Tips on Market Value Appeal

Guest post by: Patrick Oconnor
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Cost Segregation Analysis - Tax Deductions - By Patrick Oconnor

The countdown to May 31 - the last day Texas homeowners can submit an appeal to protest their property taxes - is growing closer by the minute. Each year, Texas homeowners pay a collective total in the millions on their property taxes. Yet, there is a 70% chance of lowering taxes when an owner appeals the assessment!

Comparable sales are the cornerstone of a market value appeal for a home. The exception may be a new house where cost is an important factor. Sources of comparable sales data can be found in the House Bill 201 package obtained from the appraisal district and MLS sites.

By definition, a property's market value is the price for which it would sell when both buyer and seller want the best price and neither one is under pressure to buy or sell. To develop a market value appeal consider the following factors:

New-home discounts- Recently purchased homes in subdivisions where builders are active, or near subdivisions where builders are still active, often sell for 5% to 15% less than their initial purchase price. Researching data for recently sold homes sold by the initial owner (versus the builder) will document this discount.

Livable versus sellable- When preparing to sell a home, homeowners will be advised by their realtors to perform cosmetic upgrades. If your home has deferred maintenance problems (rotten wood, foundation problems, ect.) these would be important factors to document when preparing for your property tax appeal hearing.

Livable versus sellable for a two-year-old home- A discount may be appropriate for the cost to prepare a home for sale and for the differential for new homes versus slightly used homes (in areas where builders are still active).

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Cost Segregation Analysis - Tax Deductions - By Patrick Oconnor

About the Author: Patrick Oconnor

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O'Connor & Associates can represent you for services including Federal Tax Houston, insurance valuations, cost segregation, gift tax valuations and feasibility studies. Cut down your Bexar County property taxes to a fair value. Contact O'Connor & Associates.

Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also an registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction.

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More from Patrick Oconnor
Real Estate Feasibility Studies
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Tax Deferral or Tax Reduction Cost Segregation
Appealing Your Property Taxes in District Court
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