Should you contest with your appraisal district if they appraised your home value less than the market value?

December 10th, 2010 | by admin |

Should you contest with your appraisal district (Harris County, Houston, TX) if they appraised your home value less than what you think is the market value?

Or, is it better to leave as that would decrease your property taxes.

Sorry to rush, but I need an answer really quick.

Thanks,

Navin

If you’re talking about what they use to assess property taxes, then the lower the better.

If you are trying to sell or refi your house, and you disagree with the appraised value that your price or loan to value is based on, realize values have come down in recent years, and that an appraisal is based mostly on what properties in your neighborhood that are comparable to yours have sold for recently. Small adjustments are made to the value to compensate for slight differences in the comparable properties, but if a house similar to yours in your neighborhood sold for $xx two weeks ago, it’s unlikely that your value is going to be much more than the selling price of that one.

  1. 6 Responses to “Should you contest with your appraisal district if they appraised your home value less than the market value?”

  2. By David Nevins on Dec 10, 2010 | Reply

    Why would you? it means lower taxes for you. plus f you sell you get an apraiser to come out and inspect.
    References :

  3. By Rich F on Dec 10, 2010 | Reply

    If you’re talking about what they use to assess property taxes, then the lower the better.

    If you are trying to sell or refi your house, and you disagree with the appraised value that your price or loan to value is based on, realize values have come down in recent years, and that an appraisal is based mostly on what properties in your neighborhood that are comparable to yours have sold for recently. Small adjustments are made to the value to compensate for slight differences in the comparable properties, but if a house similar to yours in your neighborhood sold for $xx two weeks ago, it’s unlikely that your value is going to be much more than the selling price of that one.
    References :

  4. By Tigg on Dec 10, 2010 | Reply

    The lower amount has you paying lower taxes. Very few communities do 100% market value when assessing for property taxes. Do not complain
    References :

  5. By linkus86 on Dec 10, 2010 | Reply

    If the tax man thinks your house is worth less than it is, let him. It will have no effect on the value when it comes time to sell.
    References :
    Realtor

  6. By bdancer222 on Dec 10, 2010 | Reply

    Actual market value and tax appraisals are seldom even close. Why in the world would you want to pay additional property taxes? If you want to sell, the price will be based on the market value, not the tax appraisal.
    References :
    BD

  7. By ronnieD on Dec 10, 2010 | Reply

    If you’re trying to sell your home, it would make sense to contest, but if not, why would you? Even if you’re selling, prices are usually set by comps in the area. It would seem as if you have less equity, so that’s another consequence. If you’re not planning on moving anytime soon, why bother. Lots, and I do mean A LOT of homes were appraised lower than say 2 years ago. I’m in Texas too, and I’ve seen up to $30K less on an appraised property from the prior year.
    References :

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