Market Value – Protesting The Tax Appraisal Of Your Shady Hollow Home

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Some areas of our community have dropped in market value over the last 12 months. Taking advantage of a Goldwasser Real Estate Comparable Market Analysis of your Shady Hollow home will help you to protest and win!

A record number of property owners in Austin protested that their tax valuations in 2010 and 2011 should be no different. The following information will serve as an outline protesting your property taxes.

Why is the tax-assessed value of your Shady Hollow home different than the market value?


The tax-assessed value is what your county believes your home or condo is worth. The county attempts to set their values at a market value. However, they do not evaluate comparables nor do they perform individual market analysis on every home. The county simply values your Shady Hollow home according to the area, not the house. Meaning, the value may be too high or too low, depending on the size, location, amenities and condition of the specific home. The County also does not have access to “Sold Data” that realtors do, so contacting a realtor who is adept at market valuation is critical.

How should you determine the market value of your Shady Hollow home?

 

Call David Schneider or Philip Myers at Goldwasser Real Estate at 420-0300, or simply send an email. We will get back to you sooner than you might expect.

Should you appeal your property valuation?


If the market value on your Shady Hollow home is lower than your tax-assessed value, then you should appeal. If the market value is higher, then you should not appeal. We will guide you, if you need help.

When should you receive your property valuation and how long do you have to appeal?


The County Appraisal Districts began mailing property valuations sometime after April 15th. Most homeowners should have received their valuation on or before May 1st. Homeowners have until May 31st, or 30 days from the date they receive their valuation (whichever is later), to appeal. If you have any questions, please don’t hesitate to contact us. It would be our pleasure to help.

How to appeal the property taxes on your Shady Hollow home?


If you believe your property valuation is higher than the current market value, you should appeal your taxes. When people don’t appeal, the taxing authority accepts that their value is correct, which affects all homeowners in a given area. By appealing the assessed value, we all help keep our real estate taxing authority valuations in line with market value.

1. File your protest using the protest form available from the County Appraisal District. After you have filed, it can take several months for the Travis County Appraisal District to schedule your informal hearing. 


2. At the hearing: The purpose of the informal hearing is for you to present your evidence and facts to support your claim that they have over-valued your Shady Hollow home or condo.

The following information can be helpful to present at the hearing:

  • Comparable Market Analysis: A comparable market analysis looks at market value and shows recent sales for homes that are similar to yours in size, age, location and type of construction. Having relevant data points provided by a realtor is crucial to winning the battle.
  • 
Documentation Regarding Your Home’s Condition: Do you have foundation issues? Plumbing problems? Anything that would adversely affect the market value of your Shady Hollow home should be documented. Take photographs and bring them with you to your hearing.
  • Documentation Regarding Your Home’s Location: Once again, anything that would adversely affect the market value of your home is evidence that you can use in your appeal (i.e.: if home backs up to a busy street – consider printing off a Google map to document your location.)
  • Recently Purchased Homes: If you purchased your home in the last several months, and the purchase price was lower than your appraised value, bring a copy of your settlement statement.

Things to keep in mind for the day of your hearing

1. The Appraisal District is responsible for setting the appraised value, they have nothing to do with the tax rate.
You are not going to the hearing to protest your tax rate or how much you are paying in taxes, you are only appealing the county’s assessed market value of your Shady Hollow home. 


2. Be polite and courteous. 


3. Bring an extra copy of your supporting documentation to leave with the county.

Again, feel free to contact us with any questions regarding the market value of your Shady Hollow home.

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