For the second year in a row, the San Antonio area has seen its residential appraisals decrease. Unlike other areas of the country, San Antonio’s dip has been small in comparison. In 2009, the overall reduction in appraisal values went down by about 2% (according to the San Antonio Express News). This year has also produced similar results with approximately 60% of all homes seeing a decrease in their appraisals. This is a big shift from the year to year increases seen throughout the city for more than a decade. The Bexar Country Appraisal District reported that they had not seen a decrease in residential appraisals since the early 1990s.
The shrinking values seem to be consistent with the recession-based conditions that have plagued most of the country. An increase in foreclosures and a slowing housing market seem to be the main causes for the decline.
Though the majority of residential property owners saw their values dwindle, almost 30% of residents saw an increase in property value. Neighborhoods like Alamo Heights, The Dominion, Olmos Park, and other upscale areas were able to weather the recession with flying colors, at least according to how the Bexar County Appraisal District sees it.
Only homeowners who saw at least a one thousand dollar rise over last year’s value will receive a notice in the mail about their appraisal, but any homeowner may protest their tax rate. If you are a Bexar County resident and did not receive a letter in the mail, chances are your appraisal went down. To check what your home is appraised for and to see how much your tax base will be, you can go to http://www.bcad.org and select the Property Search option.
Even if the value of your home went down, it’s always a good idea to check comparable houses in your neighborhood to make sure that your value is in line. For example, if your 2000 square foot home is appraised at $200,000, and a similar house in the same condition just down the street appraised for $150,000, you may have a good case to file a protest.
If you don’t think your house is appraised correctly and you decide to argue your case with the appraisal district, be sure to have your facts and information ready. You will be unlikely to make any progress by simply complaining or saying “it’s not fair”. If the values are out of line with your neighbors, make sure you have plenty of data to back up your claim. It might also help to take pictures of your home and neighborhood , and get professional estimates about possible repairs needed. All of these things can help your case.
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