Real Estate Analysis and Commentary in Fair Oaks

Benjamin Franklin is credited to having said, in reference to the probability for success of the newly completed US Constitution, nothing is certain but death and taxes...  If you are a home owner in Texas you are probably quite familiar with the later part of this Idiom as Texas Property Taxes are rapidly becoming an ever larger portion of the cost associated with home ownership.  Property Tax Valuations will be delivered within the first week of April.  If you are protesting your current assessment,
your "Notice of Protest" must filed no later than May 15th of 2024. There are several reasons why it is advisable to file a property tax protest on an annual basis;
 
1. County Appraisal Records are often wrong.  County appraisers do not make an "on site" inspection of your home.  County Appraisal Districts use "Mass Appraisal Techniques".  Features of your home, including the square footage, condition and quality of construction are estimates only and often fail to accurately represent your property.

2. Your home's assessed value may not be consistent with its actual "Market Value". 
Appraisal Districts are quick to increase your homes assessed value when property values are appreciating and slow to lower values when prices begin to decline.   The appraisal district will base the value of your property on older past sales that fail to recognize the decline in value that is currently being reflected in many neighborhoods.  Unless a protest has been filed to bring the valuation of your home in-line with current market conditions, your home may be significantly overvalued on the current tax roles.  

3. Your home's assessed value may not be equal to other homes within your neighborhood.  This is one of the most common errors associated with the mass appraisal process.  This method of estimating market value often fails to take into consideration the individual characteristics of your home and its overall condition. 

4. All homes are subject to depreciation.  A loss of value due to physical, functional or or outside economic influences can result in a lower value for your home.  Physical aging, wear and tear, design issues and your home's location near adverse environmental influences can all act to lower the value of your home.   County appraisal districts often fail to take these issues into consideration. 

How can you launch a successful property Tax Appeal. 

Prepare a factual analysis of your property with supporting evidence of its current livable square footage and condition. Support your opinion with Comparable Sales  and Market Data e to support your opinion of value.  If you do not have the required information sources and expertise to complete such a report, perhaps the best solution can be to employ the services of Professional Appraiser. 
  
A recent and accurate appraisal report may be your best tool to dispute your "assessed value".  An appraisal, based  upon a full inspection of your home and supported by recent sales, is a powerful tool in obtaining a lower valuation for your property.  The appraisal will include an accurate square footage analysis of your home, along with a detailed analysis of current market conditions.  Most importantly, it will provide an accurate value of your home based upon the most recent sales available.