Dallas Residential Tax Appraisals rise 5.6%

The appraised property values in Dallas County are seeing the highest growth since the recession.

Overall taxable values for both residential and commercial properties are up about 7 percent, according to statistics released by the Dallas Central Appraisal District. For just residential properties, the values are up an average of 5.6 percent. Last year, which was also considered a solid growth year, the values rose 4.3 percent.

While this is good news for the government, it can be a bitter pill for homeowners, who will likely see an increase in their property tax bills due to higher appraisals. Property appraisals were mailed in April and homeowners owners have until Monday, June 2 to file a protest of their values.

Tips on how to protest your Dallas County taxes can be found here ( just click). The procedure has been streamlined with an easy online process. Just scan your supporting documents and include them with your protest. I recently did and got a decrease in my appraisal.

If you're planning to protest your property value, go to my page of tips here and my suggestions here.
[where: 75230]

It's Not a Home - It's a House

When you put your home on the market it is no longer your home. It is a house. You need to think of your house as a product to be sold - much like a can of soup on the grocery store shelf. That may sound harsh to some, but it will make the selling process much easier if you embrace it.

Many home sellers struggle between the practical and the sentimental as the homeselling process stirs up emotions for everyone in the family. Here are a few tips to help you cope with the selling process and move on to your next home.

• I help my sellers attract buyers with advice about updating and staging their home so its best features are highlighted. Don't take it personally when your favorite collection needs to be stored away. Fresh eyes can see your house in a way that an owner usually can not.

• Pack up the personal photographs and family heirlooms. They only distract buyers. We want buyers to imagine their own photos on the walls, and they can't do that when yours are there. You don't want a buyer to say, "I wonder what kind of people live here?" You want buyers to say "I can see myself living here."

• Don't fall into the trap of over pricing your property because you're overly attached. Too many sentimental owners think the “right” family will fall in love with their home just like it is and will be willing to pay more for it. Buyers don't think that way. But they could be willing to pay more for a certain location or features that actually add value to the property.

• Listen to the feedback after a showing. Pay attention to what prospective buyers are saying and their general constructive information about your house.

• As challenging as it may be, keep your home neat, clean and "show ready" every day. I know you don't normally live in a showhome, but while you're selling - you kind of do.

• When it’s time to negotiate the sales contract, listen to your agent, let me handle the details and help you stay objective. A prepared, trusted and capable agent can help ease the emotional process of selling your house.

[where: 75230]

Is it easier for a celebrity to sell their home?

Seems like every week we hear about a movie star or TV celebrity who is parting with their big, beautiful mansion or water front villa. Ever wonder if they go through the same efforts and hurdles that average folk do?

Celebrities have challenges in selling their homes just like everyone else. Many famous folks own big, high-end or unique homes and those typically take longer to sell. Any property with a huge price tag is a challenge to sell because the pool of qualified buyers is smaller.

Here is where it helps to be famous. The publicity that comes with a celebrity home helps give the property exposure to a larger audience and thus can speed up the sale. I've found that a celebrity property will typically sell faster than other homes in the same price range.

But while the process might be a bit shorter, a celebrity name doesn't add to the value. Some people enjoy the distinction that comes from living in a celebrity home, but they won't pay more for it. The famous live by the same laws of supply and demand as the rest of us.
[where: 75230]

What the public knows about your home loan

Are you one of the many Dallas homeowners surprised to find that your neighbors know what you paid for your home ... and probably how much you owe on it?

There is very little privacy in a home purchase today. Any loan on a property is public information. A property can be purchased under a corporate name or LLC, which could keep the owner's name private. However, all liens and mortgage documents are public record.

The public can easily find the name of your lender and the original loan amount on a property. Your interest rate, monthly payments and how you have handled your payments is confidential. Open records do not show the current balance on a mortgage. But it doesn't take much skill to estimate a homeowner's mortgage situation.

I don't like that this kind of financial information is public. Unfortunately, the only option to avoid this loss of privacy is to pay cash for a property. [where: 75230]

North Dallas Home Sales

Take a look our current residential sales statistics for the areas of Northwest Hwy to LBJ and between Midway and Central Expwy.

The median sales price for all homes (including townhomes, condos, single family homes and new construction) is $525,000.

The average price per square foot is $217.
That's $228 a square foot for detached homes and $110 for condos and townhomes.
New construction is selling for $286 a square foot and resale is going for $212 a square foot.

Just click on a graph to see more details of how our market continues thrive. [where: 75230]

How your Dallas tax assessor thinks

Like a lot of homeowners, I protest my taxes on a regular basis. Or at least I think about protesting them. When disputing my taxes, I've won a few times and I've lost as well. But I've always done it with the firm belief that I know what my property is worth more than they do. Perhaps you feel the same way?

Well then, here are a few things you should know about the Dallas tax assessment process before starting down the tax protest route with the DCAD (Dallas County Appraisal District).

1. The tax assessors office bases your taxes on the 'assessed value' of your property. Actual 'market value' is the estimated price a property will sell for in a reasonable amount of time when offered on the open market. Market value is influenced by the home's amenities, condition, location, homes that recently sold in the area, and by the current economy. According to DCAD, they use market value to determine assessed value. That may be the intention, but it doesn't always turn out that way.
2. DCAD uses a mass appraisal system. Basically they reappraise large blocks of homes and raise or lower the values based on the overall trend in a large group of properties. Your value may go up just because you are part of a group where they raised the values. Assessed value is also determined by the exterior of your property from a street view. If there are interior factors that could help determine the true market value, you can take photos of those and point them out.
3. The comparable sales and values are based on value as of January 1st that year. So if you are protesting your taxes in May 2014, you'll need to look all the way back to January 1st 2013.
4. Your property includes 2 values - land and improvements. The land amount is typically the same in the neighborhood - but check out the value placed on your neighboring properties. If your lot is smaller, larger, next to a busy street, ... the valuation should be different. If lot sales in your neighborhood are different than the land value of your property, you can bring that up as well. Protesting land value is fairly cut and dry.
5. Value of the improvements means your house, pool, garage, etc. This is where you can find a big difference in neighborhoods. Your home's age, condition and depreciation are factors in the value.
6. The building class is a big determinate in your value as well. There are 26 basic home classes in Dallas. The higher the number, the more expensive your property is determined to be. Take a look at your property on the DCAD web site ( www.dallascad.org ) and see your building class. Your building class may be lower than DCAD says it is. They haven't been inside your home, so how do they know the value of the finishes or the condition of the interior?
7. The tax assessor uses their own map to determine comparable home values. Unlike an independent property appraiser who compares like properties up to a mile away, the tax assessor's may only includes a few blocks. Keep within your neighborhood.

[where: 75230]

Lowest priced properties for sale in North Dallas

Really want to live in the golden corridor south of LBJ Freeway but have a small budget? Or maybe you're looking for a low priced investment in the land of high priced dirt?

Well, here are the bargain priced deals available for sale today:

10544 Stone Canyon Road #222F is near Meadow and Central Expressway in a gated condo community and can be had for just $54,900. With 740 square feet, this 2nd floor, 1 bedroom unit is near the pool, has been updated and is move-in ready. The HOA dues are $323 a month and include all utilities.

A few miles to the west is our other discount property at 12816 Midway Road #1058. A 658 square foot, ground floor condo - we don't know much about it because there are no photos in MLS. It just came on the market at $38,000 with HOA dues of $216 a month ( utilities not included).

If you're looking for an actual house (and no HOA dues), then the cheapest one available in the area is 3834 Cortez Drive. Located near Northwest Hwy and Marsh, this 2 bedroom home includes 1,130 square feet and is offered for $149,000. Only a mile or so from multi-million dollar homes in Bluffview and Preston Hollow, it offers easy access to Love Field.

At Home with a Dallas Realtor

The Dallas Pacesetters is a networking group of top Dallas real estate agents. They feature a different Realtor every month in their "At Home With " series.

I'm delighted and honored to be featured for May 2014.

Get to know me better here:
http://www.dallaspacesetters.com/at-home-with-the-pacesetters-lydia-player/

[where: 75230]