I am thinking about selling my home in the near future, won't it be better to have the higher assessment listed?
-The true test of what a home sells for is actually placing in the market to compete for buyers. Anything else is speculation and conjecture. The good news is that with Titan you have better than a 50/50 chance of saving money year after year. I know it seems counter-intuitive to want a low value placed on the home, but if a Realtor came out to you and said , "I can sell your home for $25,000 more than the assessment." Would you say no, just list it for what the county says it's worth? Conversely, how would you feel if the same Realtor said, my data suggests a fair market price is signifcantly less than the CAD value.
What is the assessed value vs market value?
The market value is the best guesstimate the appraisal district thinks your home would sell for using the best data available to them. The assessed value is the value that taxing jurisdictions use to apply their tax rates in order to levy taxes. Some times the market value is equal to assessed value. Diviations between the two values can exist over time becasue of imposed "10 % caps" on homesteaded properties. Caps are limits an assesed value can increase from year to year.
Can't I protest the values myself?
Yes you can. Most owners have two choices. There is the online i-settle through HCAD, or you can go through a 2-step process of appearing in person for your hearings.
With i-settle, you submit what you think is a fair value. At some point later, an appraiser will review your file and either accept or reject your offer. If you are denied a reduction, you will be given a date to present your case to the Appraisal Review Board (ARB) in person. Titan does not recommend i-settle, becasue the law says the district should provide you with evidence to support their valuation. And guess what, HCAD does not give you evidence through online protest. Maybe you are entitled to a larger discount than you would submit. Don't do it! By the way, not all properties are eligible to participate in i-settle.
The two step process is a little better. At least you'll have access to the evidence packet and a live person to haggle with. But it is a two step process. There is the informal meeting with an appraiser, and then the formal board should you not find satisfaction with the informal appraiser. So what happens at the informal meeting? You will provide any info to suport your position, the apppraiser will look at it and then show you the districts information. You will either get a small reduction, or get told, "Look, I wish I could lower it but I think it's about where it should be. If you don't like my offer, take it to the ARB." In comes the heart of the 2-step process.
The owner has to decide to take what little offer or no offer and decide, do I want to come back next week and wait around like I did today? Most folks have a working life and can't take that much time off. Most just quit and leave unsatisfied. The point is... it is a system, a sytem designed to offer some relief, but the informal process has a backstop. Send them to the ARB. It's a known fact most protest stop at the informal level.
If you happen to go to the ARB, make 4 copies of your evidence. There will be 3 panle members, and an appraiser. And good luck!
I have worked with almost every residential appraiser there is at HCAD. I have a high success rate, and remeber, if there is not cut, their is no bill. The fee I charge is small relative to what my competition charges. If you think about it, with either outcome, you win with Titan property Tax. No cut, no fee. Or get a reduction and save that hard earned money and pay a highly competitve fee for a job well done.
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