Lender · Central Florida Markets · Member since 2017 · 137 posts · 135 votes
I am looking at a number of flooded properties in and around Houston,
Does Anyone know after I close will I still need to pay the same tax rate assessed prior to the flood ?
Anyone close on a flood house and were taxes paid on the new lower flood value or full prior value ?
On Another note I keep receiving emails from a number of wholesalers with what I believe are just Dumb asking prices ..
Some wholesalers even include ( their own ) estimated repair costs ,
Most of the deals typically work out close to 70/ 75% of the ARV. (That is before Closing costs on the flip .)
That would be one dumb investment deal leaving such tight margins with great uncertainty -- No one really knows how buyers are going to react to repaired flooded homes vs prior flood Comps or homes in the area that did not flood.
I am looking for a number of properties and projects but the numbers need to make sense -- actually Dollars and Cents...
Specialist · Salado, TX · Member since 2014 · 69 posts · 50 votes
8y
Hi Keith; Regarding the taxes and flood damage, the assessed value in TX is pegged to condition and market as of January 1 each year. The Harris County Appraisal District (http://hcad.org) has a lot of info on this online and I believe I saw an article in the Houston Chronicle that went into more detail. Just search in Google.
If the house is still damaged, I recommend you have a 3rd party document with photos (maybe a Realtor or Inspector), on or before 1/1/18. This will aid you greatly if you have to protest the 2018 assessment to the ARB in May.