Here's a link to the property tax guide: heyzine.com/flip-book/df499a1188.html#page/1 Interested in buying or selling, let's talk! Click here to schedule a zoom video meeting with us! tidycal.com/crestedge/yt
Property taxes in 2023 were crazy! Even with the homestead exemption, they are too high! Will definitely be protesting on my property this year. Great information!
This old line is so tiresome… The thinking is, of course, that, because Roads, bridges and infrastructure cost money, we are prohibited from talking about the scope of the project, and whether the amount collected reflects what is genuinely needed for infrastructure. “It cost money so you should just pay it and, be thankful it’s not more.” Because we know our federal, state, and local governments are so good and efficient at using our tax dollars for capital improvement projects. BTW, there are plenty of cities in Texas (you know, the subject of the video) and their property taxes are plenty high. I’m not sure what you’re talking about as far as subsidizing is concerned.
@@derektempleton6261 Look at the budget. Suburban and country locations are paying less then 30% of the upfront costs for their roads and other critical infrastructure - the rest is paid for by the federal and state government - which is funded primarily by cities! Hospitals are closing down or changing ownership to private equity firms. Water treatment plants now cutting corners. Pay for your own things! Or you'll lose them! Stop freeloading asking for handouts!
Great video. I am just sick and tired of fighting appeals to afford taxes and insurance on a home I have already paid for. Found out this year there are no comps in my subdivision to compare to. While Market value to sell is ok. I shouldn't be paying taxes on something I am NOT selling. Mine went up $118k this year. Not good on low income. I also hate that on the DCAD website total is estimated taxes instead of actual tax. So much for transparency.
Two pieces of advice. 1. Every homeowner should be applying for the Texas homestead exemption. 2. Every year protest the value the county places on your property. The county does not go around looking at every house, they group houses then use their "Formula" to assess your home's value. Last year I dropped the assessed value by $70,000
You effectively can't protest unless your market value is less than assessed value. For me (and probably in general), this means that unless your appraisal is off by more than about 24% then you won't win a protest. To win, your home would need to have suffered significant damage of some kind--not simply an assessment "mistake". Taxes are theft. Property taxes are the worst kind of tax since they target unrealized gains effectively making all Texas home "owners" simply renters to the state. Property taxes are directly correlated with inflation but your wages are not. This leads to people getting taxed out of their home over time. But at least we get multimillion dollar stadiums for high-school football. Protest impotently if you like, but it's pointless for most people. The assessment figure is not the problem--the tax law is the problem.
I'm protesting my taxes now, had the informal hearing since my market value went up nearly 250K (despite me having my homestead exemption). Apparently the metal awning I put up for a carport, the metal shed for my mower, and metal building I put up for to use as my workshop is why according to the county my taxes went up. With a total cost of around 20K for the buildings, I have no idea how the county is coming up with an increase of nearly 10x what it cost for them. At the informal hearing the county said I was assessed correctly due to the new structures. It's going to be interesting to see how the formal hearing goes.
Great video and very useful information! I'm a licensed real estate broker in Texas and a registered Property Tax Consultant but I feel it's harder and harder to protest property tax these years unless the property did suffer a big loss or being damaged. One of the difficulties we are facing right now is that the county's adjustments to the comps are sometimes non-sense... For example, the CAD adjusts big $ amount on very small sqft differences of patios, garage spaces, decks, etc. not to mention their time/market adjustment. Anyway, thanks for the information you provided!
So basically it’s pointless to protest if the total market value doesn’t go below assessed value? I protested and dropped it 63k this year but it’s still above my assessed value
That would be something I suggest confirming with your appraisal district, but my understanding is that since you are taxed on the assessed value, not the market value, the way to get a lower assessed value would be to get the market value below the initial assessed value the county provided on your notice.
I negotiated my payment terms when I bought my home, it should be illegal to change my payment every freaking year! Only if you sell or add on a building or something, other than that it should be fixed. I have a legal contract, taxes shouldn’t be subjective and variable to the whim of politicians who can’t balance a budget. We are the responsible ones here.
Great video very informative! I do have a question myself. We bought Oct 2022 and on 2023 filed for protest but didnt know much about protesting as a first time home buyer I didnt use my closing statement to bring the appraisal down to sales price. I still got a reduction but still far from sales price that year. This year can I use my closing docs and request to bring it closer to our sale price since last year I sort of over paid?
I would bring it and explain that you weren't aware this could've been used as support in your last hearing. I'm not sure they'll use it but I always recommend people bring any evidence they possibly can. However, that closing statement is now for 2022 values. The appraisal district is looking for a value as of January 1, 2024. Where your 2022 closing statement might help is if you had been able to get your assessed value lowered to your purchase price for 2023, then your 10% cap would be lower this year.
Your lender doesn't see anything until the tax bills go out in October. So if you successfully protest, that new value will be what the taxes are applied to.
@@jervez911 - If you protest and it is successful, the county will correct the value in their system automatically. This new value is what the tax rate will be applied to in the bill that goes out in October. That October bill is what your lender will see if you escrow. Lenders don't typically lower mortgage payments right away. They'd have to perform an escrow account audit to see if there's a surplus. You will need to contact your lender about their process to do that.
Great video, Jennifer, thank you! Even better than last year's. Do you know of any case where DCAD actually gave a tax value reduction for "physical, functional, or economic obsolescence"?
This was very helpful, thank you. Question : My son bought a house 2 years ago, his taxes went through the roof (doubled), his mortgage increased by $800.00 a month 😳. He wants to protest them, but because of his job (he travels every day), he is afraid that he may not be in town for his appointment. May I show up on his behalf to protest his taxes? How would that work?
You will have to ask your appraisal district what they will allow. I have another video coming out soon about mortgage increases on account of property taxes. It's a shock for a lot of people!
Market value is overpriced by 40%; Housing prices are overvalued, many have tried to fight the assessment but failed. Not all States have Homestead. Many States have had a surplus budget for multiple years. Did anyone who pays Real Estate Property taxes get a large reduction in their property taxes? We think not. Shame Shame on Every State municipality that is grossly fleecing the Elderly, Veterans, Retirees and Homeowners with egregious Real Estate Property tax bills! Where are the State representatives to put a stop to this madness??!! People ARE losing their homes. WHY SHOULD homeowners have to pay ridiculously high property taxes to compensate for commercial buildings not paying their property taxes!!! The municipalities MADE the BAD investments and allowances to those businesses NOT the Homeowners!!! How can these crooked tax assessors be allowed to overvalue someone's property by hundreds of thousands of dollars, when they are not investors and those homes are their only homes. NOT ALL States have HOMESTEAD, not sure WHY??? But Why should an elderly person, over 60 years old, only on Social Security/Pension, who only has one residence, be charged $28,000k per year for their home! Anyone 60 years of age or older should not have to pay property taxes at all for their homes as that is their only residence. Property Taxes, HOA Fees, Condo Fees, Overpriced homes, are making hard working taxpayers lose their only property (Home, Condo). How can it be legal to suddenly raise Condo fees by 40%. How can it be legal to raise HOA Fees by 50%. Many areas are becoming like Detroit and Mississippi - desolate and empty as the working class is continuously fleeced. The vile tax assessors are getting multi-year promotions using Taxpayer dollars because these tax assessors ARE Overvaluing people's properties to bring in money to the municipalities. They don't care that people end up homeless (many veterans and elderly) or their home comes into foreclosure because they had to borrow against equity and credit cards to try and pay their property taxes or HOA or Condo fees. Any representative in office who has an issue with keeping the elderly from losing their home should be shamed. Where are the State representatives to put a stop to this madness?!
Just run for office locally with a few similar friends and cut the property taxes. It's really that simple. Odds of success are higher than if trying to protest...
When I interviewed a local Chief Appraiser, that was not mentioned as a protest criterion but you should confirm with your local appraisal district since I am not an ad valorem property tax professional. Here's a link to that interview with the protesting suggestions towards the end: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-x76lTSzD3VY.htmlsi=LUZ95TvgGxh3ZP5S
I live north of Houston, and my property tax bill clearly shows the assessed value is capped at 10%. Any amount that exceeds the 10% cap automatically reduced to the capped amount.
I got a settlement offer, but if I go through with the protest hearing, any chance of the ARB actually increasing my final value back above my settlement offer? Thanks
Assessed value is the same as the appraised capped value and this is the amount you're getting taxed on. Appraised value is generally the same as market value for most taxing entities and it's the full market value for your property before any exemptions or increase caps are applied to your assessment.
Not always. The appraised value is also called the market value of your home. That's the value the appraisal district has placed on your home based on market data. The assessed value is what you are getting taxed on. So if you have exemptions and/or an appraisal increase cap, then your assessed value would be less than your appraised value.
@livingindallasfortworth 😳🤪... I'm looking at my tax notice, and the appraised value is different from the market value. What makes this all confusing is that you're using words that do not show up on the tax form notice so people are like "wait, where is the "assessed value". All we see are 2 line items: 1. Market Value and 2. Appraised Value. So to clarify the Appraised Value is the Assessed Value?
@@SuchaCaligrrl The notice of appraised value looks different from each appraisal district. I'm wondering if your notice says appraised capped value - which would be your appraised value with your homestead cap factored in. You should verify with your local appraisal district since I am not an ad valorem tax professional.
Stop covering for the tax man. Where are the actual appraisals? Like houses, means the lowest common denominator. Non remodeled houses will be appraised much lower than a remodeled house. They are lumping them all together to get much higher taxes. Where is the transparency? We should know exactly which houses are setting the criteria for the evaluation.
In my own experience, when I have protested my value, the appraisal district did provide the addresses of the comps they were using to assess my value. That way I could see if our homes were comparable from the previous listing pictures. But you do have to take that extra step to protest and request to know what homes they're using in their valuation.
@@livingindallasfortworth Do the math and don't take their word for it. My valuation went up 67% int 1 year (2022-2023) There was a bidding war for homes in my neighborhood, and it created a temporary bubble. This is the new baseline. Corporations like BlackRock were bidding up prices, and now they are dumping, but the valuations are still skewed to higher numbers. This is unfair to retired homeowners with limited income.
