Property Tax Valuation
I have a question. I’ve been looking at several properties now and am slightly confused. I live in southeast Texas and have noticed that most of the properties appraised value from the tax assessor are much lower than what they are being listed for? IE a $300k property has an appraised value at $60-$80K and the property has been recently sold in the past 2 years? Am I missing something here? Is there some kind of exemption or something that I’m not aware of? I do know that property values have risen in my area fairly recently, but that was back in 2013-2015, and prob peaked in 2017. Any feedback is greatly appreciated! Thanks in advance for the feedback!