Saturday, April 10, 2010

Duh! Finally the Government Sees the Bubble

Hmm. I didn't know that your property values keep rising due the the ten percent maximum annual increase rule even when your property didn't actually rise in that year. That helps explain why people thought property hadn't really fallen in Austin in 2008-9. Much of the data was driven by the TCAD values due to the fact that nobody release the MLS data.

- Mr. Bubble



Travis property values face first drop since 2003

5.3 percent projected decline would mean a $6.5 billion hit to tax rolls.

By Laylan Copelin and Shonda Novak
AMERICAN-STATESMAN STAFF
Published: 11:44 p.m. Friday, April 9, 2010
 The recession that wiped out thousands of jobs in Central Texas also erased $6.5 billion from the market value of Travis County properties.
The 5.3 percent drop in values from 2009 was the first decline since 2003, according to preliminary figures from the Travis Central Appraisal District.

more...
Posted by at

3 comments:

  1. ChrisMay 14, 2010 at 10:56 AM

    TCAD Values are a joke, what's worse is you have to spend $350.00 to contest it every year. They should have a rebate program to pay for your appraisal if the TCAD value is in fact wrong. They should have a fund that's paid by the person who developed the program to calculate the values.

    ReplyDelete
  2. Mr. BubbleMay 14, 2010 at 1:46 PM

    It's not TCAD's fault. Because realtor's don't release their MLS data, we are all deprived of the best indicator of value, recent sales prices.

    Everyone in Texas has trouble valuing real estate because nobody is required to release the data.

    ReplyDelete
  3. AnonymousJune 2, 2010 at 6:42 PM

    Go by local comparable rents. That is the only true metric.

    ReplyDelete

Subscribe to: Post Comments (Atom)