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.