search foreclosure information

New to Avoid-Foreclosure-Services? Here you'll find a free answers to foreclosure questions and how to stop foreclosure!

help prevent foreclosure Simply quote your foreclosure refinance and receive a free advice from foreclosure specialists. You have nothing to loose. Compare ways to stop foreclosure safely and securely.

Relevant searches
What other people who read this article are searching for:


  • Houses For Sales
  • Tax Houses For Sale
  • Houses For Sale
  • New Houses For Sale
  • Old Houses For Sale
  • Home Sales Information
  •  

    Real Estate Valuation
    by Patrick OConnor


    The Approaches to Establishing Property Value

    Sales Comparison Approach

    The sales comparison approach is used at property tax hearings for houses, land and owner-occupied buildings. It is sometimes used for income properties as a secondary method of valuation. To perform the sales comparison approach you need information on sales of property similar to your property. You can obtain this information from a variety of sources including the appraisal district, real estate appraisers, brokers and third party vendors. Inspect and photograph the comparable sales making detailed notes regarding differences between the comparable sales and your property. Then make adjustments for differences between the subject property and comparables. Adjust comparable sales to the subject property. For example, if a comparable sale has four bedrooms and your home has three bedrooms, make a downward adjustment to the sales price to the comparable sale to bring it down to the level of your house. Select sales as similar as possible to the subject property to minimize adjustments. Comparable sales data is given strong consideration in property tax hearings for houses, land and owner-occupied commercial buildings.

    Income Approach

    The income approach is typically used for income properties. The basic theory is that investors purchase income properties for the income stream they produce. This income stream can be converted to an indication of market value for the property. The primary steps in the income approach are to estimate the potential gross income using rent comparables and information regarding actual income at the subject property. An allowance for vacancy is estimated based on the performance of the subject property and average vacancy in the area. Operating expenses are estimated using actual expenses at the subject property and market expenses for similar properties. The net operating income is calculated by deducting vacancy and operating expenses from the potential gross income. Net operating income is converted to an indication of market value by dividing it by the capitalization rate.

    Cost Approach

    The cost approach is not typically used at property tax protest hearings except for new buildings. Appraisal districts often use the cost approach for properties up to two or three years old. After that, they typically use either the sales comparison approach or income approach depending on the type of property. The appraisal district will apply the cost approach for a new property by adding the market value of the land (typically the purchase price) to the construction costs for the building. In addition, they may add an allowance for soft costs and for entrepreneurial profit. If the sum of land and construction cost exceeds the appraisal district's assessed value, it is unlikely they will reduce the assessed value in the property tax hearing. However, if the sum of land and construction cost is less than the appraisal district's initial assessed value, providing this information at the hearing will likely generate a reduction in your assessed value and property taxes.

    Uniform and Equal Approach

    The Texas Property Tax Code was amended in 2003 to allow property tax for property owners to protest based on "a reasonable number of comparable properties appropriately adjusted." This new section of the Texas Property Tax Code allows a protest based on a limited number (perhaps 3 to 10) of assessment comparables. Some appraisal districts agree and are considering protests under the section. Others have chosen to interpret this section differently.

    To prepare a protest using Uniform and Equal, gather data on assessed values for property similar to your property. Make adjustments for significant differences between the assessment comparables and your property. This can include items such as building size, land size, number of bedrooms, number of bathrooms, size of garage, site influences, age, etc. Make negative (downward adjustments) to an assessment comparable for items that are superior in the assessment comparable. For example, if the assessment comparable has four bedrooms and your house has three bedrooms, make a downward adjustment to the assessed value for the assessment comparable for this item. After applying appropriate adjustments to the assessment comparables, calculate the median level of assessment for the assessment comparables. The median is the middle data point after the adjusted assessment comparables are arrayed in order of increasing or decreasing (on a per square foot value basis). Multiply the median per square foot assessed value times the size of your property (improved area) to calculate the value your home should be assessed for based on Uniform and Equal. Section 41.43 of the Texas Property Tax Code provides you the opportunity to protest using this methodology. However, don't be surprised if your local appraisal district is not receptive to this method of protest. The appraisal division of O'Connor & Associates is a national provider of investment real estate appraisal services including commercial real estate appraisals, commercial comparable sales database, San Antonio commercial comparable sales, Austin commercial comaprable sales, condemnation appraisals, due diligence, residential appraisals and investment hypotheses.

    All commercial property types benefit from our appraisal services including nursing homes, discount stores, truck terminals, tennis clubs, supermarkets, country clubs, medical offices, mini-warehouses, restaurants, vacant lands, skating rinks, community shopping, centers, power centers, car wash facilities and service stations.

    Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also a registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes.

    More info on your stop foreclosure information search:

    Get Free Foreclosure Advice and Free Refinance Quotes
    Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...


    Fixing How Real Estate is Sold - The Time for Change is Now
    The government has confirmed that which nearly everyone in the country already knew ? the median price for homes has fallen all over the country. That's not news for the countless number of home sellers who are facing severe crises due to the length of market time. When the fallout of this market ... more...

    How Comparable Sales Determine Asking Price
    Working as a real estate broker is a fascinating job, combining analytical assessment of fluid and dynamic markers with interpersonal skills and salesmanship. As a real estate broker, you're well aware of the fact that you're trying to buy and sell the homes that are the core of the American ... more...

    Buying Right In A Changing Market
    Recently a Property locator contacted me about a lead in Grant Park, one of the better known neighborhoods in the city of Atlanta. This lead came through someone who was acting as a wholesaler. The Property locator reported the following details to me based on information given them by the ... more...

    Adapting To A Changing Real Estate Market
    It's amazing how swiftly the financial landscape changes for someone in the house business. One would think that opportunities with houses would be fairly stable. In the good old days, changes in population, wages, and taxes were gradual and those in the house business could adapt to them without ... more...


    More on houses for sales...

     

    avoid foreclosure services
    Home
    search foreclosure info answers
    Search
    about  us
    About
    privacy policy
    Privacy
    terms of service
    Terms
    contact us
    Contact
    information for doeclosure specialists
    Agents
    Foreclosure Refinance: Stop Foreclosure Refinance , FHA Foreclosure Refinance, VA Foreclosure,
    Ways to Stop Foreclosure: How to avoid losing your home, Foreclosure Help Loans, We pay cash for houses, Foreclosure Mitigation, stop foreclosure in Alabama, stop foreclosure in Alaska, stop foreclosure in Arizona, stop foreclosure in Arkansas, stop foreclosure in California, stop foreclosure in South Carolina, stop foreclosure in North Carolina, stop foreclosure in Colorado, stop foreclosure in Connecticut, stop foreclosure in Dakota, stop foreclosure in DC, stop foreclosure in Delaware, stop foreclosure in Florida, stop foreclosure in Georgia, stop foreclosure in New Hampshire, stop foreclosure in Hawaii, stop foreclosure in Idaho, stop foreclosure in Illinois, stop foreclosure in Indiana, stop foreclosure in Iowa, stop foreclosure in New Jersey, stop foreclosure in Kansas, stop foreclosure in Kentucky, stop foreclosure in Louisiana, stop foreclosure in Maine, stop foreclosure in Maryland, stop foreclosure in Massachusetts, stop foreclosure in New Mexico, stop foreclosure in Michigan, stop foreclosure in Minnesota, stop foreclosure in Mississippi, stop foreclosure in Missouri, stop foreclosure in Montana, stop foreclosure in Nebraska, stop foreclosure in Nevada, stop foreclosure in New York, stop foreclosure in Ohio, stop foreclosure in Oklahoma, stop foreclosure in Oregon, stop foreclosure in Pennsylvania, stop foreclosure in Tennessee, stop foreclosure in Texas, stop foreclosure in Utah, stop foreclosure in Vermont, stop foreclosure in Virginia, stop foreclosure in Virginia, stop foreclosure in Washington, stop foreclosure in Wisconsin, stop foreclosure in Wyoming
    Foreclosure Laws: How to avoid losing your home, Alabama, Alaska, Arizona, Arkansas, California, South Carolina, North Carolina, Colorado, Connecticut, Dakota, DC, Delaware, Florida, Georgia, New Hampshire, Hawaii, Idaho, Illinois, Indiana, Iowa, New Jersey, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, New Mexico, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Virginia, Washington, Wisconsin, Wyoming
    Avoid-Foreclosure-Services.com is a free tool to find foreclosure information when your need it most. Avoid-Foreclosure-Services.com is not a lender, broker, foreclosure mitigation company, or affiliate of any foreclosure financial services. © 2007-2008