"Dealing with Neighbor's High Selling Price: Navigating Property Taxes in a Seller's Market"

Dealing with a neighbor's house selling for a much higher price during a seller's market can be frustrating, especially when it leads to an increase in property taxes. However, there are some solutions to help you navigate the situation.

First, it's important to understand that property taxes are based on the assessed value of your home, which is determined by local government officials. When a neighboring property sells for a higher price, it can potentially increase the assessed value of your home, and subsequently, your property taxes. One solution is to file a property tax appeal with your local government. This involves providing evidence that the assessed value of your home is too high, which could include recent appraisals, comparable property sales, and any improvements or damages to your home. It's important to note that the appeals process varies by location and may have specific deadlines and requirements, so it's best to consult with a local real estate professional or tax attorney for guidance.

Another solution is to consider applying for property tax exemptions. In Texas, there are several exemptions available to homeowners, such as the Homestead Exemption, which can reduce the assessed value of your home by up to $25,000, and the Over 65 Exemption, which provides additional reductions for homeowners over 65 years of age. Additionally, some local governments offer exemptions for veterans, disabled individuals, and those with certai

n types of properties, such as historic homes.

When it comes to dealing with a neighbor's high selling price, it's important to keep in mind that the real estate market is constantly changing and fluctuating. While it may be frustrating to see a neighbor sell their home for a much higher price than what you paid, it's important to remember that the market could shift again in the future. Additionally, there may be factors specific to your neighbor's property that drove up the price, such as unique features or renovations, that may not apply to your home.

Sources:

• "How to appeal your property tax and win." The Balance, 14 January 2021, https://www.thebalance.com/how-to-appeal-your-property-taxes-1798253

• "Property Tax Exemptions." Texas Comptroller of Public Accounts, accessed 2 April 2023, https://comptroller.texas.gov/taxes/property-tax/exemptions/
  

Amanda Allen, Realtor, MRP - RE/MAX Landmark

www.AmandaAllenHomes.com - 903-603-0648

Thank you for reading! If you have any questions or want to learn more about the exciting world of real estate, don't hesitate to reach out to me. Whether you're a first-time homebuyer, a seasoned investor, or simply curious about the market, I'm always here to help. Let's make your real estate dreams a reality!