Complaint Review: Tarrant County Appraisal District - Fort Worth Texas
- Tarrant County Appraisal District 2500 Handley-Ederville Road Fort Worth, Texas USA
- Phone: 817-284-3925
- Web:
- Category: Government Corruption
Tarrant County Appraisal District Golden Fleece Award Fort Worth Texas
*Author of original report: Response to Understanding the Process
*Author of original report: Response to Word Games
*General Comment: One more thing
*General Comment: Not understanding process
*Consumer Comment: Word Games...
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The Appraisal Districts in Texas are supposed to assess property at it's fair market value. The cumulative assessed values become the tax base; upon which is levied the rate which then determines the revenue to be received by the various taxing entities for the current tax year. The question posed to the appraisal district is: What Is The Fair Market Value of the Subject Property as of January 1 of the tax year... in this case 2016.
Every piece of real estate is unique. Values are determined by comparing the subject property to similar properties that have sold recently; preferably in the same subdivision as the subject. Adjustments to value are made to negate differences that might exist between the subject and the comparable properties. With this in mind, it should be easy for the reader to understand that the Ultimate Comparable Property is the subject itself. If you are comparing the subject to the subject; there are no differences, and therefore no adjustments to value. This is important in cases where you recently purchased a property, and the appraisal district is seeking to assess it for much more than you paid for the property. This is what happened to me.
This is not the first time that I have protested the assessed value of a property in Tarrant County. In past years when I have received an assessment which was much greater than the price that I paid for the property; and in those cases where I only recently purchased the property; it has sufficed that I simply appear with a copy of my settlement statement in hand, showing what I paid. In the past this was sufficient to obtain a prompt adjustment in the assessment equal to my purchase price. After all, that is the amount that I agreed to pay. Obviously, the seller agreed with that amount, or no transfer of ownership would have occurred.
For some reason this year is different. I received an assessment on one of my properties that was more than double my purchase price. I appeared with a copy of my settlement statement in hand. I was told by the front line of clerks that no adjustment would be made. I was offered the opportunity to go to the next room where I could meet with the appraisal review board and make my case to them. I accepted this offer and immediately appeared before the appraisal review board where they wanted color glossy photos and other information that I don't carry around with me.
Although this kind of evidence is common place in such a hearing it should not have been necessary in this case. I had the Ultimate Comparable... the subject property. I presented evidence of an arm's length transaction between myself and a seller. Again, no relief was granted. The county persists in wanting to tax my property for more than twice what it's fair market value was on January 1. Incidentally, I purchased the property on December 29, 2015. Does anyone believe that it appreciated my more than 100% in 3 days?
I deal with my contractors and customers fairly. I expect to be dealt with in the same way; especially when I'm dealing with a goverment employee whose salary I am paying! As President Reagan once said, "we are a people who have a government, not the other way around." This seems to have been forgotten.
If these jerks are not going to play by the rules; then why should I obey their rules? I can't wait for them to send me a survey; wanting to know the sale price etc associated with one of my transactions. I'll return it alright... with a HUGE F U written across the face of the document!
The next step is arbitration. I'll be ready. And if justice is not served at Arbitration, then there's always litigation. But all of this should not be necessary. Just assess the damned property for it's fair market value as of January 1, which is what they are supposed to do. Appraisal 101 Definition of Fair Market Value: What a willing, able and ready buyer is willing to pay versus what a willing, ready and able seller is willing to accept, with no duress on either party. I did not have to buy. The seller did not have to sell to me. Do your damned job right Tarrant County Appraisal District!
This report was posted on Ripoff Report on 04/28/2016 06:56 PM and is a permanent record located here: https://www.ripoffreport.com/reports/tarrant-county-appraisal-district/fort-worth-texas-76118/tarrant-county-appraisal-district-golden-fleece-award-fort-worth-texas-1302527. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#5 Author of original report
Response to Understanding the Process
AUTHOR: - ()
SUBMITTED: Tuesday, May 03, 2016
You may be right. I may not fully understand the process. But I do understand what the generally accpeted definition of Fair Market Value is; and if I presented proof that would be acceptable to any judge as to what was agreed to by the parties; in this case a settlement statement, then I would expect that to be deemed Fair Market Value unless the appraisal district could prove otherwise. The facts are that I have spent nearly approximately $50,000 improving the property in question since acquistion on December 29. Those are hard costs, not including the costs of financing, insurance, interest, utilities, lawn care, etc. If you were going to invest $120k of your money into a speculative venture, what kind of profit would you require? Depending on your answer, I maybe interested in having you finance my next deal!
Yes, I do routinely buy properties for far below their potential value. It is important to note that Potential Value does not necessarily equal As Is Value. In the case in question in order to make the property realize it's Potential Value, I had to invest another $50,000 in addition to my purchase price. However, the Tarrant County Appraisal District wants to tax me at the Potential Value; when on January 1, 2016 the property was at best worth it;s Potential Value less the amount that I have invested since.
I recently contracted to buy a 1700 square foot home for approximately 50% of it's Potential Value. A structural engineer inspected the property and is recommending 51 piers! Do you know of anyone who could obtain a mortgage loan to purchase that property at any price? Hint: the answer is NO. Not even an FHA 203(k). The seller loves me. They are grateful that I am taking this liablility off their hands. When I'm done, the neighbors will love me too. That is what I do. I see nothing wrong with adding value to real estate, which not only adds value to the subject but to the neighboring properties as well, which in turn means more revenue for the city, county and school district.
I expect to earn a reasonable profit for my time and money invested; and I think that I deserve every penny that I get! And, I expect to be treated fairly by the Appraisal District!
#4 Author of original report
Response to Word Games
AUTHOR: - ()
SUBMITTED: Tuesday, May 03, 2016
You are the one who is confused. First, do you know what the definition of Fair Market Value is? I'm referring to the definition used by all appraisers...except those with an agenda. FYI, Fair Market Value is defined as the amount of money that a ready, willing and able buyer is willing to pay and the amount of money that a ready, willing and able seller is willing to accept, without any duress on the part of either party to act. Don't take my word for it... Google it! In this case the seller had multiple offers. I assume that mine was the highest since mine was one offer that was selected. I had never met the seller prior to this transaction. What I do for a living is irrelevant.
Again, FYI, the reason that this property changed hands for the price that it did is due to property condition. But that is actually irrelavent also. When one produces a settlement statement that reflects what the parties agreed to; that is prima fascia an indication of an arms length transaction between two ready, willing and able parties; and therefore the ulitmate indication of Fair Market Value. The burden of proof that is was otherwise is on the Appraisal District. However, in this post constitutional period, it would seem that one is now guilty until proven innocent. In other words, you and your ilk would put it upon me to prove that my transaction was not other than an above board arm's length transaction. Well, screw you! Catch the first flight to Cuba. They do it your way there; and I hear that the weather is nice too!
Not that it's anyone's business; but what I do for a living is buy houses that are poor condition. I then rehab those houses and make them look better than new. Structural, mechanical and lastly cosmetics. The result of my efforts is that the value of the subject property is increased, which also positively affects the value of neighboring properties, which ultimately results in more revenue for all of the taxing entities. I have never had anything but accolades from the neighbors. And yes, I am a Tea Party capitalist. I expect to earn a reasonable profit for my time and money invested. And if you don't get that, then once again, catch the next flight to Cuba.
#3 General Comment
One more thing
AUTHOR: Dave Swank - (USA)
SUBMITTED: Friday, April 29, 2016
I am curious how you have already had a hearing on a property purchased at the end of 2015 for tax year 2016? The protest deadline is not even for another month and I don't know that Tarrant has even released values for 2016 yet.
#2 General Comment
Not understanding process
AUTHOR: Dave Swank - (USA)
SUBMITTED: Friday, April 29, 2016
First I would like to repeat the previous comment that if you are constantly buying properties where you have closing statements below the appraised value then you are buying distressed properties and those are not typically arms length market transactions. With out proof that there are improvements that need to be made to bring the home up to market conditions then I don't know that I would trust someone saying they bought a house at market for half the value anyone else could have.
Second you do not understand the process. You cannot file litigation if you are not happy with the results of your binding arbitration. You can file one or the other, but not both.
#1 Consumer Comment
Word Games...
AUTHOR: Robert - (USA)
SUBMITTED: Friday, April 29, 2016
You seem to be a bit confused here. You keep going back to you buying a house for a certain price and then somehow equating that to "fair market value". That is your problem, there is nothing that says this wasn't a "buddy" transaction where they sold it to you for a significant discount under it's actual value. Not saying you did this but do you think that if you did that you were the first person to come up with what you think is a sure-fire way to avoid taxes? This is specifically why they use "fair market value" compared to sell price of your house.
Actually based on your statements I wouldn't doubt if you were some person who buy's out "distressed" houses by homeowners who can't afford to live there and you buy it at a signifcant discount because they are desparate to get out.
You failed to mention any other proof of your claim, such as did you get an independent appraisal of your property? This will go a long way to your claims if it was it closer to what you paid than their "fair market value".
By the way how about giving us specifics. How much did you pay for said property, what are the specs(bedrooms, baths, size, lot size). What are they saying the "fair market value" is and what are the comps?
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