quote:
Correct, in Texas homesteads are limited to a 10% increase in assessed value (the value used for calculating property tax). Non-homesteads (unimproved land, second houses owned, rental property) can go up as much as the assessor can get away with on the assessment (I own land which increased 23% this year).

So basically the guy who said his taxes went from $1,700 to $10,000 is likely talking about either a rental property, a camp, or unimproved land.

So the good news, as I understand it, is that folks who own and live in a house are basically only paying 10% more year over year while the folks buying up developments for rentals are paying the full increase based on the assessment.

How do they handle your assessment in Texas when you buy a house? Does the property keep its previous assessment (assuming it’s not in a new development) or do they update it based on the sale price?

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Posted by 3nOut

Central Texas, TX

Member since Jan 2013

29121 posts

Posted on 6/17/22 at 5:23 pm to lostinbr

quote:
How do they handle your assessment in Texas when you buy a house? Does the property keep its previous assessment (assuming it’s not in a new development) or do they update it based on the sale price?

County assessor takes a wild arse guess based on other properties and what they sold for in your area. It updates every year. You’ll pay based on what the last assessment was for your first year.

They let you know in mail. You cuss. You accept it or go contest. Then you pay the new assessment or it goes into escrow and you cuss at your new mortgage payment.

We bought our house for $100k in 2009. Our property taxes bounced around $65-80k till 2020. We remodeled and it went to 113k in 2020 before we started the remodel. Then 83k in 2021 during the remodel and is $97k right now a year after we’re done. Private appraisal after remodel is $350k.

Wild.
arse.
Guess.

This post was edited on 6/17/22 at 5:24 pm

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