Each county has an appraisal district which attaches a tax appraisal value to each home. You can go to the Appraisal District website and get information about a home – year built, history of past owners, size, and tax appraisal value. You can also see what exemptions are currently on the property. Keep in mind when using these sites that the appraisal districts get behind and ownership information may take up to 3 months to be updated.
We use this information to try and get a better feel about the history of the home. Sometimes it can be very telling – for example if a home has been owend by one owner for 30 years and is now in an estate, or going back to see who the builder was, or even just to see how many people have owned the property in the past 10 years.
One of the biggest questions I am asked as a real estate consultant is how accurate is the tax appraisal value and what is the difference between it and the market value of the home.
The tax appraisal value can be a good indicator, but it is not a solid number to hang your decision on. Your real estate consultant should run you a market analysis on any home you are considering putting in an offer on. That is the best way to really tell value. The tax appraisal is limited to only increase 10% per year, so sometimes you will see a difference in the appraisal site between tax assessed value and fair market value. All this means is the tax value will continue to increase 10% per year until the two numbers are equal. I have seen properties where the tax appraisal value was 10,000 or more over what the home is worth fair market value. Unfortunately for these homeowners, they are paying more in taxes than they need to. As a buyer, you do not want to accidentally believe that the inflated value is really what the home is worth. On the other hand, I had one property that was appraised by an independent appraiser for $170,000. It was being carried on the appraisal district’s values at $38,000. That was an extreme example…but true.
Click here to get to the Tarrant Appraisal District
Or click here to ge to the Dallas Appraisal District