It is the time of year where we get to open our mailboxes and see the dreaded appraisal value for our homes. Since January of 2013, the Austin area has experienced a rapid increase in property values due to a hot real estate market. Many people are surprised to see how much the value of their home has increased.
Here are a few items to consider:
- You have the right to protest your property value. The paperwork sent to you by the county will give you instructions on that process. Pay attention to the deadline you have to submit protests.
- One thing most people are unaware of is that Texas is a non-disclosure state. This means that you are not required to disclose to the appraisal district how much you paid for your home.
- A common misconception is that the appraisal district has access to MLS or the multiple listing service that details sold information on homes. They do not. They will have information on some sold data, but not all of it.
- In subdivisions where builders and finish out of homes are very different, the property values can range greatly. The appraisal district is not personally visiting the interior of the homes they are appraising, which can make valuations inaccurate.
- A market valuation from the county is very different from the market valuation a REALTOR or licensed appraiser will do on your home. A REALTOR or licensed appraiser will visit your home and provide a more in-depth and true market value.
- The best way to protest your home value is to provide sales information that back up your value to the district. This can be done by using a tax protest service, the services of a real estate agent, or licensed appraiser.
Here is some additional information about the protest process provided courtesy of Gracy Title. That information may be viewed here.