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'Unprecedented': Property tax bills have reached double value for Texas homeowners
Posted on 6/17/22 at 2:36 pm
Posted on 6/17/22 at 2:36 pm
quote:
HOUSTON, Texas (KTRK) -- Unprecedented rises in property valuations in Texas have stunned multiple homeowners receiving their tax bills.
quote:
Some Texas homeowners got the shock of property tax balances that are astronomically higher than what they paid last year. And according to one agency that protests the tax bills, some of those people say they can't afford to pay.
quote:
Shannon Nash owns four acres in Smith Point in Chambers County. In 2021, his property was valued at about $65,000. One year later, it increased to almost $382,000 in value.
"I was mostly just in shock," Nash said. "I called a number of people that I know around here and they were already in shock. They had gotten their bills before me."
In 2021, Nash owed about $1,700 in property taxes. In 2022, he will have to pay Chambers County more than $10,000.
quote:
A chief appraiser with Harris County, Roland Altinger, called the property valuation increases "unprecedented."
"In my almost 40 years, I have never seen such massive increases in market values," Altinger said.
According to Altinger, 95% of the county is seeing an increase in their property valuation by an average of 20%
Harris County is the largest appraisal district in the United States, meaning they cannot value each property individually.
Instead, a mass appraisal is used, in which groups like properties use data and statistical analysis to determine the valuations.
quote:
The challenge they face when fighting to lower the value is the difference between the appraised value and the market value. The appraised value considers homestead exemptions, which cap the increase at 10% yearly.
That determines how much a homeowner pays in taxes. Market values are determined by the amount the home could sell. In many cases, those numbers are different because of the housing boom.
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Posted on 6/17/22 at 2:37 pm to SPEEDY
No matter what happens and what breaks we catch here and there, the government always makes its money back one way or another.
Posted on 6/17/22 at 2:40 pm to SPEEDY
Yeah, but that no income tax though
Posted on 6/17/22 at 2:40 pm to SPEEDY
It’s even more fricked up now since “just sell and cash out” is more complicated due to the slow down and rise in interest rates
the actual % of the property tax rate should decrease to offset the extra revenue gained by this large increase in land values…doubt that will happen though
the actual % of the property tax rate should decrease to offset the extra revenue gained by this large increase in land values…doubt that will happen though
Posted on 6/17/22 at 2:45 pm to Eighteen
Never mind how evil it is to force people to cash out their homes to deal with taxes, as if a home is just some financial asset and not the foundation of family life.
I understand taxes have to be paid and that there’s no means of raising them that isn’t somewhat odious, but I find property taxes to be especially insidious because of things like this.
I understand taxes have to be paid and that there’s no means of raising them that isn’t somewhat odious, but I find property taxes to be especially insidious because of things like this.
Posted on 6/17/22 at 2:45 pm to SPEEDY
It’s always dumbfounded me that someone that buys a home can get priced out of their own home down the line by the way the market changes. I understand raising property taxes marginally with inflation and cost of things like roads and schools, but even with homestead exemptions, the idea that you’re punished because your 3 bed 2 bath has artificially increased 600% is insane to me. No one should ever have to move because their neighborhood became more desirable.
Imo the only way it should work is that day you bought your home for $200k, you only ever pay taxes on your homes value at 200k adjusted for inflation. So if it say becomes worth 900k 15 years later, you only pay taxes on the 200k value adjusted slightly in todays dollars. So like 250k or something of that nature.
Imo the only way it should work is that day you bought your home for $200k, you only ever pay taxes on your homes value at 200k adjusted for inflation. So if it say becomes worth 900k 15 years later, you only pay taxes on the 200k value adjusted slightly in todays dollars. So like 250k or something of that nature.
This post was edited on 6/17/22 at 2:47 pm
Posted on 6/17/22 at 2:56 pm to Eighteen
My info on texas property values is limited to one address held over the last last 25 years . But the assessed valuation would appear to be targeted to 80% of market valuation. That limits discussion from individuals trying to argue down their tax liability. And there are lots of folks that would that would take the argumentative approach. "The local assessors use state purchased tax applications to ensure consistency. For an assessed property to have taxes go up by 400 %, there must be new info about the value of improvements to the property.
There are services now that use drones to compile property valuation data and they look behind the fence line. An inground pool or garage built without a permit would get picked up by that service. 4 acres property would pick up more attention than a HOA subdivision
Posted on 6/17/22 at 2:57 pm to SPEEDY
no state income tax. Cry me a River.
Posted on 6/17/22 at 2:58 pm to SPEEDY
frick texas
Posted on 6/17/22 at 3:01 pm to SPEEDY
What I hate most is it’s a tax on unrealized gains. I talked with an inspector that says he pays $200 or so every year for a firm to dispute the tax appraisal and has been worth it every year.
ETA: this is the way
ETA: this is the way
quote:
raising property taxes marginally with inflation
This post was edited on 6/17/22 at 3:06 pm
Posted on 6/17/22 at 3:03 pm to SPEEDY
Blackstone finna eat
Posted on 6/17/22 at 3:05 pm to SPEEDY
quote:587% appreciation in one year?quote:
Shannon Nash owns four acres in Smith Point in Chambers County. In 2021, his property was valued at about $65,000. One year later, it increased to almost $382,000 in value.
"I was mostly just in shock," Nash said. "I called a number of people that I know around here and they were already in shock. They had gotten their bills before me."
In 2021, Nash owed about $1,700 in property taxes. In 2022, he will have to pay Chambers County more than $10,000.
Sell, or shut up and pay it.
Probably was undervalued historically and the owner never bitched about that....
Posted on 6/17/22 at 3:07 pm to SPEEDY
So they didn’t adjust the rates but purely increased the taxable values everywhere? Texas counties are going to be swimming in collected taxes.
This post was edited on 6/17/22 at 3:08 pm
Posted on 6/17/22 at 3:11 pm to SPEEDY
frickers locking in the 10% compounding increase YOY. Protest annually and after this coming real estate crash, the comps won’t be there.
Posted on 6/17/22 at 3:16 pm to SPEEDY
Oh well...They choose to live there just like Louisianaians choose to live in flood and hurricane frequent area.
Don't come crying when you have to pay taxes or your shite gets obliterated....you made that decision.
Don't come crying when you have to pay taxes or your shite gets obliterated....you made that decision.
Posted on 6/17/22 at 3:17 pm to mylsuhat
The no income tax doesn't even out unless you are making serious money in LA.
For the taxes to even out on a 350-400k house around Houston you need to be making 250k plus in LA.
For the taxes to even out on a 350-400k house around Houston you need to be making 250k plus in LA.
Posted on 6/17/22 at 3:24 pm to The Third Leg
The property tax companies had to change their formulas this year because the increases were so large.
For example, in the past if they lowered your assessed value and that lowered your tax bill from $600 to $300, they would charge you, for example, 1/3 of the savings, $100.
The values have gone so far up, even if you protest there won't be a tax savings, because the value will be higher than the homestead exemption cap, so you'll pay the same tax regardless.
So now those companies will charge you hundreds (even thousands of dollars) based off the reduction between the values they earn for you, even if that provides no tax savings.
I couldn't figure out why someone would pay for that this year, but I could be dumb.
For example, in the past if they lowered your assessed value and that lowered your tax bill from $600 to $300, they would charge you, for example, 1/3 of the savings, $100.
The values have gone so far up, even if you protest there won't be a tax savings, because the value will be higher than the homestead exemption cap, so you'll pay the same tax regardless.
So now those companies will charge you hundreds (even thousands of dollars) based off the reduction between the values they earn for you, even if that provides no tax savings.
I couldn't figure out why someone would pay for that this year, but I could be dumb.
This post was edited on 6/17/22 at 3:28 pm
Posted on 6/17/22 at 3:30 pm to SPEEDY
I’m against any and all taxes but understand their evil necessity.
That being said,
I’m willing to bet that 95% of the county could sell their property for 150-200% of what they could two years ago as well.
Beto tweeted out “raise your hand if your property taxes went up under Greg Abbott,” as a gotcha. No shite Sherlock. Our property values all went up because people don’t like being ruled by dictators and people wanted to move here.
I’m not a property tax master but I think they can only charge him in 10% increase intervals. That may be for homesteaded land though.
That being said,
quote:
According to Altinger, 95% of the county is seeing an increase in their property valuation by an average of 20%
I’m willing to bet that 95% of the county could sell their property for 150-200% of what they could two years ago as well.
Beto tweeted out “raise your hand if your property taxes went up under Greg Abbott,” as a gotcha. No shite Sherlock. Our property values all went up because people don’t like being ruled by dictators and people wanted to move here.
quote:
In 2021, Nash owed about $1,700 in property taxes. In 2022, he will have to pay Chambers County more than $10,000.
I’m not a property tax master but I think they can only charge him in 10% increase intervals. That may be for homesteaded land though.
Posted on 6/17/22 at 3:31 pm to Teddy Ruxpin
I’ve protested my own a bunch. Takes a few hours of research to prepare a case and instead of actually going to their firing squad for a formal hearing, I made appointments with an appraiser at the tax office for an informal review. I successfully warded off increases for 5 years and this year I got hit with 20%, which I won’t even protest because their assessed value is still $250k below market value.
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