RedScare Posted August 15, 2007 Share Posted August 15, 2007 I can already see the "redscare and assoc" literature arriving in the mail next season. Nah, everyone else is on their own. Quote Link to comment Share on other sites More sharing options...
DaSwankOne Posted August 15, 2007 Share Posted August 15, 2007 (edited) I can already see the "redscare and assoc" literature arriving in the mail next season. As long as he does not compare my house with two houses that burned down in my neighborhood. Seriously, the one I received from O'Connor compared my house with two houses that had burned down two years ago. I had just purchased my house last year and he was telling me that I should be at 60% of my purchase price. That was the median price between two comparable houses and the lot value of the other two structures. I have talked with some HCAD appraisers and they said you would be amazed how many home owners show up with those marketing pieces as their evidence. They have to explain that you can not use the 2006 value of a house that is 30% complete as a 2007 comp. Edited August 15, 2007 by DaSwankOne Quote Link to comment Share on other sites More sharing options...
mumbles Posted August 16, 2007 Share Posted August 16, 2007 If property values drop 25% then the county, schools etc take in 25% less money. So how do they function with the sudden loss in revenue? Raise taxes? Quote Link to comment Share on other sites More sharing options...
musicman Posted August 16, 2007 Author Share Posted August 16, 2007 If property values drop 25% then the county, schools etc take in 25% less money. So how do they function with the sudden loss in revenue? Raise taxes?they'll have to raise the tax rate to make up for the shortfall. these last few yrs, the appraisals each yr have gone sky high so they could sit back and do nothing. if property values don't go up, then they'll have to raise the rate, which i'm sure they are scared to do because of the possible backlash. Quote Link to comment Share on other sites More sharing options...
DaSwankOne Posted August 16, 2007 Share Posted August 16, 2007 If property values drop 25% then the county, schools etc take in 25% less money. So how do they function with the sudden loss in revenue? Raise taxes?It does not work like this. The taxing jurisdictions set a budget. HCAD sets value. The tax rate is set by the assesor based on the total property value in that jurisdiction. The school rates are capped out thanks to our govenor, but even then the shortfall is going to be made up by a new business margin tax. Quote Link to comment Share on other sites More sharing options...
musicman Posted August 16, 2007 Author Share Posted August 16, 2007 The tax rate is set by the assesor based on the total property value in that jurisdiction. the assessor doesn't set the tax rate, the various govt entities do. Quote Link to comment Share on other sites More sharing options...
Reefmonkey Posted August 16, 2007 Share Posted August 16, 2007 (edited) The problem that HCAD is experiencing is not with home owners trying to work out values. It is with companies like O'Connor & Associates filing tens of thousands of protest for people whose property values are fine. The vast majority of protest are filed by companies like O'Connor on houses that are between the values of $200,000 - $400,000. This clogs the system (I would argue intentionally) with properties that do not have any special issues and are valued reasonably. It also shifts the tax burden to property owners that can not afford to retain representation (or that no one wants to represent due to the low fee).Since this was my first time ever to protest, I had wondered about companies like this. I actually filled in O'Conner and Associate's online form the day I filed my notice of protest with HCAD. HCAD scheduled to meet with me something like June 19, but I was going to be in Japan from June 18-30, so I rescheduled with HCAD for July 3. Before I left for Japan, I never heard from O'Conner, never received the contract I was supposed to sign, anything. The first I heard from them was my secretary emailed me on June 28, told me they had called that day, wanted me to call back. I emailed back that she should tell them they were too late, I was going to handle it myself. I figured them not contacting me until well after my initial appt. didn't bode well for them, I didn't think they could possibly know I had rescheduled. When I got back from Japan, I got their contract, so I used their questionnaire about my property to help me prep for my meeting. When I got there and signed in, they had trouble finding me in the system, because O'Conner had contacted HCAD and gotten themselves listed as my agent - even though I had never signed a contract. It was a pain to get them delisted.After seeing O'Conner's list of questions they ask clients about their property, I am convinced that they aren't providing any special service, and I can do just as good a job as they can just by honestly stating mitigating factors to my home's values, with photo evidence. If O'Conner has some ethically marginal tricks they use to squeeze another few thousand from the appraisal value, I don't want any part of that. It is certainly not worth O'Conner taking half of the money I would save on my taxes. Edited August 16, 2007 by Reefmonkey Quote Link to comment Share on other sites More sharing options...
ncstdc Posted August 24, 2007 Share Posted August 24, 2007 when do they stop hearing protests? i'm still waiting for a hearing date. Quote Link to comment Share on other sites More sharing options...
musicman Posted August 24, 2007 Author Share Posted August 24, 2007 when do they stop hearing protests? i'm still waiting for a hearing date.last yr i went in oct so we have a good while Quote Link to comment Share on other sites More sharing options...
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