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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
S/O: Would you protest (property tax)?
I saw the post below and thought I would ask this question...
We just got our home's appraised value from DCAD. It went up to $220K from $205K last year. I would like to protest given the fact that home values have been dropping on average. Plus I've heard many people say that they protest no matter what.
We refinanced this year and our hous apprasied for $241K. If I protest, does DCAD have some way of knowing this? Is it possible that they would ask me under oath at the hearing?
Anybody have any experience on what protesting is like and what some good arguments typically are? Thanks!
Re: S/O: Would you protest (property tax)?
I plan to protest our taxes this year and this will be my first experience. I plan on contacting a realtor and getting a CMA to show that the homes in the area just aren't selling for the value our home has been given. We are in new construction so I figure it might be difficult but there are homes that have been sitting on the market for over a year and still haven't sold--these homes are below the tax value of our home AND they are brand new. Also, if you can show that either your home needs updating or that the homes around yours have extra features (upgraded carpet, granite countertops, etc) then you might be able to show that your home is not as valuable as they think. The tax appraisers come up with this amount based on a drive by, they don't come in your home and this makes the appraisal not as comprehensive.
I don't think there is any under-oath stuff but I am not too sure about that. From what I have heard most of the time they will lower your tax value if you attempt to make a case for yourself.
Disclaimer** My knowledge is based on the Dallas County process.
If you go for an informal hearing it is pretty safe. Meaning that you appraisal will either stay the same or go down. If you request a formal hearing there is a chance when the review all the data they will decide to increase your appraisal. We had refinanced once and they didn't have access to that data so I don't think you will have to worry about that. Comps don't really matter because they have real time access to all the selling prices so they just pull that up and base their appraisal off of this. I actually had someone do this in front of me. I didn't realize they had access to this, or I guess I hadn't really thought about it. When we protested our house I brought pictures of things that were broken/run down that would decrease the value of the home. (i.e. our chimney was extended incorrectly when there was an addition added and it needs to be rebuilt, there are deteriorated air ducts in the old part of the house, rotted areas of the fence, etc.) I brought the inspector report with me but that didn't do much good because he said, you knew that before you closed and you still paid $X.xx. I think pictures are your best bet. You want to show the specifics of what will decrease the value. I have always gotten my lowered. Although once the guy literally just knocked off $5,000 to be nice, he even told me this. Oh and I know this is sexist and silly but I always go by myself and don't wear my wedding ring. I don't know if it makes a difference but it hasn?t' hurt yet. Mainly I just don?t want them to judge based on a ring and maybe think, oh they can afford it. The closer to the deadline the longer the line will be. When I protest I usually go before they open and have had pretty good luck. Once I had to go in the afternoon and I waited about 1.5 hours. Not bad as bad as I was expecting since the line was out the door! All in all go show up for an informal hearing because you don?t stand to lose anything. I think if you have a good case they will lower it. If you aren?t happy you can request a formal hearing.
Good luck!