If property/improvements sold at one-third market/assessed value, is it feasible to reassess tax level reflecting 'market' price?

Asked by M J, Wolfe City, TX Thu Aug 12, 2010

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Ronda Allen, Agent, Plano, TX
Thu Aug 12, 2010
BEST ANSWER
Take the HUD-1 closing statement to the local county tax appraisal district offices and ask for a review of the assessment. It is absolutely worth the discussion! Contrary to some opinions, you can take that closing statement to the county at any time. You don't have to wait, and immediately following the purchase of the home is a great time to do that.
Have a blessed day!
Ronda
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Dallas Texas, Agent, Dallas, TN
Thu Aug 12, 2010
GREAT QUESTION:

You need to petition your county tax office for review of your property

Goodl luck

Lynn911.com
Web Reference:  http://www.lynn911.com
0 votes
Stacy Carter, Agent, Roswell, GA
Thu Aug 12, 2010
MJ,
There should be process, within your county, for having your property value (tax assessment) re-assessed. I imagine a lot of homeowners are appealing these values with the current market conditions. You'll need to find out the exact procedure for your area, but keep in mind, there's probably a certain window of time each year to submit an appeal or request for review. Depending on when taxes are due, you may have to wait until next year.

Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
678-641-6631
0 votes
Jackie Rankin, Agent, Fort Worth, TX
Thu Aug 12, 2010
MJ,

You can contest the property taxes on the property if you believe it should be lower. Contact your county appraisal district or look online for the process. Typically there is a set time period (usually in the early spring) when yoiu can do this. Good luck!


Jackie Rankin
Tru Value Realty
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