Rental Property Investor · SF Bay Area, CA · Member since 2017 · 45 posts · 112 votes
I have a Duplex in Fort Worth near the TCU area. It is on the edge of the residential area that is "good" and the more sketchy part of Fort Worth. The particular area has tons of Single Family, apartments and commercial, but very few duplex's and none that are remotely similar to mine. (Mine is a 3/2 1800 Sq Ft. each side).
Just got my property tax and it went from 393K to 700K. Yes, you read that right... This would change it from positively flowing to me having to make a payment every month...
First, any advice on how to dispute, would be appreciated. Has anyone actually paid for a professional appraisal?
Second, Is there a "rule of thumb" on appraising a duplex in an area full of single family? For example, worth 75% of two single family of same size/beds/baths?
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
7y
We have contested so many & if we win it's for a year. Then back to the board for another try. Coincidentally the bldg inspector drops by & we get a code violation. We even had a violation for not mowing the grass on the property next door that we do not own??? So had to waste a day in housing court to fight that FOR THE SECOND TIME. We also got a code violation/fine on that same property for trash on the sidewalk after the trash bins were flipped in 60mph winds. But we did get that assessment back down to a 10% increase rather than the 200% increase they assessed for no reason other than the need for more city tax income.
The tax assessments here have & continue to kill so many potential deals. Our esteemed Govn'r (who just gave himself a 40% raise) touts his 2% cap on property taxes & yet we just got hit with a 12.5% increase in assessment on several properties. Then our low income tenants, who just got $9k back on their Federal, blame us because we need to raise rents.
More often than not appraisal districts require estimates from companies to adjust the valuation.
Back in the day appraiser and property owner could take a swag at what cost might look like and agree on valuation.
If you know the property has issues that will favor you, invite them to the property. I did that last year to show drainage problems, pool/pool deck/driveway failures, water intrusion inside, wood rot, original finishes on interior... but ONLY do that if you KNOW it’s to your benefit... they’ll notice if you’re hiding corian countertops and pretty new tile floors inside.
Investor · Dallas TX · Member since 2017 · 135 posts · 9 votes
7y
So last month I took the advice that you all provided and not only filed a protest , but also when to arbitration. For 2018 the value of my home was 319k , for 2019 386k a very big jump. Well at the hearing the city admitted that they had
no comps within 5 miles
They had used a portion supposed added value placed on the permits by the GC (without my knowledge)
Changes the year of the property from 1978 to 1990 supposedly because if you remodel then you bring the build year up. (I look at the city rep, like are you serious right now)
This all to say that after arguing my reasons why the city failed to meet the criteria for increasing the value of my home, the property value was re-evaluated from 386k to 345k.
I learned a lot and have decide that I will always protest and ask to see the evidence.