Great video and still relevant in 2024. Question, If I plan to move to a new home in Tarrant county does the homestead exemption value (i.e. Appraised Value) stick with the property or does it do some type of 'Reset' with the change of ownership, thus closing the gap between Appraised and Market value? Trying to determine how big a tax bill I might have when I look at the tax records for the houses I am looking to purchase.
@@ChandlerCrouchRealtors that is great to know because the gap between market and appraised on this house was quite substantial and could potentially double the tax burden of the property during the sale
Thanks, this helps me better understand why I should protest!! Good video and explanation. Your first video gave me the how but not the why or maybe it was just me. Thanks again!!
Thanks for the video. One of your other videos was helpful in past years shooting for 95-99% value. But what should I do if my appraisal went from $368 to $440K in one year with a homestead exemption. Why was it not capped at 10%?
@@ChandlerCrouchRealtors Thanks for the reply. Yes, appraised value, NOT market value. I contacted TAD and they said something about it being my first year with homestead exemption. I bought the house last year and applied for home exemption early this year as it wasn't available last year.
@@bryansloan6617 that is the issue. Everything starts over when you buy the house. If they could reset the value to be the purchase price starting the day you begin ownership, that would be ideal, but they end up waiting until the next year. The law just changed this year to allow the homestead exemption to be applied the same year you buy it, but it still doesn't help the 10% cap. It is reset when ownership changes (as well as veteran exemptions and over 65 exemptions)
last year my home had an 2018 market value and appraised value of 118070 This year 2019 my home Market Value is 223815 and Appraised Value of 129877 that's a flat 10 increase from 2018 to 2019 in appraised value. Should I protest?
Absolutely. No clue if we'll be able to get the $223k number below $129k, but we won't know until we try. I'd love to give it a shot for you. Just go to www.freetaxprotest.com
I just attempted to protest online. I did 95% of the lowest value which was the sales comp value. They did not accept and had their final market value listed as the lowest of the two values. I chose accept since my schedule prohibits me taking off work. My question for you is, since I was settling the market value and it went down (not as much as I'd like) will my appraised value (the value I'm actually taxed on) stay the same or go down with it? Thanks!
I'm sorry to hear it didn't go down much. Really, this video explains it as good as I know how. The appraised value will go down if your market value reduces to a level below your appraised value. If this happens, your appraised and market values will be equal . It just has to get under the 10% cap
If we are taxed on Appraised Value, and we cannot contest Appraised Value, only Market Value, this doesn't reduce the taxes I pay, correct? They can and will (and in my case HAVE) taken my Appraised Value up 10% almost every year. 2016 seems to be the last year that my tax protest affected my Appraised Value.
Correct, but that doesn't mean you can't reduce the appraised value. Appraised value caps at 10% growth per year. If you protest the market value to a level that is less than 10% above the previous year's value, then your Market value AND Appraised value will be reduced. You just have to protest the value to a level below 10% for it to affect Appraised Value
I already set up to do the informal from one of your other videos. Can I still get your help? TAD is nuts. The State needs to change the way property taxes are done.
The question i have is WHAT is the nexus that is created in order to give the TAD “authority” to even value your property? The other question I have if we get past that is….why do they assume the property is even for sale? Mine isn’t so what the hell do I care what it’s worth ? Ok here’s a valuation…..priceless. Tax that. My family home is priceless in value.
Great questions. Something called the Peveto Act back in 1979 is what created appraisal districts. It was an improvement over the last system, but it wasn't designed for a time like we have now with double digit price appreciation many years in a row. I think valuing a property on the same basis as though it was for sale is a problem... I'm doing everything I can to improve the system.
Thanks for the informational video, this info helps a lot! My property total market went up about $60,000, however the total appraised is up only $40,000. Is it still worth protesting since the total appraised value is $20,000 less than Total market value?
What happens if you bring down the market value but not enough to be lower than the appraised value? Does it affect the appraised value? Does the appraised value go up? or stay the same?
they will sometimes, if you pay one third less than the appraised value, you can file ]Form 50-230 Motion for Hearing to Correct One-Third Over appraisal error. We have bought houses in August and filed this and got them corrected. We have even had to wait on the hearing into the next year, you unfortunately have to pay the full amount of assessed taxes before they become delinquent or the appraisal district will not hear your case. Also if you are getting a refund, this comes from Tarrant County Tax Assessor and they charge you ten percent of the amount due you. I have had pretty good luck taking my closing statement to the counter and getting it put at the amount that I closed at. One time they would not do it and said it was not an arms length transaction. We signed an affidavit stating what we paid for the property, where it closed, and all the details before they would put the property at where we paid for it.
Good video. Last year my home market value is $271,000 and appraised value is $258,000. This year my home market value is $307,000 and appraised value is $284,000. I went to tad.org and protested online and I got an approved market value of $275,000; so what is my new appraised value will be? Is it the same as $284,000?
Great video and still relevant in 2024. Question, If I plan to move to a new home in Tarrant county does the homestead exemption value (i.e. Appraised Value) stick with the property or does it do some type of 'Reset' with the change of ownership, thus closing the gap between Appraised and Market value? Trying to determine how big a tax bill I might have when I look at the tax records for the houses I am looking to purchase.
Great question. It actually does not transfer. The cap is reset. If you have an over 65 exemption, however, you can transfer it to a new property.
@@ChandlerCrouchRealtors that is great to know because the gap between market and appraised on this house was quite substantial and could potentially double the tax burden of the property during the sale
Thank you for explaining this!
This was the best explanation I've seen so far!! Wow, thank you so much!
Glad it was helpful!
Thanks, this helps me better understand why I should protest!! Good video and explanation. Your first video gave me the how but not the why or maybe it was just me. Thanks again!!
Thanks for the video. One of your other videos was helpful in past years shooting for 95-99% value. But what should I do if my appraisal went from $368 to $440K in one year with a homestead exemption. Why was it not capped at 10%?
Hi Bryan, are you certain it's your appraised value, and not your market value?
@@ChandlerCrouchRealtors Thanks for the reply. Yes, appraised value, NOT market value. I contacted TAD and they said something about it being my first year with homestead exemption. I bought the house last year and applied for home exemption early this year as it wasn't available last year.
@@bryansloan6617 that is the issue. Everything starts over when you buy the house. If they could reset the value to be the purchase price starting the day you begin ownership, that would be ideal, but they end up waiting until the next year. The law just changed this year to allow the homestead exemption to be applied the same year you buy it, but it still doesn't help the 10% cap. It is reset when ownership changes (as well as veteran exemptions and over 65 exemptions)
last year my home had an 2018 market value and appraised value of 118070
This year 2019 my home Market Value is 223815 and Appraised Value of 129877 that's a flat 10 increase from 2018 to 2019 in appraised value. Should I protest?
Absolutely. No clue if we'll be able to get the $223k number below $129k, but we won't know until we try. I'd love to give it a shot for you. Just go to www.freetaxprotest.com
I just attempted to protest online. I did 95% of the lowest value which was the sales comp value. They did not accept and had their final market value listed as the lowest of the two values. I chose accept since my schedule prohibits me taking off work.
My question for you is, since I was settling the market value and it went down (not as much as I'd like) will my appraised value (the value I'm actually taxed on) stay the same or go down with it?
Thanks!
I'm sorry to hear it didn't go down much. Really, this video explains it as good as I know how. The appraised value will go down if your market value reduces to a level below your appraised value. If this happens, your appraised and market values will be equal . It just has to get under the 10% cap
@@ChandlerCrouchRealtors Darn, that's what I thought. The message was clear I just wanted to make sure. Thank you very much.
If we are taxed on Appraised Value, and we cannot contest Appraised Value, only Market Value, this doesn't reduce the taxes I pay, correct? They can and will (and in my case HAVE) taken my Appraised Value up 10% almost every year. 2016 seems to be the last year that my tax protest affected my Appraised Value.
Correct, but that doesn't mean you can't reduce the appraised value. Appraised value caps at 10% growth per year. If you protest the market value to a level that is less than 10% above the previous year's value, then your Market value AND Appraised value will be reduced. You just have to protest the value to a level below 10% for it to affect Appraised Value
I already set up to do the informal from one of your other videos. Can I still get your help? TAD is nuts. The State needs to change the way property taxes are done.
The question i have is WHAT is the nexus that is created in order to give the TAD “authority” to even value your property? The other question I have if we get past that is….why do they assume the property is even for sale? Mine isn’t so what the hell do I care what it’s worth ? Ok here’s a valuation…..priceless. Tax that. My family home is priceless in value.
Great questions. Something called the Peveto Act back in 1979 is what created appraisal districts. It was an improvement over the last system, but it wasn't designed for a time like we have now with double digit price appreciation many years in a row. I think valuing a property on the same basis as though it was for sale is a problem... I'm doing everything I can to improve the system.
Thanks for the informational video, this info helps a lot! My property total market went up about $60,000, however the total appraised is up only $40,000. Is it still worth protesting since the total appraised value is $20,000 less than Total market value?
Absolutely. If you don't want to do it, I'll do it for you. just go to www.FreeTaxProtest.com
@@ChandlerCrouchRealtors Thanks, will do.
What happens if you bring down the market value but not enough to be lower than the appraised value?
Does it affect the appraised value? Does the appraised value go up? or stay the same?
It just stays the same
If I buy a house for less than the TAD market value, will TAD automatically lower the market value to the purchase price?
they will sometimes, if you pay one third less than the appraised value, you can file ]Form 50-230 Motion for Hearing to Correct One-Third Over appraisal error. We have bought houses in August and filed this and got them corrected. We have even had to wait on the hearing into the next year, you unfortunately have to pay the full amount of assessed taxes before they become delinquent or the appraisal district will not hear your case. Also if you are getting a refund, this comes from Tarrant County Tax Assessor and they charge you ten percent of the amount due you. I have had pretty good luck taking my closing statement to the counter and getting it put at the amount that I closed at. One time they would not do it and said it was not an arms length transaction. We signed an affidavit stating what we paid for the property, where it closed, and all the details before they would put the property at where we paid for it.
Good video. Last year my home market value is $271,000 and appraised value is $258,000. This year my home market value is $307,000 and appraised value is $284,000. I went to tad.org and protested online and I got an approved market value of $275,000; so what is my new appraised value will be? Is it the same as $284,000?
It will be $275k. Check out this video I have on Market Value vs Appraised Value: ruclips.net/video/tFSPV0_X5Ws/видео.html