As a Texas property owner, you are aware that in October you receive a bill for your yearly property taxes. What you may not know, is we are in the 1st stage of a seasonal process that runs in four basic phases. From the first of the year to May 31st, appraisal districts appraise the properties in their districts, give notice to property owners and receive protests, primarily from the owners who think their properties are overvalued.
The 81st Legislator added language to the property tax code, foreclosures are now included in the appraisal valuation.
See page excerpt of Property Tax Code: 123, Section 23.011
Text of subsec. (c), as added by Acts 2009, 81st Leg., ch. 619, § 1
(c) Notwithstanding Section 1.04(7)(C), in determining the market value of a residence homestead, the chief appraiser may not exclude from consideration the value of other residential property that is in the same neighborhood as the residence homestead being appraised and would otherwise be considered in appraising the residence homestead because the other residential property:
(1) was sold at a foreclosure sale conducted in any of the three years preceding the tax year in which the residence homestead is being appraised and was comparable at the time of sale based on relevant characteristics with other residence homesteads in the same neighborhood; or
(2) has a market value that has declined because of a declining economy.
This may or may not have an impact on your property valuation. If your neighborhood has been affected by a number of foreclosures, this may impact the appraised value of your home. If you want to find out more about homes in your neighborhood, you can search here.
