In case you're wondering, not all Collin County property tax appraisals are falling. Unlike the most hard-hit parts of the country (where all area appraisals are down), some appraisals in Collin County are slightly up, some are up quite a bit, some are slightly down and some are down a good bit. What does this mean? Mostly, this is just indicative of a flat market this past year. Ultimately, property tax appraisals don't mean much when it comes to actually valuing, selling or refinancing your home... you should contact a qualified REALTOR or Appraiser to get a CMA or refinance appraisal for these purposes. However, property tax appraisals are loosely based on the property values for an area... just know that a few foreclosures can lower them, and a few choice sales with closing costs rolled in can raise them, an unrealistic amount. In the end, some up and some down (a flat market) just means that you won't generally be able to pull much extra equity out of your home (from the past year) when you sell or refinance. You'll mostly just have access to the equity you have built over the past several years (plus the principal you paid off in the past year).

Know this though: If you're tax appraisal seems high, and you don't believe that area homes are selling for prices at/near your property tax appraised value, you can dispute it with the county appraisal office. If you take valid sales data, from the recent sale of closely comparable homes, you might can get your property tax appraisal (and thus your property taxes) lowered. Ask a good REALTOR for assistance pulling good comparable sales. This should have VERY little, if any, effect on your home's value when it comes time to sell. Because Texas is a non-disclosure state (sales prices are not filed with the county) property tax appraisals can vary widely, so very few REALTORS put any stock in the tax appraisal when it comes to calculating the value of a home.

 

Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com