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Preliminary Tax Values have Arrived - "Let's Get Ready to Rumble!"

Saturday, May 7, 2016
by Christie Cannon

Well the dreaded letter arrived; the good news, the market is up; the bad news, your county appraiser knows it...

So what comes next?

  1. Key things to keep in mind
    1. There are generally no costs in contesting your tax value (if you do so on your own), 
    2. There is no separate penalty for protesting your taxes but not succeeding,
    3. Some counties allow for an "informal review" & even encourage such a review prior to an ARB (Appraisal Review Board) hearing,
    4. County procedures differ for the request of a review or protest (some allow mail or electronic methods, others require a scheduled appointment conducted in person),
    5. Like most "government" services, there is a processes that appears much more complex than it actually is,
    6. Your fellow citizens & residents serve as part of the final Appraisal Review Board,
    7. You have a right to review the information that the appraisal office used in determining your value.
  2. Thoroughly review your Notice of Appraised Value
    1. Have you taken full advantage of tax exceptions for which you qualify (Homestead if owned before Jan 1st, Over 65, etc),
    2. Is the information on your appraisal about your home correct?,
    3. Is the information on the CAD's (Central Appraisal District) website correct (bedrooms, SqFt, etc)
    4. Did your appraised value increase greater than 10%, if you have a homestead exemption & no new improvements.
  3. Understand what you can protest
    1. Proposed value,
    2. Denied exemptions for which you believe you qualify,
    3. Incorrect information regarding the scope or use of your property,
    4. Incorrect owner,
    5. Incorrect taxing units (authorities),
    6. Defects of the home or property that would otherwise affect the value.
  4. Understand how value is derived in Texas for the property tax assessed value
    1. Appraisers look for homes that sold closest to Jan 1st in the tax year assessed
    2. Homes that are closest in size, year built, location, age, & construction style are given the greatest weight.
  5. Be Prepared - Bring organized data whether you are meeting "informally" with an appraiser or for an ARB hearing
    1. If you purchased or refinanced your home recently (especially close to Jan 1st) and your tax assessed value exceeds your sales price, bring your signed HUD-1 (Closing Disclosure) &/or a copy of the appraisal conducted for your mortgage
    2. Bring Sales Comps for comparable properties (see 4.2) & include: address, sale date, sale price, supporting docs, names of owners, MLS information, etc.
    3. Proof of defects of your home, functional or economic obsolescence
  6. Know your Dates, Deadlines, & Procedures
    1. File on-time or you may miss your chance
    2. In most cases your protest must be filed by May 31st (*BE SURE TO CHECK with your CAD!)
  7. READ YOUR COUNTY's PROTEST INFORMATION CAREFULLY - if you don't understand something, give them a call!
    1. Denton CAD (click for info)
    2. Dallas CAD (click for info)
    3. Collin CAD (click for info)
    4. Texas Comptroller of Public Accounts (click for info)

 - Good Luck & please let me know if you have any questions - Christie Cannon

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North TX - interesting spots for interesting sports

Monday, February 3, 2014
by Christie Cannon

While the weather may not yet cooperate, for those more adventurous souls (or at least more youthful!), 2014 offers a great deal of new & interesting adventures!

Little Elm, TX -Hydrous Wake Park - http://www.hydrouswakeparks.com/ - a wake boarding park located in the heart of Little Elm, just off the Lake.

Frisco, TX - IFly World - http://www.iflyworld.com/ - indoor skydiving located in at the Stonebriar Mall complex.

Frisco, TX - Canyons Indoor Rock Climbing - http://www.canyonsclimbinggym.com/ - indoor rock climbing.

Frisco, TX - Pole Position Indoor Kart Racing -  http://www.polepositionraceway.com/ - release your inner Richard Petty!

McKinney, TX - Elevate Trampoline Park - http://elevatetp.com/ - trampoline dodgeball! - could it get any better?

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Happy New Years to All!

Thursday, January 2, 2014
by Christie Cannon

Wishing everyone a Happy Home & wonderful 2014!

- best wishes in the new year

Christie Cannon

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Real Estate (& Economy) Forecast...& a little potty humor - A&M Real Estate Center

Monday, December 9, 2013
by Christie Cannon

Looking for some good "Ipad reading"?   - The Texas A&M Real Estate Center - I've said it before.... when these guys speak on TX Real Estate, even the "experts" listen!  Great info for any one interested in TX growth, economy, & housing projections from nationally recognized gurus. 

Here is their 2014 Economic & House Forecast (presented on 10/16/2013) - be sure to check out page 25 to see the Projected Growth by County!

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Interesting Frisco TX Growth Update!

Friday, December 6, 2013
by Christie Cannon

I remember when Frisco, TX was the place people went bird hunting.  It was a few small communities and a hodge-podge of ranches; one famous and a few infamous.....  When I moved here from Plano the population was around 28,000 - when the EDC was formed the population was about 6,000!

Everyone knows Frisco's growth has been record breaking, but is our potential fully realized?  

Having attended a development round-table earlier this week, I am delighted to share a few "Frisco Facts," of which I was reminded or only just learned:

  • Frisco ISD has remained the fastest growing in TX (and in the top of the nation) for 12 consecutive years
  • Frisco ISD has more Exemplary Rated Schools than any district in TX
  • Frisco ISD is about 68% built-out (between development, parks, etc)
  • The city of Frisco is approximately 50% built-out
  • 3 land owners retain the majority of the undeveloped land (over 60%)
  • Frisco boasts appox 1,400-acres of developed park land & 56 miles of hike & bike trails (& growing)
  • Frisco owns approx 750 undeveloped park lands
  • Stonebrook Parkway... will not be opening as quick as most believed - between crossing a Flood Plain & Rail Road, we are looking less at months & more towards years
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Way to Go Frisco - Frisco TX & McKinney TX - Best Mid-Sized Cities in the Nation!

Wednesday, December 4, 2013
by Christie Cannon

Congratulations to both Frisco & McKinney!  Seems the rest of the nation is learning what we already know...

Movoto.com conducted a recent study of the top 100 Mid-Sized cities based upon Cost of Living, Unemployment Rate, Median Income, Crime Rating, School Quality, & Number of Homes for Sale per Capita.

The Top Ten:

  1. Frisco, TX
  2. McKinney, TX
  3. Cary, NC
  4. Pembroke Pines, FL
  5. Cape Coral, FL
  6. Cedar Rapids, IA
  7. Overland Park, KS
  8. Sioux Falls, SD
  9. Naperville, IL
  10. Olathe, KS

How did the competition stack up? - view the article here

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National Association of Realtors 2014 Projections!

Wednesday, October 30, 2013
by Christie Cannon

2014 Projections BlogSize

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School Rating System Changes! - Say it isn't so!

Monday, October 28, 2013
by Christie Cannon

TEA finally made the change to the new rating system.  How does the new system stack up?

New 2013 School Accountability Ratings

  • MS* = Met Standard with one or more Distinctions
  • MS = Met Standard
  • MAS = Met Alternative Standard
  • IR = Improvement Required

The Texas Education Agency has released the 2013 state accountability system ratings for school districts throughout Texas. Districts receive one of three ratings under the new accountability system: Met Standard, Met Alternative Standard, or Improvement Required. The MS* denotes that the campus received Met Standard rating plus distinctions under the 2013 state accountability system.

The Distinction designations recognize outstanding academic achievement in reading, English language arts and mathematics on various indicators of postsecondary readiness. Campuses that receive an accountability rating of Met Standard are eligible for Distinction designations in 2013. The individual Distinction designations are listed on the TEA website.​

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Fannie Mae's Housing Forecast August 2013

Sunday, October 27, 2013
by Christie Cannon

Fannie Mae 3

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The Mortgage Minute! - Upcoming changes in residential mortgages!

Friday, October 25, 2013
by Christie Cannon

Thank you to Marcel Deitrich of WR Starkey!

The mortgage market is changing again. Over the next two months, we have several changes that will affect mortgage options for consumers.

Because the FED did not begin the tapering of Quantitative Easing, interest rates have lowered a bit, and are now at 6 week lows. It was a shock to most who were expecting the tapering to begin, which means the FED may also shock and start the tapering  when most now do not expect it. Quantitative Easing is the 85 Billion Dollars that the US Treasury is putting in to bonds and mortgage backed securities monthly meant to artificially keep interest rates low and stimulate housing and the economy.

On October 1st, the government will be shut down if the our politicians do not come to an agreement on raising the debt ceiling and Obamacare. Part of this shut down could be the IRS. This is important to home buyers because lenders have to verify filed tax returns through a transcript they order from the IRS. If the IRS is closed, it would stop mortgages where the lender had not received those transcripts.

FHA starting on October 15th is changing their rules with regard to collection accounts. After that date, collection accounts over $2,000 will have to be paid off, or 5% of the collection balance will put in the debt to income ratios, meaning buyers will qualify for a lesser loan. The is true not only for the home buyer, but also for a spouse not on the loan.

On November 15th, Fannie Mae is changing their Automated Underwriting system. It will no longer allow for the very popular 3% down conventional loan program. Buyers interested in using the conventional 3% down program must act quickly.

That wraps up my Mortgage Minute.

Give me a call if you have any questions.

MARCEL DEITRICH

SENIOR LOAN OFFICER

MDEITRICH@WRSTARKEY.COM

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Displaying blog entries 371-380 of 385

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Photo of Christie Cannon Real Estate
Christie Cannon
Keller Williams Realty
5933 Preston Road #300
Frisco TX 75034
972-215-7747
Fax: 972-215-7748
Send an Email
Keller Williams Frisco - The Christie Cannon Team - http://www.christiecannon.com

 

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