Market Conditions in 76248>Question Details

Wayne Wang, Other/Just Looking in Keller, TX

Can the actual sales price of an existing home a major factor for the tax appraisal value?

Asked by Wayne Wang, Keller, TX Tue Jun 10, 2008

I live in Keller and my tax value just went up 6% from last year! I brought my house last year and the sales price is about 25K below the tax appraisal value. Do I have a case to protest? Just curious the generate market condition in Keller, does it warrant 6% increase?

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Wayne, the Tarrant Appraisal District (TAD) does allow you to protest your tax value. If you should desire to do so, it would be helpful for you to have some general information with you regarding your property and surrounding property values. First, you must bring in the HUD-1 (your closing statement) which accurately reflects the price for which you purchased the property. Secondly, bring a copy of the appraisal with you. (Please double check to ensure the appraisal did not reflect a significantly greater value than the value of which you purchased the property). Third, you ask your real estate agent (if you do not have one, I would be happy to help) to provide comparable sales data for your neighborhood and similar sized homes which were sold in the six months from September-March of the year in question. Finally, you should ask TAD for the comparables they used to determine value. Have your agent review their list and provide detailed information as to why, or why not, their properties should be used vs. the properties your agent has selected. This should help in most all cases. Should you need detailed information or additional answers to your questions, you may contact me, Roslyn Gauntt, CENTURY 21 Tim Gauntt Co, (Voted BEST of the BEST in Colleyville, Southlake and Grapevine for 2007-2009) at 817 605.3355. We have two local offices to serve you. All my best!
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0 votes Thank Flag Link Thu Aug 20, 2009

Your deadline for protest is June 2, 2008, or 30 days after you received your notice of preliminary assessed value, whichever is later. Nearly 99 times out of 100, the appraisal district has to use the purchase price for the home if it occurred in the last year since that establishes market value. It is extremely rare for the appraisal district to be able to defend that a market transaction was "a bargain". Likely, in these cases the tax payer is simply inexperienced and the appraisal district simply took advantage of them. If you are still able to protest, you should be given the option to obtain all of the comp data the county appraiser used in establishing the value of your home. You will then typically be given the option of an informal hearing, and a follow up formal hearing. Take your HUD-1 closing document to the informal hearing and ask the appraiser to defend why that does not establish your value.

Keep us posted by replying with answers on the status of your effort.

Good luck,

0 votes Thank Flag Link Tue Jun 10, 2008
Likely too late to protest for this year, however I often hear in these circumstances that you can take your sales contract to the TAD and they will adjust at least for one year to the value you paid. That's a good indicator of value.
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0 votes Thank Flag Link Tue Jun 10, 2008
Bruce Lynn, Real Estate Pro in Coppell, TX
Wayne, I would definately attempt to protest. Take your settlement statement to your county tax office and show them what you aid for the property last year. Unfortunately there is no way to tell whether they will lower it or not without trying. I have had cases in our appraisal district, where the property just sold for lower than the appraised value and the appraisal district simply said that the buyers had gotten a bargain.

Good luck!
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0 votes Thank Flag Link Tue Jun 10, 2008
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