May 18, 2006

Property Tax Appraisal

Its appraisal time again. I’ve just received my 2006, Notice of Appraised Value, and for those of you who have yet to get your own it should be arriving in the next few days. My appraisal says my house has increased in value $4092.00, which would seem like good news except that it also means an increase of $1222.76 of taxable value which when coupled by a possible increase in the tax rate (to be decided next October) will result in a higher mortgage payment.

I wouldn’t mind this at all if it wasn’t for the fact that I see at least six homes in our neighborhood that have been for sale for almost a year without a buyer. Other homeowners are now leasing their property because they cannot find someone to purchase their home. In addition, the introductions of the Public Works Building as well as the soon to be built Animal Control Shelter are indicators that our home values should be going down, not up.

As in the past few years, we are going to contest this increase. We have done so successfully for each of the four previous years we have owned this house. Based on
E-mails I am getting from people living in other communities in Little Elm many people are going to contest their increases, in some cases as high as $5,000, as well. The process is deceptively simple and quick if you spend some time beforehand doing the needed research. If there is any interest, I’ll post an outline of the procedure later on.

Just a quick note to those who do not think contesting your appraisal is worth your time or effort. Keep in mind that every year your appraised value goes up your taxes go up with it and in many cases, increases your mortgage payment. We all know that once these things go up it is much harder to bring them down. A little effort now can save you a lot of money later on. (Ok I’ll climb down off my soap box now).

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