newhomeowner

I'm pretty sure I know the answer but was curious what the responses would be to this question. As a homeowner, am I under any legal obligation to correct HCAD's info re: my property? We bought the house last year and just received our 2009 appraisal. I'd heard that HCAD relied partially on MLS sales info and assumed we would be appraised at or near sales price and the incorrect info (sq. footage & room count) would be updated accordingly. However, the 2009 appraisal is still based on a 1000 sq ft 3/1 rather than the 1800 sq ft 3/2.5 we live in. Therefore the appraisal is about $100k less than sales price. Despite the inaccurate info HCAD does show that the house was remodeled in 2008. Anyway, I was just curious if any responsibility is placed on the homeowner or if I should just pay my taxes and enjoy trying to stay under the radar as I am planning to do. Thanks,

You might also keep Oak Forest on the radar. It's just west of Garden Oaks and there are some nicely remodeled homes in the area. A few of them have included a pool but I don't think there are any with a pool currently on the market. However it wouldn't be hard to find a nice house for 225K - 250K and add a pool yourself and still come in well below your price limit. If you stay close to the Ella & 43rd area there is a nice Kroger and a new shopping center that is starting to fill out (Starbucks, Wine Bar, Massage Envy) and another one about to go up, within walking distance. When we started looking for a house last year we really thought we would end up in Garden Oaks but decided Oak Forest was a much better fit for our taste and budget.

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My wife and I just bought our first home. I noticed that the 2008 appraisal is now showing on HCAD and is $20k more than 2007 value. However, it is still considerably lower (like $100k plus) than what we paid for it. In fact, the house underwent an extensive remodel so that the square footage and room count shown is no longer accurate. Should I bother protesting the new appraisal or am I better off not drawing attention to the discrepancies? FYI, the mortgage companies appraisal came in just a bit higher than the purchase price so I'm not even sure what I would base a protest on? Also, the new appraisal is due to an increase in the land value and a small decrease in the house value, and I think I've read that lowering the land value is almost impossible, so does that play into the decision. Based on the conversation during closing, no one involved is planning on reporting the actual sales price and I was told that when I get a questionaire from from HCAD that asks what the sales price was, I'm not required to provide that information. So based on all of that information, any advice? Better to accept the new value knowing the house is worth a lot more, or follow through on the "protest every year" strategy? Thanks!