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Answers (3)
- Amanda Nicodemus, "realtyhouston1"
- Contributions:222
You have the right to dispute your appraisal value of your home every year (to lower your property taxes) if you feel that the county has appraised it too high.
The appraisal value that's conducted by the county has no effect on the 'market value' of your property (which is the price that you can sell your house).
When you sell your house you will pay the taxes due from the beginning of the year thru the date you close. The taxes that you pay will be based on the appraisal value of that date. If later after you close the appraisal value is reduced or increased; it has no bearing on you (the seller), since you've already sold the house.
I hope this answers your questions. If you need clarification, just reply back.
The appraisal value that's conducted by the county has no effect on the 'market value' of your property (which is the price that you can sell your house).
When you sell your house you will pay the taxes due from the beginning of the year thru the date you close. The taxes that you pay will be based on the appraisal value of that date. If later after you close the appraisal value is reduced or increased; it has no bearing on you (the seller), since you've already sold the house.
I hope this answers your questions. If you need clarification, just reply back.
- Darrell Self, "Darrell Self"
- Contributions:349
Are you doing a short sale? If so you would be concerned about a market appraisal. A tax assessment is not the same as a market value assessment. So more information would be needed to answer your question in that regard.
- SteadyState
- Contributions:787
I believe the difference you owe only materializes if you actually sell your home. If your selling price is lower than the amount you owe the bank you will have to pay the difference. Note that it is possible that you loose your down payment and you will still have to pay closing costs (~10%) of your selling price.
Example:
You bought at $500K
You paid: $100K down payment
Your loan: $400K
-------
Case 1:
Home sells for $300K
You receive: $300K - $30K (10% closing costs = $270K.
You owe the bank: $400K - $270K = $130K
Your total loss: $100K (down payment) + $130K = $230K.
--------
Case 2:
Home sells for $400K
You receive: $400K - $40K (10% closing costs = $360K.
You owe the bank: $400K - $360K = $40K
Your total loss: $100K (down payment) + $40K = $140K
-----
Case 3
Home sells for $500K
You receive: $500K - $50K = $450K
You owe the bank: - $50K
Your total loss: $100K - $50K = $50K
------
Note the calculations are slightly more complicated as you need to include other costs in your losses to be realistic - like lost interest on your down payment, costs you paid when buying (inspection, title transfer, loan fees, etc.), and maintenance/insurance/property taxes.
Hope that helps.
Example:
You bought at $500K
You paid: $100K down payment
Your loan: $400K
-------
Case 1:
Home sells for $300K
You receive: $300K - $30K (10% closing costs = $270K.
You owe the bank: $400K - $270K = $130K
Your total loss: $100K (down payment) + $130K = $230K.
--------
Case 2:
Home sells for $400K
You receive: $400K - $40K (10% closing costs = $360K.
You owe the bank: $400K - $360K = $40K
Your total loss: $100K (down payment) + $40K = $140K
-----
Case 3
Home sells for $500K
You receive: $500K - $50K = $450K
You owe the bank: - $50K
Your total loss: $100K - $50K = $50K
------
Note the calculations are slightly more complicated as you need to include other costs in your losses to be realistic - like lost interest on your down payment, costs you paid when buying (inspection, title transfer, loan fees, etc.), and maintenance/insurance/property taxes.
Hope that helps.
Selling our house. If we reappraised for tax purposes, can they come back and say we owe the differe
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