Harris County Residential Values Increase 8.8%

 Property tax assessments for homes were increased by 8.8% for the tax year 2021, based on a review of 232,363 homes valued by Harris Appraisal District. Homes valued between 300K to 500K had the largest increases, average 9.7% higher than 2020.

Review of 232,363 homes valued at $300,000 or indicates an increase in assessed value of $127.8 billion, up 8.14% from $138.2 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $3,801.0 million, based on a 2.7% tax rate before considering homestead exemptions.

Harris has 26,247 homes valued at $1 million or higher. They are valued at $45.6 billion in 2021, up from $42.5 billion in 2020. Values were increased for 20,831 homes, reduced for 3,024 homes, and remained flat for 2,392 homes.

Homes valued at $300,000 to 500,000 increased from $49.9 billion in 2020 to $54.5billion in 2021, an 9.2% increase. Of the 148,286 in this price range, values were increased for 127,494, reduced for 11,663 and remained flat for 9,128.

Luxury homes valued at $500,000 to $1,000,000 rose to $38 billion in 2021 from $35.3 billion in 2020, a 7.4% increase. This group of homes had the smallest level of increase, but still a sizable increase. Most homes in this price range saw an increase in the property tax assessment. Of 57,856 homes valued at $500,000 to $1,000,000, 46,512 were increased in tax assessment, 6,473 were reduced and 4,868 did not change.

Harris County homeowners are encouraged to protest their property tax assessment, regardless of whether it was increased, reduced, or remained flat. Harris Appraisal District has limited staff to value well over 200,000 homes in Harris County. Homes are valued using the cost approach. The only option for quality control is a property tax protest. Otherwise, Harris Appraisal District staff is highly unlikely to review the estimate of value generated by their computers.

There is no risk to appealing. The appraisal district and appraisal review board may not increase the assessed value due to an appeal. The only options are to reduce it or leave it the same. 85% of homeowners who appealed in 2019 were successful in reducing their property tax assessment.

The property tax appeal deadline is Monday, May 17th. Read here

Comments

Post a Comment

Popular posts from this blog

El Paso County Residential Values Increase 16.5%

  Property tax assessments for homes were increased by 16.5% for the tax year 2021, based on a review of 11,690 homes valued by the El Paso Appraisal District. Homes valued at $1 million or higher had the largest increases, average 21% higher than 2020. Review of 11,690 homes valued at $300,000 or indicates an increase in assessed value of $4.07 billion, up 10.9% from 4.52 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $129.2 million, based on a 2.7% tax rate before considering homestead exemptions. El Paso has 157 homes valued at $1 million or higher.  They are valued at $0.21 billion in 2021, up from $0.19 billion in 2020.  Values were increased for 140 homes, reduced for 16 homes, and remained flat for 1 home. Homes valued at $300,000 to 500,000 increased from 3.00 billion in 2020 to 3.34 billion in 2021, an 11.1% increase. Of the 9,928 in this price range, values were increased for 8,604, reduced for 1,323, and remained flat ...
Read more

STREAMLINE YOUR APPRAISAL PROCESS WITH COMMERCIAL REAL ESTATE APPRAISAL SOFTWARE

Image
  Commercial real estate assessment report writing software (CARS) allows you to streamline your appraisal process. CARS is connected to National data, which can automatically pre fill your appraisal forms with the property data, advanced AI algorithms which recommend comps and comparable maps so on. It helps appraisers to pull market data, analyze comps, and generate different types of customized reports. What you can do with CARS 4 - minute commercial property evaluations; 40 - minute commercial narrative appraisals; and 1 - appraiser can complete 800+ appraisals in one year.  Commercial Assessment Reporting System (CARS) can reduce report prep time by 80%+, Third party data subscriptions are not needed, data and comps are included within the applications. ACCURACY OF CARS: Increases the profit margin of your appraisal firm from 10% to 30% or higher. Licenced appraisers with 25+ years of experience. Reduces report preparation time by 80%. No third party data subscriptions ar...
Read more

5 Key Things You Need To Know Before Buying A House

Image
  If you are new to home buying, don’t worry we have lots of ideas to help your business. Here are five key things you should know before buying a property. Understand the home value Research and repeat Look into future prospects Find good real estate agents Ask neighbors about a builder's reputation Understand the home value                    Before buying a new house, you should understand the value of the property. The best way to understand the value is, have a look at similar properties in the area. You will get an idea in home buying. Choosing the house is an easy process if you know how much you are willing to spend on it. After choosing the house, you should analyze the property then determine the value with help of real estate agents.  Research and repeat     Do research about the area where you are about to buy your property. Check whether it has all amenities, and y...
Read more