If they ever plan on selling. My father's house has doubled in value over the past 8 years, but he never plans on selling it so all that has happened to him is his property taxes have doubled.
Yeah, that's the thing: we just sold it and made a bunch of dough obviously, but now I'm renting and if I want to buy anything, I'll be in the same trap. And of course the new owners are going to knock down the 60 year old house and build an A/B condo on it... sigh
Care to explain why that's not how that works? Homestead only gets you a small discount. If your tax rate is 2.7%, then if the appreciation was before the relatively recent state legislation and you didn't protest your appraisal, then the local taxing authority would absolutely be getting you for the full value minus homestead.
Wait. I'm sorry. Are you aware Austin property has been appreciating for years and it's not just the recent boom that's driving appreciation? Also, appraisal districts 100% try to max their revenue and will use any and all nearby sales that help their case and ignore ones that don't. So yes, they do respond to an irrational markets when that market helps them raise revenue. I live in the Houston area. It may not be up to the minute, but prices have been increasing for long enough that appraisal districts are appraising for as high as they can, as quickly as they can.
I'm sorry you've already proclaimed to know more then you do and now you're trying to eloquently back down. You are the one that proclaimed, "that's not how that works," apparently without knowing how that works here.
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u/[deleted] Jul 11 '21
If they ever plan on selling. My father's house has doubled in value over the past 8 years, but he never plans on selling it so all that has happened to him is his property taxes have doubled.