Changes to Texas Property Tax Code

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.

Keller Williams Realty - Growth In Downturn

Keller Williams Realty reported today at its national convention that it ended 2010 with 79,315 associates, 701 market centers (offices), and associate profit share up 7.2 percent, with its agents receiving $34.6 million dollars back. Since the inception of the profit sharing program, the company has given back over $304 million in earnings to its agents. Additionally, CEO Mark Willis shared in his annual State of the Company address to more than 8,000 convention attendees that, since the real estate market’s sharp downturn in 2005, the company has grown 30 percent in agents, 40 percent in market centers, 21 percent in closed units and 11 percent in closed GCI.

The growth of the company can be attributed to the growth of its agents. Agent productivity continued to rise with units closed up 6 percent from December 2009 to 2010, while comparably, the NAR membership as a whole went down in closed units 4.8 percent. Overall the company’s associates saw productivity year on year percentage increases across the board in listings taken (up 13 percent), contracts closed volume (up 9 percent) and contracts closed units (6 percent).

To Read Full Press Release

LISD sees academic success and middle-of-the-road spending

Recent data released by the Texas Comptroller compares spending of tax dollors in Texas schools verses academic success for schools. The report "Financial Allocation Study for Texas" looks at how well districts are using their resources in relation to acadmic success.

LISD is in the 92nd percentile, receiveing 4 out of 5 stars.

Click to read the entire article

Austin MLS Statistics - December 2010

Similar trend to what we've seen in the last couple of months in Austin. List/Sales prices are increasing, days on market are increasing but # of sales compared month to month are down 2.1%, Austin is still strong in the housing market but with a steady unemployment rate nationwide we are seeing a slow recover.

Kennedy Ridge Estates - Water Fraud

In an American Statesman article, State investigators launched an investigation into the water supply corporation to explain water rates increases in Kennedy Ridge, residents struggle to pay the hefty bills.

A former HOA president, his wife and sister are accused of collecting thousand of dollars in water payments from residents, deposited in accounts under fake names and use the money on food, fuel, clothing and entertainment, among other things.

The residents of Kennedy Ridge are working with an attorney to lower Kennedy Ridge water rates.

To Read The Entire Austin Statesman Article

Texas Real Estate: 3rd Quarter Housing Report

The most recent Texas Quarterly Housing Report states sales volume is up. For the period of Aprial through June 2010, sales of existing single family homes increased 14% to 66,079 compared to the same quartore of the prior year. We are still seeing strength in the Texas real estate market. To read the entire report: www.texasrealestate.com

How Rising Interest Rates Will Impact Affordability

Buyers need to measure their decision choosing to wait until prices come down more. It is improbable that interest rates will remain this historically low, last time this low, President Eisenhower was in office. The following blog post has a chart showing what happens to your purchasing power if interest rates change by 1%.

How Rising Interest Rates Will Impact Affordability