Question on property tax raises & reassessments
Hi All,
I am offering on my first San Antonio property, which is an SFR. I've had a hard time finding deals that cash flow positively because the property taxes in Texas are comparatively high.
The reason that this one works is because the assessed taxable value is low compared to many other properties I have evaluated, and even compared to comparable houses in the same neighborhood. For example, the yearly tax is $2000 less than a nearby comp with slightly higher square footage, and $1000 less than a close comp of equivalent square footage. That makes a big difference!
Can anyone tell me why this is, and how often the taxable value of property is reassessed in San Antonio?
I'm concerned that the taxable value will be reassessed (especially when I make improvements to the property), which would make the cash flow negative.
Has this happened to anyone, or do you have experience with this sort of situation?
I would really appreciate your thoughts! Thanks!