depreciating home to protest property value in texas?
May 30th, 2011 | by admin |If we are comparing sales of houses in the neighbourhood and comparing houses of different ages can we depreciate our house if it is older? This is for finding the market value for property tax purposes.
You could conceivably depreciate the structure only, as the land will always appreciate in value. However, your best bet is to access your county GIS and compare square footage values of all of the homes in your neighborhood. Look for glaring differences, and use that to your advantage. Worked for me.
2 Responses to “depreciating home to protest property value in texas?”
By David S on May 30, 2011 | Reply
You could conceivably depreciate the structure only, as the land will always appreciate in value. However, your best bet is to access your county GIS and compare square footage values of all of the homes in your neighborhood. Look for glaring differences, and use that to your advantage. Worked for me.
References :
By A_Kansan on May 30, 2011 | Reply
You need to challenge the valuation of the property when you receive the valuation notice from your county.
The appraiser will schedule a conference with you and will most likely bring a list of comparable properties you can use to help determine if your property is correctly valued.
My experience is that you will get no place with the county appraiser and will need to appeal that ruling. The appraisers are egotistical and never want to admit they may be incorrect, but the hearing officer can set them in their place.
However, you will need to be prepared. There are several ways to estimate the value of the property, and the appraiser knows all the ins and outs about how to do it.
References :
Landlord