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Has Anyone Successfully Protested The Value Of Their Home?

Discussion in 'Mayberry Lounge' started by das omen, May 29, 2014.

  1. das omen Green Belt

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    It is nearing the deadline for protest and the appraised value of my home went up $10k from $100,500 to $110,500 for an increase of 9.96%. I compared that to the 3 homes that were used for sales comparisons on the official value of appraisal report when purchasing my home in 2010, the average percentage increase of those 3 homes were 15.01%. The average percentage increase in appraised value for the homes along my street was 11.61% for the 12 homes I decided to look into.

    In short, just about every home in my area is going up by at least 10%, I made the mistake of procrastinating on developing a plan to protest the value of my home, but after little research I am beginning to think my efforts would prove to be ineffective against the Appraisal Review Board.

    Anyone have experience in this matter?
     
  2. shera Brown Belt

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    I'm currently going through the process with Nassau County in Long Island but they take forever to let you know the decision. They valued my property at $570k when I bought it for $430k. I can't see how they can argue the higher values if what I paid was in fact the true market value in an arm's length sale.
     
  3. das omen Green Belt

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    Good luck on your protest. How long have you been living there? And are homes comparable to yours experiencing an increase in value as well? An increase of about 33% over the market value of what you paid is no joke.
     
  4. j123 Pro Sherdogger 500-0-1

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    I'm not too sure if I get what the situation is, but if the value has increased, why not sell and pocket the extra from the market increase?
     
  5. J.M.M Purple Belt

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    He'd be homeless
     
  6. Oblivian Aging Platinum Member

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    Are you talking about the assessed value of your home used for tax purposes or an actual appraisal? I realize this can vary by state and county, but assessed value here is determined strictly from "trending" as well as general estimates from the assessor. This varies greatly from an appraisal by a licensed appraisal.
     
  7. Oblivian Aging Platinum Member

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    Just to add to that last post - yes, I've successfully seen a lot of people protest the assessed value of their home. When it comes to arguing an appraisal from a licensed appraiser, not so much.
     
  8. Oblivian Aging Platinum Member

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    Sorry for the triple post here...but did you get a mortgage when you purchased? If so, an appraisal was done that you should be able to get from the bank/credit union if you don't have a copy. I cannot imagine an assessment board denying the value given on an appraisal by a licensed appraisal coupled with the actual purchase price.
     
  9. Nomos Orange Belt

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    My home increased $10k this year on the tax assessment. This increased the tax payment of my mortgage escrow account by $45/month. This may not seem like much, but it adds up. It's like an extra phone or basic cable package in money you're just giving away.

    I don't mind the tax assessment increasing if the real value increases as well. I'm not sure yet if the neighborhood comps reflect this increase since the appraisals just came out in April and there haven't been any home sales since then. I'd like a $10k equity boost.
     
  10. djacobox372 Gold Belt

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    Due to liability, appraisers typically error on the low end of the scale. Banks want to know the MINIMUM a home could be worth, not what it "MIGHT" be worth in the ideal scenario.

    City appraisals for tax purposes are always at least 10% under the real value, as they don't want to be constantly challenged by homeowners who think they're being over taxed.
     
  11. Denter Silver Belt

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    TS I'm guessing you are in Texas?
     
  12. das omen Green Belt

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    Sorry for the late reply. Yes. Houston, TX

    Also, thanks for the responses SherBros. This is strictly for tax purposes, if the real value of my home has increased I did not want to go through the process of gathering information in an effort to dispute the Appraisal Board if I am mostly likely to get turned down. Besides, I wouldn't know how to appraise my home since it is at the low end of the value range of my neighborhood
     
  13. ralphc1 Steel Belt Platinum Member

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    In my area, governments are allowed 10% over the actual value and to collect more money they push that to the limit. The only way to get them to give an honest value would be to require them to purchase the property at 80% of their appraised value if the owner wants to sell. Many owners haven't been able to sell for 75% of appraised value. The appraisers are usually realtors who want to inflate the value because they make money as a percentage of the sale price.

    One of the neighbors here died and the 3 children had the house for sale at the $312,000 assed value. After almost 3 years, they finally sold it for $240,000.
     
  14. DeepCover Brown Belt Platinum Member

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    I know a few people that have used O'Connor & Associates for this purpose. The people I know that have used them live in The Woodlands, but they cover Houston also.
     

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