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Tax appraisal is 100k over banks asking price - what does this mean?

A foreclosure is in decent shape (by appearances, no inspection done yet), and is listed very comparably with homes of the same type/size in the area. However, the last hcad appraisal values the property over $100k more than the bank is asking for. What does this mean - high taxes for no real reason? A fight to have them lowered? Please help.
  • August 04 2012 - US
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Answers (5)

Vince, to answer your questions, yes it was a tax assessment. And it was performed January 2012. I am located in Houston Texas.

I believe Texas is a 'non-disclosure' state, hence sale comps would be hard to obtain. I would contact a local appraiser via that link I mentioned for advice and direction on a value

A fight to have them lowered? Please help.  I am a first time homebuyer, so I wasn't sure if this means right off the bat I have to request they reassess the taxable value, or what.

You can contact the tax assessor for the area and get advice on taxes if you were to purchase the home. Contact the county where the property is located...

Also if you are a first time buyer, consult a Realtor in your area to help you out....
  • August 04 2012
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And Steve, based on what the bank is asking, the house is not really an incredible deal type of foreclosure. They're asking about the same as homeowners selling their comparable homes in the area. My main concern is what this would mean for me, the buyer, when it comes time to pay taxes. I am a first time homebuyer, so I wasn't sure if this means right off the bat I have to request they reassess the taxable value, or what.

Thanks!
  • August 04 2012
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Vince, to answer your questions, yes it was a tax assessment. And it was performed January 2012. I am located in Houston Texas.
  • August 04 2012
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Appraisal values are only good for the day they are done, you dont mention how LONG ago the appraisal was done...

Are you talking about a tax assessment ? Or appraisal ? Ive never heard of a hcad appraisal.

Regardless, its only worth what its worth, and any transfer triggers a re-assessment for tax purpose.

Maybe contact a local appraiser in your area for advice here.
  • August 04 2012
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I don't know what state you're in...but... in my area the tax bill is based on the last 3 years comparable sold values.  With this 3 year average, the tax bill lags behind property values so as prices decline, assessed value is high by comparison.  Also, foreclosures are often sold below "normal" market value which will also contribute to a variation between assessed value and market value.  These are not the same thing.  It may be beneficial to contest the tax bill but there is no guarantee that your house is overassessed compared to the neighboring homes.
  • August 04 2012
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