The Texas dream: taxing people out of their homes
Like many people, I think Texas' property tax appraisal system is really out of whack. Taxing entities are allowed to raise appraisals up to 10% a year and if a homeowner doesn't agree with that increase, the homeowner must do the work to try to get it lowered. And the appraisal boards can say NO! to any protests and homeowners have little recourse.
I find it strange that a yearly appraisal is based on what money taxing entities need to raise.
Edd Hendee (KSEV-700) has been discussing property taxes on his show and this morning one caller in particular had an alarming story. He is in Fort Bend County and two years ago moved into a home that he had built. He said his loan for the land and the home was a bit over $260,000, and the appraisal he just received in the mail has his home valued at $370,000 -- just two years later!
He said he has three small children and is now at the point where he will probably have to put up a for sale sign. He said he has protested his appraisals before and they have been lowered a bit, but not enough to allow him to afford this year's appraisal.
Legislators in Austin have so far buried their heads in the sand, but one day they are going to have to face this problem, and if they don't get a clue it could be through a voter revolt.
RELATED: CNN/Money -- Houston houses sell an average of 11% under fair market value
Posted by Anne Linehan @ 05/04/05 09:53 AM | Print |
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