Appeal 2024 County Appraisal Values
2024 APPRAISAL NOTICES ON THEIR WAY TO PROPERTY OWNERS As we approach April, many counties across Texas are preparing to release their 2024 appraisal values, and it's anticipated that many of these values will be exceptionally high. If you've purchased a primary residence in the past few years, it's crucial to ensure that you establish your Homestead Exemption. The good news is that you no longer have to wait until January 1st to file for your homestead exemption; you can now file it the day after you close on your property. It's important to note that the homestead exemption is only available to owner-occupant properties and not investor properties. Be sure to check your appraisal values to determine if you should file a protest. You can find specific information for your county below, including links that can also inform you if your Homestead Exemption has been created. Travis County Williamson County Hays County Bastrop County If you're considering protesting your taxes independently, please reach out to me! I can provide you with comparable sold properties within your area to aid in the process. Alternatively, there are companies that can assist you in launching protests on your appraisal values. Consider exploring the following options: 5 Stone - fivestonetax.com Ownwell - ownwell.com Texas Protax - texasprotax.com Texas Tax Protest - texastaxprotest.com Discount Property Taxes - discountpropertytaxes.com Despite the market decline over the last two years, many county-assessed property values have increased. It's crucial to monitor your appraisal value not only in the year following your home purchase but annually, and to file a protest if you disagree with the assessed value.
Compass Update 3-5-24
DID YOU KNOW? * Home Insurance rates are rising....not just in a few US states. The wildfires in Texas and Oklahoma highlight how many areas in the world are seeing a higher occurrence of more extreme weather property damage combined with higher replacement costs.... Aziz Sunderji addresses this topic here. * The regulations for squatters rights vary from state to state, but all 50 states have them. The major difference in these laws is the timeline for how long an occupant must have resided there before they claim the rights to the property. Professional agents should know their local laws and alert their clients who keep properties unoccupied for extended periods of time how to protect themselves from what can become a costly and lengthy battle. * A friend of mine has created a new form of vacationing campsite-style experience.....The DOMES AT CATSKILLS.....glamping in the Catskill Mountains, about 90 minutes from Manhattan. Many country homes include 'glamping' moments within their properties. * Is a Whole Foods Market Daily Shop coming to your hood? These new, smaller Whole Foods will range between 7,000 -14,000sf – a fraction of Whole Foods stores, which average about 40,000sf. The first one comes to the Upper East Side in NYC where 5 leases have already been signed. “The market is way weighted to a very soft landing. And when you look at the pattern of facts the last three or four years, it’s hard for me to see it’s going to be that simple,” - David Solomon, Goldman Sachs * Chicago is proceeding with a revamp of empty downtown office buildings initially estimated at $1 billion in an effort to counter a commercial real estate crisis that’s cut office sale prices by more than 50%. Adding new home inventory via conversions is part of the great rebalancing in all things real estate. (Bloomberg) “When times get tough, when income dwindles and interest rates spike, fashion often shakes off its blinkers and realises that people who spend money tend to want to look like they do.” - Alexander Fury (FT), speaking to a new trend that is the exact opposite of quiet luxury....."mob wife" luxury. * Annual Ozempic in the US costs about 10 times what it does in Britain, Australia or France. In Denmark - the home country of Ozempic producer Novo Nordisk - the cost of the drug is under $3,500 a year, roughly 25% of the US..... THIN-flation?? * The inventory of houses for sale in Austin and the number of houses that sold both increased significantly in January. In addition, national home price forecasts for 2024 have now been adjusted higher, and suddenly, the housing market is starting to look hotter. According to data provided to Business Insider by Realty Austin, powered by COMPASS, the number of new listings for houses in the Austin-Round Rock area increased by 56% in January compared to December and 5.1% compared to the same period in 2023. In addition, the demand for houses appears to be surging, with sales up 19% compared to the previous month and 4.3% compared to the first month of 2023. * Post Brothers CEO and co-founder Michael Pestronk highlighted the real estate opportunity brewing in urban areas as some Americans are opting to rent instead of buying a home. The "Forever Renter" is something happening on the higher end for those who could easily afford to buy but choose not to....Shark Tank's Barbara Corcoran recently said your second home should be one that you rent out.....yes, those who are promoting the rent forever narrative are also.....the beneficiaries: landlords! ($8,000/month in rent equates to $5,75 million over 60 years assuming rents never rise.....)
How to Protest your Appraised Value
Property tax appraisals for the current year's taxable values are issued in the spring in all counties. Here are a few tips to understand your statement and how to file a protest if you disagree with the value assigned to your property. When you receive your Notice of Appraised Value: Verify that the appraisal is for the correct property and make sure that any exemption you are eligible for (i.e. homestead, over 65, etc.) is included If you believe the value assigned to your property is higher than what the market in your neighborhood would bear, you do have the option of protesting that value and asking the appraisal district to lower it, based on evidence provided. I personally recommend hiring a company like Five Stone or Ownwell to take care of this for you. NOTE: Your local appraiser is required to appraise property at market value as of January 1st, so your appraisal should reflect the value of the property at that time. The appraiser has generally applied mass appraisal criteria based on the individual characteristics of your property, and in most cases has not done a physical inspection of your property. How to Protest your Appraised Value: Protest may be filed in writing or online. (Check with your county appraisal district via the links below for the best way to file.) File your notice of protest by May 15 or no later than 30 days after the date of the Notice of Appraised Value, whichever date is later. Be aware that the deadline is 30 days after the date of the notice, not from the time you receive it. If you don’t file a notice of protest before the Appraisal Review Board approves the appraisal record, you lose your right to protest or file a lawsuit about the taxable value of your property. Homeowners wishing to protest should contact their local appraisal district office to confirm their interpretation of this time line. Provide information to support your protest. IF it supports the value you are attempting to lower your apparisal to, you might provide your closing statement from your home purchase, a copy of the purchase contract, any appraisals, engineer’s reports, etc. to the board when protesting your value. Photos of defects on the property are also helpful. Who decides? The Appraisal district board (ARB) is an independent board of citizens that hears property owner protest. It has the power to order the Appraisal District to make changes. If you file a written protest before the deadline, your case will be scheduled for a hearing where you will talk to one or more members of the ARB. The ARB has several options: grant your request, refer you to a hearing of the entire board, schedule a physical inspection of your property, or deny your request. If you are denied, you have the option of filing a lawsuit against the Appraisal District. Travis County Williamson County Hays County Bastrop County
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