1800 SF home in my neighborhood went on the market this week for 330K.  
They already have multiple offers on it.  WTF?
Then I got my tax appraisal this week.  City says my house went up 22K in one year.  
Anyone else seeing this big of a jump?

Yes, combination of investors, and people wanting to move into a home.

My sister’s home in Houston sold for 15k over asking immediately. It was the first offer right off the bat. We were saying she could probably wait a week and get 30k over asking.

Taxes are going up to match that craziness,  too.

2008 is just around the corner again.  This is going to be a bigger pop then the last one.  If your thinking of moving from the area you better sale while you can.

Bought 2011, $170K; sold 2018, $270K. Rolled it right into a different home for $370K. Current estimated value, $460K. Yeah, the taxes suck. Should be paid off in a couple years though.

I thought the 100K gain over seven years was ridiculous when we sold the last house.  90K 'gain' over three years, is just insane (even if only an estimate).  Not planning on moving though, unless magically I can afford 50+ acres and build a house / range / shop.

Not moving, we like Mansfield.  It will be paid off when I retire in a couple of years.
I am concerned about the taxes going up.  We have a lot of new empty schools to pay for here.

Where have you been?  The market has been crazy for the last year.  Supply and demand is driving the high prices.

Don’t worry the taxes will go down in the near  future when home prices collapse in the area.

We moved in to our current home 10 months ago.

Comps in our neighborhood have already gone up over 10%.

I turned 65 last year.  My taxes dropped substantially from ‘19 to ‘20.  They went up only $100 this year.

Senior citizens get higher exemptions and frozen valuations.

We still have to pay Allen ISD and Collin College taxes, but they are frozen.  It’s been 8 years since we had anyone in either of those.

Still have to pay city taxes.

Prior to this, our taxes went up significantly every year.  The house was bought new in ‘06 for 220k.  It is now valued at 440k by Zillo.  The assessor values it at 380.

Ad valorum taxes are the penalty for doing well and acting responsibly.

My house jumped 23k in Mansfield. Its crazy right now for sure.

I wish I were ready to retire. I would sell this place for 125k more than I paid.
I’m not retiring anywhere near DFW.  I used tot hi k I would but with all the commies moving in. Nope

Oklahoma or Alabama maybe.

Great. No We noticed it. I just sold my other house in the Ft. Hood area, left my job job so I could pack, handle the ranch and sell this monstrosity we live in in Katy to move to Weatherford. I'd build on my ranch but no industry in Brady for my wife or myself. I expect to pay a shit ton but damn you find a house and it's' gone within a couple days. And these are 1/2 mil$ places. Yeah I'm looking at no less than 2ac so the prices are a bit up but damn. It's going up and up and they are gone so damn fast.

House down the way from us had 15 or 16 offers with a few being full cash +20% asking on day1.

I live east of the metroplex about 60 miles in Wills Point and our property values are going up about 7-10% annually. I bout my home in 2007, it’s an 1850 sqft 4bd room 2 bath brick, sitting on 1.2 acres and we paid 135,000 for then and comparable homes are going for 270-280k now.

My appraised value went up this year $347,000 in Parker County.  Yup, in one freaking year.

In the market now. Finding a home at my price point (low, I'm poor) is getting depressing.

The appraisal on your homestead property (after the first year) is capped at 10% of the previous year’s assessment by law.  So if you are seeing any appraisal increase above that, that’s an easy win at protest.

Home prices here (based on Zillow) have gone up 14% since the previous month!

Good thing the CPI doesn’t measure “volatile”things like food or housing, yeah?  Otherwise, I’d think we were starting to see some serious inflation incoming.

Is that the market value or the capped value?

TIA


mm

They can go up on the value as much as they want.

They can only tax you on a value that is 10% more than they taxed you on last year.

They have been going up on me 10% every years since 2013. I had the value going down for 4 years prior to 2013

Whatever value the county assessed last year, they cannot raise that value more than 10% above the previous year’s assessment - IF you have a homestead claim AND you’ve had it on file over 1 year.

Thanks Adam and Barth....

The total value went up 13% and the homestead capped is 40¢ under 10%.  The estimated taxes are up 14%.  Compared to the previous year (2020).

Thanks again,

mm

I think you have a strong case for knocking that down if you want to protest.  You probably won’t knock it down a lot though and unless you are one of the GD billionaires, the juice may not be worth the squeeze.

And on the flipside, every cent you beat them down early is a cent they can’t add 10% on in the future.

My house has gone up 36% in the last year alone. I'm seriously considering taking the money and nabbing a diesel 4x4 ambulance to camp in and moving into my RV full time - set up on a lot under a roof.

Since 2014, our taxable value has gone from about 250k to 350k or 40%.  Our property taxes had gone up accordingly.  They went down about $700 from 2019 to 2020 because I was able to get some slight relief from the age 65 freezing.  They went up only slightly, a couple of hundred, from 2020 to 2021.

We were fearing that increasing values would force us to sell.  We are in the highest-taxed county in TX, Collin Co.  Without the slight freezing of our taxes, they would continue to go up 10 percent per year.

We could recapture a lot of money if we sold, maybe $200k, but then where would we live?  I don't want to move into an efficiency after years in a nice, roomy home, and I shouldn't have to.

I say recapture, because you don't make money on a house.  You simply end up with a little more in your pocket than if you had rented....maybe.

From that $200k, you would have to remember that you spent $5k on a/c, maybe $50k on additions and remodeling, and thousands more on maintenance and repairs.  On top of that, we've paid $310k in down payment, taxes, insurance, interest, and principal.  

You add those up, about $375k in total, and subtract that from the sale price and you've "made" without taking the time value of money (inflationary losses) and that "profit" becomes a wash.

Im in Mckinney. Moved to TX in 2016. Bought a new build at $335k. Sold it close to $400k in 2019. Bought a new build in another section of town at $550k. just appraised close to $700k about 2 months ago for a refi.

In the last month Ive had 5 letters put into my mailbox from realtors telling me they have buyers looking to move into my neighborhood but cant because they've been outbid on other houses and asking me to consider selling. The realtors telling me they'll list my house for free and bring an immediate cash offer with a 30 day close. But there is no way Id sell right now. And move where? Every home I buy I build from ground up and builders are making buyers sign open contracts on new builds with no lock price until 60 days prior to completion, Im not playing that game. And existing homes in my price range are going for $75-100k over asking. Im not looking to be upside down by $150k or more in a year.

I would consider moving to rural area (and have a buddy willing to part out 20 acres from his 485 acres) in Fannin county, but I work in North Dallas. While we are WFH now, supposedly we are going back to the office in June, so Im not making that commute. Although they are saying we may only work in office 1x a week, so maybe it would be worth it.

Either way, t's pretty nuts out there. these home prices are out of control.