First Time Homeowner Noob Property Tax Questions

[CosmosMpower]

Yup. Your neighbors will get boned next year.

I would think they would've already gotten screwed this year if it was going to happen. Our values went up to market value for 2010 and theirs actually went down slightly from 2009 to 2010.

[shortshift]

Be certain you're looking at the Assessed value and not just the Market value. You're taxed on the Assessed value. If your neighbors are being taxed on substatially lesser assessed values than you are (similar houses), then you can pull together some "comparables" to document your protest at the Assessor's Office. To the best of my knowledge, the 10% rule is statewide. It would be interesting to know how the Assessor learned what you paid for the house, as that's not public information in Texas.

[patf]

Do not rely completely on comps. Take photos and bring all your data from the purchase when the time comes to meet with the appraisal district. i am not sure in collin county but in dallas, during the last few weeks before the deadline dallas they are pretty slammed and if you have your s together will give in a bit. its a negotiation so shoot lower than you want and expect to compromise.

[altiain]

Could it be that the prior tax value was low because it did not yet have a certificate of occupancy?

What Todd said. Often the value of a residence goes under reported until the first tenant takes possesion.

My home was built in 1999, but was used as a model home for the neighborhood until 2003, when it was sold to the previous owner. The appraised value jumped over $100k in '03, up to what the first owner's paid for it.

You can fight it, but I think you'll be wasting your time. What you paid when you moved in is a pretty good indication of market value, so you'll be hard pressed to put together a convincing case that it should be valued at less than what you paid.