The Appraisal Districts in Texas are supposed to assess property at it's fair market value. The cumulative assessed values become the tax base; upon which is levied the rate which then determines the revenue to be received by the various taxing entities for the current tax year. The question posed to the appraisal district is: What Is The Fair Market Value of the Subject Property as of January 1 of the tax year... in this case 2016.
Every piece of real estate is unique. Values are determined by comparing the subject property to similar properties that have sold recently; preferably in the same subdivision as the subject. Adjustments to value are made to negate differences that might exist between the subject and the comparable properties. With this in mind, it should be easy for the reader to understand that the Ultimate Comparable Property is the subject itself. If you are comparing the subject to the subject; there are no differences, and therefore no adjustments to value. This is important in cases where you recently purchased a property, and the appraisal district is seeking to assess it for much more than you paid for the property. This is what happened to me.
This is not the first time that I have protested the assessed value of a property in Tarrant County. In past years when I have received an assessment which was much greater than the price that I paid for the property; and in those cases where I only recently purchased the property; it has sufficed that I simply appear with a copy of my settlement statement in hand, showing what I paid. In the past this was sufficient to obtain a prompt adjustment in the assessment equal to my purchase price. After all, that is the amount that I agreed to pay. Obviously, the seller agreed with that amount, or no transfer of ownership would have occurred.
For some reason this year is different. I received an assessment on one of my properties that was more than double my purchase price. I appeared with a copy of my settlement statement in hand. I was told by the front line of clerks that no adjustment would be made. I was offered the opportunity to go to the next room where I could meet with the appraisal review board and make my case to them. I accepted this offer and immediately appeared before the appraisal review board where they wanted color glossy photos and other information that I don't carry around with me.
Although this kind of evidence is common place in such a hearing it should not have been necessary in this case. I had the Ultimate Comparable... the subject property. I presented evidence of an arm's length transaction between myself and a seller. Again, no relief was granted. The county persists in wanting to tax my property for more than twice what it's fair market value was on January 1. Incidentally, I purchased the property on December 29, 2015. Does anyone believe that it appreciated my more than 100% in 3 days?
I deal with my contractors and customers fairly. I expect to be dealt with in the same way; especially when I'm dealing with a goverment employee whose salary I am paying! As President Reagan once said, "we are a people who have a government, not the other way around." This seems to have been forgotten.
If these jerks are not going to play by the rules; then why should I obey their rules? I can't wait for them to send me a survey; wanting to know the sale price etc associated with one of my transactions. I'll return it alright... with a HUGE F U written across the face of the document!
The next step is arbitration. I'll be ready. And if justice is not served at Arbitration, then there's always litigation. But all of this should not be necessary. Just assess the damned property for it's fair market value as of January 1, which is what they are supposed to do. Appraisal 101 Definition of Fair Market Value: What a willing, able and ready buyer is willing to pay versus what a willing, ready and able seller is willing to accept, with no duress on either party. I did not have to buy. The seller did not have to sell to me. Do your damned job right Tarrant County Appraisal District!
Tarrant Appraisal District Reviews
The Appraisal Districts in Texas are supposed to assess property at it's fair market value. The cumulative assessed values become the tax base; upon which is levied the rate which then determines the revenue to be received by the various taxing entities for the current tax year. The question posed to the appraisal district is: What Is The Fair Market Value of the Subject Property as of January 1 of the tax year... in this case 2016.
Every piece of real estate is unique. Values are determined by comparing the subject property to similar properties that have sold recently; preferably in the same subdivision as the subject. Adjustments to value are made to negate differences that might exist between the subject and the comparable properties. With this in mind, it should be easy for the reader to understand that the Ultimate Comparable Property is the subject itself. If you are comparing the subject to the subject; there are no differences, and therefore no adjustments to value. This is important in cases where you recently purchased a property, and the appraisal district is seeking to assess it for much more than you paid for the property. This is what happened to me.
This is not the first time that I have protested the assessed value of a property in Tarrant County. In past years when I have received an assessment which was much greater than the price that I paid for the property; and in those cases where I only recently purchased the property; it has sufficed that I simply appear with a copy of my settlement statement in hand, showing what I paid. In the past this was sufficient to obtain a prompt adjustment in the assessment equal to my purchase price. After all, that is the amount that I agreed to pay. Obviously, the seller agreed with that amount, or no transfer of ownership would have occurred.
For some reason this year is different. I received an assessment on one of my properties that was more than double my purchase price. I appeared with a copy of my settlement statement in hand. I was told by the front line of clerks that no adjustment would be made. I was offered the opportunity to go to the next room where I could meet with the appraisal review board and make my case to them. I accepted this offer and immediately appeared before the appraisal review board where they wanted color glossy photos and other information that I don't carry around with me.
Although this kind of evidence is common place in such a hearing it should not have been necessary in this case. I had the Ultimate Comparable... the subject property. I presented evidence of an arm's length transaction between myself and a seller. Again, no relief was granted. The county persists in wanting to tax my property for more than twice what it's fair market value was on January 1. Incidentally, I purchased the property on December 29, 2015. Does anyone believe that it appreciated my more than 100% in 3 days?
I deal with my contractors and customers fairly. I expect to be dealt with in the same way; especially when I'm dealing with a goverment employee whose salary I am paying! As President Reagan once said, "we are a people who have a government, not the other way around." This seems to have been forgotten.
If these jerks are not going to play by the rules; then why should I obey their rules? I can't wait for them to send me a survey; wanting to know the sale price etc associated with one of my transactions. I'll return it alright... with a HUGE F U written across the face of the document!
The next step is arbitration. I'll be ready. And if justice is not served at Arbitration, then there's always litigation. But all of this should not be necessary. Just assess the damned property for it's fair market value as of January 1, which is what they are supposed to do. Appraisal 101 Definition of Fair Market Value: What a willing, able and ready buyer is willing to pay versus what a willing, ready and able seller is willing to accept, with no duress on either party. I did not have to buy. The seller did not have to sell to me. Do your damned job right Tarrant County Appraisal District!