FAQ - Property Values
How do I find out the appraised value of my property?
The chief appraiser sends out a detailed notice of appraised value to the owner of property annually. The notice of appraised value contains a description of your property, its value, the exemptions and an estimate of taxes that might be owed. Property value information is also available on the website Property Search, or by calling or visiting our offices.
When do you mail Notices of Appraised Value?
The current years notices of appraised value are typically mailed out mid April of each year. Values on the website are not updated until the notices have been mailed.
How is my property valued?
The district first collects detailed descriptions of each taxable property in the district. It then classifies properties according to a variety of factors such as size, use and construction type. Using comparable sales, income and/or cost data, a CCAD appraiser applied generally accepted appraisal techniques to derive a value for your property.
What are the generally accepted appraisal techniques used by CCAD?
The appraisal district may use three common methods to value property: market, cost and income approaches.
- Market – What are properties similar to this property selling for?
- Cost – How much would it cost to replace the property with one of equal utility?
- Income – What would an investor pay in anticipation of future income from the property?
How often does Coryell Central Appraisal District value my property?
The appraisal district must repeat the appraisal process for each property in the county at least once every three years; however, it can reappraise as often as every year if the market is active in that area.
Why did my value change?
Value changes may occur for several reasons. Often sales information may indicate the current appraised value is lower/higher than fair market. Also, corrections to appraisal records may affect value, such as, change in square footage, a pool not previously accounted for, or a correction of a property characteristic.
Why are you inspecting my property?
In order to make accurate appraisals on every property we have to visit them periodically to ensure that the data used in making the appraisal is still correct. For instance, the appraisal district could have received a copy of a building permit indicating that a room was being added.
What is an improvement?
A building, structure, fixture, or fence erected on or affixed to land; or A transportable structure that is designed to be occupied for residential or business purposes, whether or not it is affixed to land, if the owner of the structure owns the land on which it is located, unless the structure is unoccupied and held for sale or normally is located at a particular place only temporarily.
What is fair market value?
Fair market value means the price at which a property would transfer for cash or its equivalent under prevailing market conditions if:
Exposed for sale in the open market with a reasonable time for the seller to find a purchaser Both the seller and the purchaser know all of the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use. Both the seller and the purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other.
If I buy a foreclosed property, and I bring in my closing statement, will the appraisal district’s market value be reduced to the purchase price?
If the foreclosed property was given an adequate exposure to the market, there was no attractive financing associated with it, the closing and repair costs were typical, and the sale is representative of its neighborhood, then it will. If the price it sold for is not consistent with the marketplace of a property with similar quality and condition, it will not.
What is a rendition for Real Property?
A rendition is a statement listing taxable property and the name and address of the owner. The statement should also contain an owner's estimate of the property's value. The deadline for filing a rendition is April 15. Be sure to identify your property and attach any documentation that you may have such as closing statements, appraisals or sales of similar properties in your neighborhood.
What is the low income housing cap rate for the current year?
The capitalization rate which CCAD will use in the valuation of properties with a Community Housing Development Organization designation is 8% for 2016.
What is a Homestead Cap?
In general, the appraised home value for a homeowner who qualifies his homestead for exemption in the preceding and current year may not increase more than 10 percent per year.
The Property Tax Code set a limit on the appraised value of a residence homestead, stating that its appraised value for a tax year may not exceed the lesser of the market value of the property; or, The sum of : 10 percent of the appraised value of the property for last year; The appraised value of the property for the last year in which the property was appraised; and The market value of all new improvements to the property, excluding a replacement structure for one that was rendered uninhabitable or unusable by casualty or by mold or water damage.
The appraisal limitation first applies in the year after the homeowner qualifies for the homestead exemption.