Momentum - Business to Business Online Magazine MOMENTUM May 2019 | Page 34

REAL ESTATE DEBORAH BLY The Bly Team - RE/MAX Space Center [email protected] www.TheBlyTeam.com A Word or Two About Home Sales and Property Taxes W inter lingered longer than welcomed for some of us in the Houston area. As well our spring buying season seemed to start off slowly. Home sales edged up slightly in February following 3 consecutive months of decline. Then in March, single family homes picked up in Houston and surrounding areas, as sales rose to almost 5% over a year ago. Home purchasers continue to benefit from historically low interest rates! Property Tax Rates Our property taxes are generally used for infrastructure projects and public services and public education. All these things are monumentally expensive undertakings and creating and maintaining them is a mind-boggling expense each year. Property Tax Appraisals While we all like the thought of our property values increasing, nobody is excited when they receive their property tax appraisal and see that their home’s taxable value has gone up. Our tax bill is the county consideration of appraised land value and the value of improvements, totaling up to “Total Market Value” (in the county appraisal’s eyes). Each Jurisdiction takes market value, minus exemptions on record and gets to the Taxable Value. Taxable Value is 32 MOMENTUM divided by 100 and this number is then multiplied by the tax rate for each Jurisdiction. Protesting Appraisals Our tax bill is not the final word on what we must pay. We have the right to protest our tax bill from the standpoint of its appraised value. If we feel our tax bill has been unrealistically valued, we can present our case to the county for relief. There are companies that monitor taxation and contact property owners with the offer to handle these protests for owners, for a fee. Hiring a service to do this is reasonably affordable for those that do not have the time to manage the task on their own. Protesting Appraisal on your own First, make sure you are truly appraised above market value. Frequently home owners are surprised to discover that their new tax appraisal, often as not, is spot on! If you think there is justification to lower your bill, go online to www.galvestoncad.org . You will find a list of all of the information you need to protest your tax statement. With a little footwork most folks are perfectly capable of handling the protest process on their own. Make a good case that the district has “over- valued” your property. Research “comps” for other homes in your neighborhood. The objective is to find and list similar properties that have recently sold for lesser values than their own Appraisal-District- declared “Value”. With truly similar properties, a case can be made that your property has been overvalued. Stay educated In most cases, doing the market analysis is a great education for us. It is also useful in planning our property insurance needs and adjusting our insurance coverage. The Galveston Central Appraisal District (www. galvestoncad.org) is a wealth of information in detail about our county communities, school districts, and property tax data in Texas in general.