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Collaboration Series Article #1: Property Taxes

May 15, 2017

It’s that time of year again when you get a notice from your local Appraisal District with what your 2017 estimated tax assessed value will be for any property you own.  In addition, you have likely also received a slew of offers to fight your new appraised value.  What should you do?  Are there other considerations given the rapidly rising real estate taxes?

Courtney Unangst from David Brodsky Properties says:

First I would recommend you call your trusted real estate agent to discuss your estimated value in an effort to obtain their professional opinion.  Your Realtor will be able to put together a picture for you that shows what sales in the last year have looked like.  The idea here is to find homes that have similar characteristics to yours and see if there is an argument to be made.  This will give you an idea of whether or not your assessment is fair or might be on the high side. 

Be careful to not blindly fight the appraised value.  The Austin metro area has seen a fair amount of appreciation of the last 3-4 years and you certainly don’t want to present an argument with comps that show they could assess your property for more!  The appraiser’s office has legal limits on how they can attain information on your property and you might be sending them just what they need to hike your property taxes up even more!  Be sure to think strategically with you Realtor prior to submitting anything to your local county.

If you talk to your real estate professional and you agree your appraised value is too high based on the provided comps, your Realtor can help direct you on how to proceed and help you put together your argument to present to your local county.

Brendan Pheasant from North Star Consultants of Texas says there are other things to consider with rapidly rising property taxes.

If you have a written financial plan your financial advisor may want to update your future expenses with your new property taxes as well, so be sure to keep them in the loop.  These rising costs can affect things you may not have even considered such as how much you need for retirement or even your life insurance and disability income needs.

Finally, if you find yourself unable to put aside and grow your savings over recent years it may be a sign that these taxes and other rising costs have put you over the tipping point.  This can sometimes be as hard to see as how much your children have grown - until you look at old pictures.  Your financial advisor can help you keep an eye on your budget and offer objective perspective to help spot potential trouble before it gets out of hand.

 

This article was co-written by Courtney Unangst, ABR®, MCNE® - Realtor® with David Brodsky Properties in Austin, TX and Brendan Pheasant CFP®, ChFC, LUTCF, AIF® - Financial Advisor

Financial Advisors do not provide specific tax/mortgage/real-estate advice and this information should not be considered as such. You should always consult your tax/mortgage advisor regarding your own specific tax/legal situation

2801 Via Fortuna, Suite 450, Austin, TX 78746

Brendan is a registered representative and investment advisor representative of CRI Securities, LLC and Securian Financial Services, Inc. North Star Consultants, Inc., Insurance Products and Services I CRI Securities, LLC., Securities, Investments and Investment Advisory Services I Securian Financial Services, Inc., Variable Products, Securities and Investment Advisory Services    North Star Resource Group offers Securities and investment advisory services offered through CRI Securities, LLC and Securian Financial Services, Inc. Members FINRA/SIPC. CRI Securities, LLC is affiliated with North Star Consultants, Inc., North Star Consultants Texas, Inc. and Securian Financial Services, Inc. Securian Financial Services, Inc. operates under separate ownership from North Star Consultants, Inc. and North Star Consultants Texas, Inc.   North Star Consultants Texas, Inc. doing business as North Star Consultants of Texas in the state of Texas. North Star, CRI and Securian are not affiliated with Courtney Unangs or David Brodsky Properties. 1796377/DOFU 5-2017

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