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The Appraisal District Plays Catch-Up During the Katy, TX Seller’s Market

By
Real Estate Agent with RE/MAX Cinco Ranch License #0574076

A jubilant optimism has convoluted homeowners. And for good reasons. Fixed low interest rates, appreciating home values, and hopes of refinancing culminate to a rather bright outlook. However, one thing has changed… the Appraisal District has finally decided to wipe the sleep from its eyes and play some catch-up!


THE SCOOP: Due to drastically appreciating home values in Texas, the Appraisal District is increasing home valuations on all Texas homeowners.   

WHAT TO EXPECT: While inflating home prices is a plus for homeowners, it also means higher property taxes for 2015. For Houston and surrounding areas, a high property tax rate is considered around 3+ percent. The tax rate will remain the same, but the appraised home values will change. 

THE SOLUTION: File your Homestead Exemption for 2015. The Homestead Exemption in Texas allows a 20% deduction in the valuation of your home. Please take advantage of this wonderful opportunity to claim your home as Homestead Exempt. 


Texas residents, please click the image below to file the Homestead Exemption. 

 

 

 

 

Comments (28)

The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Gabe Sanders - People have all kinds of delusions, this is one of them!

May 20, 2015 10:48 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Raymond E. Camp - I like to say its a win win win! Even if sometimes the government makes it hard!

May 20, 2015 10:49 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Roy Kelley - I am glad it is not just Texas! I figured others would be experiencing the same thing. Thanks for the feedback.

May 20, 2015 10:49 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Yolanda Cordova-Gilbert - I think the answer to hat is... Yes! Thank you for the feedback.

May 20, 2015 10:50 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Our phones have been ringing off the wall with questions about residents increase in property tax increases! Gabe Sanders is right: "every homeowner typically feels that their home is worth more than the average buyer, until it comes time for the property tax appraisal!"

May 20, 2015 11:45 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Dorie Dillard  - It is funny the way those things go! 

May 20, 2015 12:04 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Julie

The Texas real estate market has been very strong.

Good luck and success.

Lou Ludwig

May 20, 2015 12:57 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Julie, homestead exemption can certainly save some money own taxes.  Good information for Texas homeowners!

May 21, 2015 11:05 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

This happened in my area of MD and Northern Virginia a few years ago when sales skyrocketed and appraisals weren't keeping up.  The lag between higher prices and higher appraisals is about 6 months. 

I sold one home for $595,999 that appraised for $535,000.  The seller settled for $535,000.  Good for my buyers but they never really understood what happened.

May 21, 2015 09:34 PM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Julie,

For a free benefit, I don't really understand why everyone who is entitled doesn't file for a homestead exemption.

Rich

May 21, 2015 10:18 PM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Lou Ludwig - I hear the Florida Real Estate is a stron gmarket as well. Best of luck with your sales and thank you for stopping by.

May 22, 2015 02:23 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Silvia Dukes PA, REALTOR, CRS, CIPS, SRES - Thank you Sylvia. This is very good information that we just need to relay to our clients.

May 22, 2015 02:24 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Lenn Harley - That was a bg win for you and your buyers. Great story. Thank you for your feedback.

May 22, 2015 02:48 AM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Richard Iarossi - I know I feel the same way. But somehow I find out a lot of people do not know about it. 

May 22, 2015 02:48 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

This is part of the industry that will constantly be in flux, yet I still see great things ahead regardless of who's market is up or down.

May 27, 2015 02:27 PM
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

Oh Texas. You just keep getting more and more successful... why shouldn't homes go up in value? It's such a great place to live.

May 28, 2015 01:00 PM
The Julie Morales Team
RE/MAX Cinco Ranch - Katy, TX
Real Estate Questions? Call (832) 367-3412

Chuck Willman - Well I think Utah is the real hidden secret. I was shopping the other day at a really nice sporting store, called REI, and saw a piece of clothing in there that was made in Utah. I couldn't believe my eyes because I had never seen something actually made in Utah. It was very cool!

May 28, 2015 01:19 PM
Chuck Willman
Chuck Willman - Alpine, UT
NewHouseUtah.com

Julie Morales yes. Utah is a bit of a secret. However, a visit is pretty eye-opening... especially for those who like their mountains to be taller than the clouds (ok... not all the time... but lately that has been our wondrous view.)

May 28, 2015 01:24 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Oh my goodness! Ditto what Dorie and Gabe said!! Our CAD went crazy on raising taxes this year. 

Jun 05, 2015 07:25 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Julie, finally our appraisers are looking more at the under contract properties rather than focusing on the solds from months ago! 

Jul 16, 2015 09:59 PM