Tax appraised value - Do i need to protest if my assessed value is well below market price? (Austin: comparable sales, sales)

[Austinite888]

Hi i received my appraised value and my appraised value is way lower than the market price by 100K. Should i still try my luck in protesting? Or should i not protest, for fear that if they find out they "make a mistake", they could increase my appraised value? Should i still try my chance and protest in hopes of bringing it ever lower than it already is?

Thanks!

[austin-steve]

Originally Posted by Austinite888

Hi i received my appraised value and my appraised value is way lower than the market price by 100K. Should i still try my luck in protesting? Or should i not protest, for fear that if they find out they "make a mistake", they could increase my appraised value? Should i still try my chance and protest in hopes of bringing it ever lower than it already is?

Thanks!

Is it below the Jan 1, 2021 market value, which would be determined by running comparable sales that happened June 2020 through Jan 2021?

That's the time bracket you want to look at to compare values. Values didn't start the ultra-spike in prices until January offers surged as demand became turbo charged into limited supply.

[Austinite888]

Originally Posted by austin-steve

Is it below the Jan 1, 2021 market value, which would be determined by running comparable sales that happened June 2020 through Jan 2021?

That's the time bracket you want to look at to compare values. Values didn't start the ultra-spike in prices until January offers surged as demand became turbo charged into limited supply.

Yes, it is very much below. I have got a 200K+ assessed value for a 2000+ sq ft new built

[austin-steve]

Originally Posted by Austinite888

Yes, it is very much below. I have got a 200K+ assessed value for a 2000+ sq ft new built

Then I'd protest, if you're still able. The deadline has passed unless you received your Notice late.

Texas law says the appraised value is the value as of Jan 1 each year, not current value at the time of the protest hearing.

Good luck.
Steve

[astrohip]

Originally Posted by Austinite888

Or should i not protest, for fear that if they find out they "make a mistake", they could increase my appraised value?

This part of the OP raises a question I've always wondered about. I didn't see it explicitly answered (apologies if I missed it).

If you protest, can the board decide it's too low, and raise your appraisal? Does it every happen, or so rare as to be insignificant?

[Seguinite]

Why in the world would you want to pay taxes on $100k more assessed valuation when it has nothing whatever to do with the actual market value? Protest too high, enjoy the break when they bungle it. Rest assured, they'll figure it out soon enough.

[CarnivalGal]

Originally Posted by astrohip

This part of the OP raises a question I've always wondered about. I didn't see it explicitly answered (apologies if I missed it).

If you protest, can the board decide it's too low, and raise your appraisal? Does it every happen, or so rare as to be insignificant?

They won't do that. But in order for that to happen, the person protesting has to be a special kind of stupid. When you protest, you bring comps that illustrated it's over valued. If you've proved it's under valued, you would have had to bring comps that prove that. And why would you do that?

I usually protest every year and get it lowered every year. But even though my appraisal went up A LOT, it's still valued about $300K less than what we would actually get for it. And there's no way I'd be able to find comps to say it's over valued.

[Austinite888]

Originally Posted by CarnivalGal

They won't do that. But in order for that to happen, the person protesting has to be a special kind of stupid. When you protest, you bring comps that illustrated it's over valued. If you've proved it's under valued, you would have had to bring comps that prove that. And why would you do that?

I usually protest every year and get it lowered every year. But even though my appraisal went up A LOT, it's still valued about $300K less than what we would actually get for it. And there's no way I'd be able to find comps to say it's over valued.

Could i ask where do people usually get their data to protest? Is it from zillow?

[Trainwreck20]

Originally Posted by Austinite888

Could i ask where do people usually get their data to protest? Is it from zillow?

Your friendly neighborhood realtor and the MLS

[riaelise]

something also to consider - the valuation may just be on the land and some of the improvements, which is common with new builds. not sure if you can actually protest now anyway