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by PaulAdrian from KDFW-TV

Last Post 184 days, 11 hours Ago


Should Texas Change the Law to Make Appraisals More Accurate?
Nov 26, 2007 | 6:29 PM
Category: News
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            The Texas Legislature requires appraisal districts value properties at 100 percent market value.  That’s what a home would actually sell for if it sold on January 1st.  But tax appraisers say the legislature handicaps them by refusing to provide the single most important tool needed to comply with the law, sales prices.

            Texas is one of a handful of states that has not passed a law requiring buyers and sellers of real estate to publicly disclose the sales price.  So, appraisal districts have to find information that is not in the public record to determine the value of your home.  How do they do this? Many cut deals with Realtors to access the private Multiple Listing Service.

            It’s a big help, but is not a complete record of real estate transactions.  Some buyers and sellers intentionally ask Realtors not to add their sales price to the Multiple Listing Service. Why? People who spend a huge amount of money on their new home may not want the tax appraiser to know how much it’s really worth.  The MLS also misses most sales not handled by a Realtor.

            Furthermore, the MLS is completely unhelpful with commercial property.  So, appraisal districts are left to guess on the most expensive properties in a city.

            What’s the downside of a lack of information?

            Incomplete information means appraisal districts might get your value wrong.  If it’s too high, you’ll pay too much in property tax.

            Or perhaps, they’ll nail your value, but undervalue a huge office building.  In that case, the tax burden gets shifted from big business to a regular homeowner.

            So, what do you think? Should the Legislature change the law to require the disclosure of sales prices?  You should know this issue was brought up in the last two legislative sessions and both times it was defeated.

 

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Member Comments Total Comments: 10
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putonyourbigpants read my blog view my photos
Nov 26, 2007 | 7:25 PM

if they change the law or dont, as long as riff raff is flooding communities, and the poor are catered by special interests, and not given a chance at fair employment, and education to better themselves, and get off welfair, and choose to be part of a status quo where making excuses, and being part of the "woe is me" crowd, because ACLU and its likenesss are perpetuating such behavior, A whole multitude of neighborhoods, are going to continue to not be valued due to its demographics. Rich citizens will continue to have favor, and the poor will continue to be suppressed, and the middle class will continue to have to carry the brunt of impacts. You know, like media reporters living in nice neighborhoods while the less of man viewed as " irrelevant because..." are fighting for a warm place to sleep, even if it means sharing heat with bugs and rats. Hope you sleep well tonight. Its cold out and too many are without heat, and missions have only so much room. Sleep tight.
RedSectorA
Nov 26, 2007 | 9:46 PM

Is there any info for Collin County and or counties that do not use DCAD?
McKinneyM read my blog
Nov 26, 2007 | 10:08 PM

Probably not a bad idea to be equal and uniform, but those houses that have been sailing along udervalued will not be happy!
bwilliam
Nov 26, 2007 | 10:58 PM

Viewers, if we don't keep our government in check, they will rob us blind. We are over taxed and over charged on everything from property taxes to toll roads to gas prices to parking fees and utilities bills. They either know we are not checking for we don't know any better. Look at this way, if a criminal was left to count a million $1 dollar bills, how likely do you think that the criminal would steal some or all?
runaround read my blog
Nov 27, 2007 | 3:02 AM

I think that as everyone has done, I have come to accept overtaxation as a norm. They will tilt the mechanics in their favor no matter what. They are going to have to bleed the middle class completely dry which they are successfully in the process of (mortgage defaults, etc.) doing. Got news for you, when the middle class drys up, who is going to pay for the lower class and prevent a revolution? Keep sockin it away in those foreign banks and keep that golden plane ticket handy. Or at least the private jet loaded and fully fueled. You may need it sooner than you think to make a quick escape. We are headed for being a third world country and might even have to ask Iraq for help. The rich are too smart to stick around and foot the bill. The money is flowing one way right now, and it all out of this country. I think we are going to wish that we could have it as good as the depression of the 1930's. Check your history, it always happens to great nation's, can't stop it, people don't learn. Greed and money always destroy all countries within a matter of time. We are currently (unfortunately) in the steep decline of it and only about 1/3 of the way to the bottom. I am actually glad that other's see this differently, that gives me hope. I wish it were differently for me but all signs that I see are simply a repitition of history.
terrellmom read my blog view my photos
Nov 27, 2007 | 5:34 AM

My taxes are based on an amount that is 22,000 less than my appraisal so i'm glad they don't go by actual value.
doinit4robbie
Nov 27, 2007 | 12:07 PM

Houses built after mine in the general neighborhood are selling for about 20,000 less than what they have been taxed for. I am a spreadsheet guru and after calculations that comes to about 451.40 a year / 12 is 37.58 a month. Are they really killing us or nickel and diming us to death. I know this does not seem like much but if my taxable value does not go up for the next ten years this is 4,514.00 dollars. I did not know to even dispute this and on the website I would have had to send in documentation between May 1, 2007 and May 31, 2007. If you did not send it in you are sol. Does this really seem fair? I am a single mom of a disabled child and every penny is a struggle. Where can I find help?
maravi
Nov 28, 2007 | 12:42 AM

I agree with the comment about soaking the middle class. I think the sales price of these high dollar homes should be available to the taxing authority. I, as a middle class citizen, am tired of the well to do getting by without paying their fair share. I was temporarily in the market for a home this past spring and summer and compared the asking prices for these high dollar homes to the values listed in the Tarrant County tax database. The differences were staggering, even considering the negotiation decrement to the asking price to arrive at the estimated selling price. If they fixed this valuation loophole for the rich, maybe, just maybe, they will be able to lower my taxes.
JimDTNCF
Nov 28, 2007 | 10:46 AM

Paul

It makes me crazy when people make realtor a three syllable word. In your story about property taxes, you repeatedly said "real a tor." As a professional you should know this...thanks, however, for the enlightenment and revealing the self-satisfied chief appraiser. He's a piece of work...
Taxguy
Nov 28, 2007 | 11:27 PM

I've been a property tax consultant for 20 years. If the appraisal districts did everything accurately and treated everyone fairly I wouldn't have a job!..The fact is the task is too big annually and the mass appraisal technique doesn't always work well at the individual property level. There will always be misses but the system is there for EVERYONE to take advantage of if they think their value is too high. Not everyone wins but more do than not...It just takes a little effort....do your homework or hire someone to do it for you. Unfortunately, most would rather complain after the fact than do anything that requires a little effort on their part. Name me every governmental agency you know that runs without flaws.
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PaulAdrian

I'm an investigative reporter who can't stand it when people do things that hurt others. This could be through scams or bad laws or pollution. But I believe in the power of journalism. If you have a tip, I'll try to do a story. Perhaps together, we can make our world a little bit better.

Member Since: 4/5/2007


 

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