WONDERFUL-WORLD

I filed a preotest on line in May, & haven't heard back from them.
I would surmise that "everybody" is out to get all they can in a bad economy.
You are right in that they will get it from those that can pay to make up for those that can't, perhaps!

Wonderful-World,

A lot of homeowners are unhappy with the higher values placed on their homes, even more so when they think about how the economic decline has impacted values.

The drop in values that have occurred this year due to the lousy economy will be reflected in the next appraisal.

Why?

An appraisal district in each county determines the January 1 market value of all taxable property, and the property is appraised at that value unless it is a residence homestead subject to a cap. Capped homesteads are limited to increases in appraised value of 10% each year.

So, any decline in home value this year is unlikely to be reflected in this year's values.

Something to keep in mind for future evaluations. Not only do you have the right to appeal your value to the appraisal district board, you also have the right to request binding arbitration instead. As part of the process, the property owner is required to make a $500 deposit with the state comptroller, who provides a list of arbitrators from which the property owner and the district can select. The arbitrator's decision on the value is binding. If the value selected by the arbitrator is closer to that supported by the property owner than the district, then the property owners gets his $500 back.

You also have the right to contest the matter in court.

I was always told that disputing the market value always amounted in little to no reduction. I have to say that $1000 constitues as that.

On the high side, my home is $34k higher than one of the houses on my street. On the low end, $1k higher than the one closest in value. At one time I was proud to say that my house was appraised for more than anyone elses...well, with age comes wisdom (and higher taxes).

WW, are home owners able to dispute this value each and every year? And have you ever seen it make a major difference?

Foe: You can dispute the HCAD value each and every year, and we've always done just that. I have always been successful in reducing the value; on the low end by about $5k and on the high end about $25k. Even receiving only a $5k reduction in the value, over time, that adds up. People who don't protest every year may see their values creep up slowly and not think much about it. A $5k increase over 10 years is a $50k increase in value, with taxes levied accordingly. Unfortunately, I've never seen the HCAD value offer increase by only $5k; it has always been $10 to $30k per year. I was able to keep my previous house value below $150k for about 8 years, while my neighbors were being valued at $150. As long as you don't plan to sell your house anytime soon, I'd say it is well worth it to protest every year.

I've noticed a lot of goofidity in the HCAD appraisals. When you look at the comparatives for an entire community, it looks like a jigsaw puzzle of inequity. Nothing at all makes sense. Some of it does when you know that the people are Seniors. What I find interesting is how people can be young and have virtually lower taxes than the other half of the street. It is rather interesting. Additionally, HCAD appraisals are extremely high compared to other areas. It seriously impacts those who are already taxed to death. I've asked people of all age groups if they research their taxes on their property. You would be surprised at the amount of people who don't. They are oblivious to why or how the increases occur. Then there are others who are very knowledgeable like yourself and myself. We've done the math, put the pencil to the paper, taken the time to research the figures and sometimes some of us still get short changed.

Farmerhankhill,
See that is the kind of stupdity that doesn't make sense. In every neighborhood there is always someone who has to press the way out there box. That would irk me to that they aren't even in the 65 age exemption and receiving it.

We lost our first round too. The wife always does it. She lost the first round but we are scheduled to go before the board in the next few weeks.
They raised our value for "07 and our house was barely livable what with all the remodeling and such!!! It's finished now thank god!

Lanny, take plenty of pictures of the property while it was under construction; be prepared to leave the photos with HCAD. My neighbor had his reduced while their home was undergoing repairs.

FYI - I'd check on the no cap and ask why it mattered one year and not the next. Remember that values are retro to January 1st, as chassan said. If I'm not mistaken, "capped" means they can't increase your value more than a certain percentage each year, i.e. 10% cap per year, or no cap, which could be a higher percentage of the value raised each year.

Whether you pay your taxes through your mortgage company or separately, you will receive the HCAD appraisal notice directly to you, and it is up to you (not your mortgage company) to protest the value.

I protested last year in Montgomery County and won. This year, our taxes went up by about $100, but due to other obligations, I was unable to address it. Our escrow account pays our taxes and insurance and we have a cushion for that sort of thing. As a matter of fact, we just refinanced and are to get a refund check from the escrow account. I know if they go up again next year, I will most definitely handle it.