Leader 4-27 B

Page 1B • The Leader • April 27, 2013 • www.theleadernews.com

Area property values surpass rest of county by Michael Sudhalter michael@theleadernews.com Property values in the Heights, Garden Oaks and Oak Forest are up 10-12 percent, compared with 4.5 percent for Harris County, according to Harris County Appraisal District assistant chief appraiser Guy Griscom, conducting Tuesday’s annual HCAD Property Tax Summit, designed for those who base their budgets largely on property taxes to take a peek at where they stand. That news means a larger base for taxing entities such as the city of Houston, Houston ISD, Houston Community College and Harris County - but ﬁnal ﬁgures won’t be known until after protests are factored in, sometime in summer. Meantime, most government agencies are left to devise budgets – and calculate potential tax increases – with their best-guess estimates. During the summit, Griscom delivered a thorough presentation that proved to be good news

for single family homeowners, since multi-unit housing, commercial and office properties are rising in value, too, creating a more balanced tax base. He pointed to the growth of the energy sector and its job growth. The addition of the onemillion acre Exxon Mobil world headquarters in Spring, in Harris County – just south of the Montgomery County line – will benefit county residents. In addition, Griscom cited a report that there are 17 planned office projects at six million square feet in the Energy Corridor, which he said should more than offset the business lost to Chicago when Continental Airlines merged with United and moved its headquarters out of Houston. Multifamily homes and apartments have experienced an increase in business, and foreclosure volume is down 24 percent between December 2011 and December 2012. Also, rent

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concessions are down. New home development is up 27 percent since 2011, which is the highest year-end total since before the recession. Homes are being built and selling more, and there is an increased number of subdivisions and condos being built, Griscom said. Of homes that are valued at $1 million, 72.4 percent of them have increased in value. For homes valued between $500,000 and $999,999, 69.2 percent have increased in value. It’s 64.6 percent for homes valued between $250,000 and $499,999. Businesses and residents often challenge and win legal challenges of their tax appraisal, but HCAD chief appraiser Jim Robinson said the district is better equipped to handle those challenges. Still, he said he believes that the existing state law allowing those challenges should be adjusted.

HCAD assistant chief appraiser Guy Griscom speaks to the audience at Tuesday’s HCAD Property Tax Summit at the Harris County Department of Education. (Photo by Michael Sudhalter)

All the home’s a stage

OPINIONS

Each month, we ask a panel of Realtors and business people in the area for an opinion on a speciﬁc topic. Here was the question this month, and their answers below. Property tax assessments have recently been released, and this is the season to challenge appraisals. Is there a downside to challenging the appraisal and lowering it if you plan to market and sell your home in the next few years? What should your strategy be?

Patsy Bushart Houston City Living

I do not believe that challenging a property tax assessment has a downside. A tax appraisal is not a valid figure for the value of a home. The property tax appraisal is used to tax your property and does not follow market value. Market value is what a buyer is willing to pay and a seller is willing to accept. It is the price you could expect to get in the current market. When you are planning to sell your home, the strategy should be to contact a Realtor to provide you with a comparative market analysis, which will indicate what similar homes in your area have been selling for in the recent market. You could also have your house appraised by a qualified Appraiser. Keep in mind that a buyer who is financing their purchase will also have an appraisal done on behalf of the lender.

Barbara Raines Keller Williams Realty

As a home owner and a Realtor, I always take the challenge to ﬁght my property taxes. The taxing authority can raise a homestead tax up to 10 percent of last year’s evaluation, if they wish for no exact reason. To challenge the appraisal is often a task, but one that each owner has the right to do. In the past,after reviewing appraisal, often there are mistakes that cost the home owner more taxes that could have been avoided, if the owner had just reviewed the document. One has the choice of going to the appraisal district on his own or hiring an agent to represent him and his property before a hearing with the appraisal board. Who wants to pay more taxes than needed? When selling a home, the taxes are passed to the new owner at a pro-rated rate minus any exemption that the new owner does not qualify for, for that selling year.The new owner will apply for a homestead exemption that would begin the next January. The appraisal of a home is based upon the sales of homes in that area for the past six months. These are two diﬀerent things. I would encourage each and every homeowner to review their appraisal carefully to make sure all the facts that are given are true and then make a decision to go before the appraisal board.

Terry Tompkins Keller-Williams Realty

Taxable value of a home and market value are two entirely different numbers. The taxable value of your home is the value the city/county has given the home to generate income for the county/city/school/MUD district etc. When those entities increase their budget, the rates typically go up, which caused the tax increase on your annual tax bill. In addition, when the appraisal district reassesses the value of your home each year, the appraised value can be increased. As a homeowner you need to make sure you take advantage of any exemptions you are entitled to have on the property. Most common is the “Residential Homestead,” if this is your primary residence. The next most common is “Over 65” exemption, if you’re the primary owner of the residence and over the age of 65. Your accountant should be able to assist with any specific details of qualifications for tax purposes. The market value of your home is the price of homes sold, of similar type in your neighborhood. This means there is a “market” for your home at a specific price. Currently that price in most of Houston is increasing at a record pace.

Woodland Heights resident Kristin Skarbovig recently opened a company that helps sellers better stage their homes for presentation to potential buyers. (Submitted Photo)

Home decorating niche business helps spur sales by Michael Sudhalter michael@theleadernews.com Woodland Heights resident Kristin Skarbovig is an entrepreneur who’s excited about the future of her new company, Reveal Home Staging. Staging is a relatively new profession that involves “decorating a home so it will appeal to

see Expert • Page 2B

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Servicing Garden Oaks, Timbergrove,Oak Forest, Lazybrook, Shady Acres, Heights, Rice Military.

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the greatest number of potential buyers,” said Skarbovig, a member of the American Society of Homestagers and Re-Designers. While the real estate market goes up and down, staging -- along with de-cluttering and landscaping -- are important parts of preparing to sell a home In a down market, homes that look better,

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via staging, will get more attention than those that don’t, experts agree. In a good market, statistics show that staging can get a 6 percent increase on value according to Homegain Statistics, Skarbovig said. Re-designing involves working with a person

see Home Stage • Page 2B

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