45 percent of the 860,000 single-family-home appraisals completed by HCAD so far this year show a lower market value than last year; 39 percent are the same, and 16 percent have gone up. “‘Appraisal value is down about 2.5 percent (overall),’ said Assistant Chief Appraiser Gus Griscom of the completed figures. . . . Homes valued at $500,000 or more received the highest percentage of actual value increases. Homes valued at $250,000 or less were given the highest percentage of value reductions. Overall, of the statements currently being mailed, homes valued at more than $500,000 saw their market values increase on the average anywhere from 5.17 percent at the lower end to 5.81 percent for homes valued at $1 million or more. The above-$500,000 valuation group accounts for a little more than 3 percent of the appraisals being mailed.” [River Oaks Examiner]
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14 Comments
hmmm..thanks for posting as I was looking the other day and I guess it was posted until this weekend.
My value went up another 30,000 and I haven’t done anything or protested in 2 years. I know what I’m doing in a few months (while I look for a job)
I checked the HCAD records for the 23 houses on my block. Three are still pending, two went down by 0.5%, and the remaining 18 went up by anywhere from 0.5% to the max allowed 10%.
Just wait until the commercial assessments are finalized, It’s going to be a blood bath. The politicians and HISD administrators are going to have a very rude awakening when they realize that the rising tide of commercial assessed values (and accompanying tax payments) they have enjoyed for the last 10 years or so is now flowing full force in the other direction.
The 500k divide probably just reflects a lag in the stats. A few months ago, Nancy Sarnoff of the Chron had a story reflecting this stat. A more recent story shows that expensive home sales have fallen off a cliff like the rest:
“Sales of homes priced at $500,000 and above were down 42 percent in February.”
http://www.chron.com/disp/stor.....16711.html
This will soon show in pricing.
Don’t get too excited about a lower tax bill. The fact is the appraised value is only one part of the equation and the governments bureaucrats will surely just raise the tax rate, rather than cut their inflated budgets from the past few years. Just wait and see…
My value went up 10% after knocking it back last year with protest. I protested again this year to no avail.
In Timbergrove and in ‘08 was appraised under $250K. Not up to over $270K.
meant to say “now up to over $27oK”.
I’m in Timbergrove as well. My appraisal increased by $25K.
Has anybody with a homestead had less than the 10% capped increase when there is an increase?
Yes; $92k increase, exactly 5.81% of 2008 protest adjusted tax value
Hmmmmmm…..$70k is the increase in the dirt so I don’t have much to work with to protest this year.
bernard, please share some of these commercial assessments that are going to be a bloodbath. i agree values have softened and have gone down. no doubt there! but i drive by the main shopping centers and restaurants, i see the parking lots full of cars. sure people are spending less. i sure am. but i am not planning on the great depression like some. in fact i know a major commercial contract right now if finalized will be the lead in the hbj for sure.
rollo, that’s funny. My “upscale” neighborhood in Upper Kirby is chock full of empty retail space, and they’re still building more. Some of the storefronts, once hot and hopping, have been empty for years.
Homes in my neighborhood that need jumbo mortgages are like toxic bank assets–they’re obviously worth something, but who knows what when very little is selling because financing is so tough. There are several nice houses on my 6-8 block street that have been on the market for forever. Good luck using that argument for a lower tax appraisal with that kangaroo court at the HCAD, though.