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Property tax on new home higher than purchase price

 
 
Reply Wed 27 Apr, 2016 01:07 pm
My home was finished in April of 2015 I had a appraisal done it appraised for 173000. I purchased it for 172500. I received my assessment for the property tax this year it's is 220000 almost 50000 more than I paid for it. What can I do.
 
Tes yeux noirs
 
  -1  
Reply Wed 27 Apr, 2016 01:13 pm
http://homeguides.sfgate.com/property-taxes-lowered-house-value-down-2876.html
0 Replies
 
chai2
 
  1  
Reply Wed 27 Apr, 2016 01:32 pm
@Bspencer1987,
Go to the department in charge of your areas property taxes, and you can find out how to appeal.

However, you run the risk of having your property appraised for an even higher value.

Find out also if you qualify for a homestead exemption yet in your area.

Welcome to the world of home ownership.
I hope you didn't think your home value was going to stay the same year after year.

As the value of your home goes up, so does your property tax.

If you can prove the value of your home has gone down since you bought it, go for it.

Property taxes are based on the appraised value of your home every year.

0 Replies
 
InfraBlue
 
  1  
Reply Wed 27 Apr, 2016 01:35 pm
Wow. How many years of delinquent taxes does that include?
Bspencer1987
 
  1  
Reply Wed 27 Apr, 2016 01:36 pm
I understand it will go up from year to year but I feel a 50000 increase is insane. There has been no improvements.
Bspencer1987
 
  1  
Reply Wed 27 Apr, 2016 01:37 pm
@InfraBlue,
None
0 Replies
 
ehBeth
 
  1  
Reply Wed 27 Apr, 2016 01:38 pm
@Bspencer1987,
What are other houses in your neighbourhood selling for this year? check real estate listings for taxes on comparable properties.

In my neighbourhood (not at all swanky), we've had several years of increases like that.
chai2
 
  1  
Reply Wed 27 Apr, 2016 01:40 pm
@InfraBlue,
InfraBlue wrote:

Wow. How many years of delinquent taxes does that include?


He's not saying the actual tax is higher than what he paid for the home.

He's saying he bought a house last April, and the value of it went up $50,000 in the last year, so the property is being taxed on that extra $50K as well.
chai2
 
  0  
Reply Wed 27 Apr, 2016 01:43 pm
@Bspencer1987,
Bspencer1987 wrote:

I understand it will go up from year to year but I feel a 50000 increase is insane. There has been no improvements.


That's why you can appeal it. However, the taxing office apprasises your home based on what is going on in your neighborhood in general. As ehBeth as also said.

Also, as I said, you can appeal, and they will come out and reappraise your home, but you run the risk of their saying it is worth even more.

This is really something you need to take up with your tax appraisal office. No one here can tell you what your house is worth, or why it increased by that amount.

They can.

0 Replies
 
chai2
 
  1  
Reply Wed 27 Apr, 2016 01:47 pm
Also, they will be able to tell you about various exemptions you may qualify for now, or in the future.

Examples in the U.S. are homestead, military, disabled, over a certain age, energy exemptions, etc. etc.

Bspencer1987
 
  1  
Reply Wed 27 Apr, 2016 01:48 pm
@ehBeth,
No home in my neighborhood has sold for that much even the much larger homes were sold for 207000 last year. The neighborhood is brand new. I had a realator.com come to give me the market value they would sale it for and he said his top asking price if he listed it would be 195000
0 Replies
 
Bspencer1987
 
  1  
Reply Wed 27 Apr, 2016 01:49 pm
@chai2,
I've applied for a homestead exemption. This will b the first year I'm eligible for it
chai2
 
  1  
Reply Wed 27 Apr, 2016 01:51 pm
Have I mentioned you can appeal this, and that you can go to your tax appraisal office to get all kindsa information on why your value went up?

InfraBlue
 
  1  
Reply Wed 27 Apr, 2016 01:52 pm
@chai2,
chai2 wrote:

InfraBlue wrote:

Wow. How many years of delinquent taxes does that include?


He's not saying the actual tax is higher than what he paid for the home.

He's saying he bought a house last April, and the value of it went up $50,000 in the last year, so the property is being taxed on that extra $50K as well.


Ahhh. Got it. It gets confusing what with "assessment" and "appraisal" being used to mean the same thing.

Now's the season for tax appraisal protests in Texas.
Bspencer1987
 
  1  
Reply Wed 27 Apr, 2016 01:53 pm
@chai2,
I tried to appeal there saying because I didn't have a home stead exemption last year ( which I was not eligible for) that I can't appeal. I have a meeting with them on monday.
0 Replies
 
chai2
 
  1  
Reply Wed 27 Apr, 2016 02:07 pm
@InfraBlue,
InfraBlue wrote:



Now's the season for tax appraisal protests in Texas.


My neighbors are really feeling the pinch.

My husband was approved for 100% VA disability 3 years ago, and in this district that makes us 100% exempt from property taxes for the rest of both of our lives. Well, if he dies first, I will have that exemption up to the amount the tax was in the year of the death, and I have to stay within the state of Texas of course.

If it wasn't for that, I'm pretty sure we'd have to move.

In Austin, property values are always going up, up, up.

In addition, and this infuriates me on behalf of my neighbors, a house has been built across the street my me that is on the market for...hope you're sitting down....$1.75 MILLION.
That is so far out of line with the rest of the houses around it, it isn't even funny.

In fact, while the house was being built, 2 people came by while I was outside, and I thought they were looking to buy it. I started talking to them, and learned it was the realtor, and the architect.

I looked them straight in the eye and said "Do you have any idea how much you are screwing over so many families in this neighborhood? This house doesn't belong here, it doesn't fit at all. " They just did not give a ****. All they want is their money.

They had an open house maybe 2 weeks ago, and I checked out the interior. My opinion of it is even lower now. It's a cold, hard modernistic monster with no personality or warmth at all.

They could have built 3 townhouses in the same area, whose's total value would have been around that 1.75 mil, and been able to house 3 families at a reasonable, appropriate for the neighborhood, price.

Instead, people who work hard and have 1, 2 or 3 kids are going to suffer.
Linkat
 
  1  
Reply Wed 27 Apr, 2016 03:17 pm
@Bspencer1987,
You can try to get an abatement - contact your local city/town hall's assessors office. At least in MA it works that way - most have a database of assessed values of homes in your town/city - what usually happens is the town assessor uses a program that determines the value of your home.

What the program does is look at homes in your neighbor that are similar in style, size and features that have sold in a particular year. It will then use those sales to determine the value of your home. What you will be required to do more than likely is provide the assessment you have - and then also look up (yes in their own database) homes you think are most like yours and their sales prices. There is an abatement form to fill out and it has all this info on it. If they are lower than what the town claims your value is - then you have a fight and they will likely lower this.

We did this before and lowered our taxes quite a bit - but we did have legit backup. They may have simply matched up your home incorrectly - they did to ours - we were fortunate - we had a home that was exact size and layout that was sold during their assessed year. They were comparing us to homes that were laid out differently and were worth more as a result.
0 Replies
 
Linkat
 
  1  
Reply Wed 27 Apr, 2016 03:26 pm
@Bspencer1987,
That is really weird - we didn't even have a homestead on our place - if you do not agree with their assessment there should be something you can do - what state do you live in?
0 Replies
 
InfraBlue
 
  1  
Reply Wed 27 Apr, 2016 03:37 pm
@chai2,
HA. That happened about twenty years ago in my old neighborhood.

https://www.google.com/maps/place/9540+Desert+Ridge+Dr,+El+Paso,+TX+79925/

You should be able to pan around and look at the surrounding homes in Street View.
chai2
 
  1  
Reply Wed 27 Apr, 2016 03:51 pm
@InfraBlue,
Shocked

Ok. I have to ask. If you had (even if it was 20 years ago) the kind of money to build such a house, WHY would you pick that neighborhood? Wouldn't you want to build where the other houses are more similar?

 

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