Heightsfamily Posted March 19, 2016 Share Posted March 19, 2016 I got my notice today and got hit for the third straight year with a 10% increase. I did not argue the last two years because I really had no argument. I am looking for my position now! Any thoughts? Oil and gas, property tax cap, looming pension fund obligations . . . Link to comment Share on other sites More sharing options...
Ross Posted March 19, 2016 Share Posted March 19, 2016 If you are capped, and your market value is significantly higher than your appraised value, there's not a lot you can do. We have another 4 years of 10% increases before our appraised value catches up to market. Link to comment Share on other sites More sharing options...
s3mh Posted March 21, 2016 Share Posted March 21, 2016 The significant bump in land values this year appears to be due to a lag in data. I went from $330k for dirt value to just under $400k. They actually took $20k off the value of improvements. The recent sales data does not support this bump. I suspect that HCAD's data goes back far enough that they are still picking up some of the crazy high figures at the peak of the boom. You cannot get them to change the land value. They will only change the value of improvements. Back when everyone was arguing over $250k v. $270k, it was worth it to get a few contractors out to write estimates on foundation, AC and other big deferred maintenance issues. But now, it is just a drop in the bucket that won't get you anywhere close to get you under the 10% cap and see any savings this year. But if you can find a good recent comp or two that are under HCAD's market value, it would be worth the trip. I have seen prices come back a lot from the peak, but they are still hovering near where HCAD current market value is. Link to comment Share on other sites More sharing options...
cj1 Posted March 21, 2016 Share Posted March 21, 2016 I never received my formal hearing notice last year and by the time I checked online, I had missed it. I was stuck with an absurdly high valuation of $454/sqft on an undersized lot. You'd think they'd quit but this year they want $490/sqft. I'd like to bypass the hearing and go straight to the lawsuit but HCAD counts on that costing too much money. Anyone interested in a class action? Link to comment Share on other sites More sharing options...
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