

THIS HAPPENS FREQUENTLY.

Contract price does not always help. Sure didn't with my appeal as it was obvious that it was not a typical market transaction for the area. They have a pretty decent idea of fair market value for your area, even if you're a good negotiator. My photos of the dump got my assessment cut by a third though.

The above is just for Bexar County. Guad and Comal are all over the board with values.

My house needs foundation work, has inferior finishes compared to the majority of homes in the neighborhood, and has a back deck that is close to falling apart (which is bad, since it's a 2 story structure and the only way to get to the back yard without going around front). So, the reason I paid such a "low" price for the neighborhood is justified market-value wise. CAD left the land value alone the last few years, but really made the structure value jump this year and, for the condition the home is in, there's no way it's worth that jump in value.

The land value is spot on...in line with all surrounding neighbors on similar lots, and once some of the work I need to get done gets done then their value would probably be fine. But since it's not done, I'll try to avoid paying for it for now.

It sounds like the protest is worth while for you. I'd be happy to chat with you about the protest process over the phone some time. I wish more people protested.

Patrick Thompson '10
Champions Real Estate Group
210-422-2074