How to protest your property tax assessment

Kenn Renner,
Real Estate
Broker/Investor/Author

HGTV’s House
Hunters
www.BuyAustin.com| Kenn Renner | 512-423-5626 | Kenn@BuyAustin.com

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Protesting Your Property Taxes
 Two most important dates
 Jan 1st
– Effective date for taxes
 May 31st
– Deadline for protest
(certified mail)

 Take a photo of your house on a
bad day around Jan 1st
 When you get the comp list from
the county, take photos of them
on a great day

 Protest Form – File on Both:
 Market Value
 Equity
 Closing Price - ? Only if higher
than assessment

 Comparable – The tax year + 2-3
months
 Typically won’t use foreclosures
or new build sales comps
 We provide comps or use a
service

Informal Hearing
 Be prepared
 Be nice
 Be firm
 Don’t speak first
 Avoid the board

Homestead Exemption
15% off value for school
taxes
20% off county taxes
10% cap of value

Over 65 Tax Exemption
 Freezes taxable value on school
only
 Can be moved from property to
property
 Occupancy is required
 Either spouse is OK

Forbes List - America's Fastest
Growing City
 1. Austin, Texas
 MSA: Austin-Round Rock, TX
 2015 Population growth rate: 3.15%
 2016 pop. growth rate: 2.56%
 Job growth rate: 3.28%
 Unemployment: 3.34%
 Median pay: $66,000

Forbes Best Places to Invest
 7. Austin, Texas
 MSA: Austin-Round Rock, TX
 Pop.: 1,943,299
 Avg. Home Price (Q3 ’14-Q3 ’15): $284,355
 Pop. Growth (’11-’14): 9.0%
 Jobs growth (annual): 3.3%
 Unemployment (Sept. ’15): 3.3%
 Annual price growth: 12%
 Over (+) or under (-) priced by: 13%
 Three-year home price growth forecast: 27%
 Average Home Price: $281,355

Lunch with and Economist
• Austin is the fourth best economy in the
US
• 32,000 to 33,000 new jobs created
• Austin has #2 job growth
• Very stable economy - steady growth
• Seller's market, not a stupid market

• Price homes 95% to 100% of
median, otherwise will sit
• If a home is on market more than
45 days, it is overpriced
• Texas property is the most
undervalued hard asset in the world
• We are not in a bubble
• We are where California was in the
1950s

 Appreciation 3-5%
 Under $250k - 25-35% over the next 3 years.
 Luxury market - buyer's market
 Five major US corporations looking at Austin
for a headquarters
 10,000 companies have moved from California
to Austin in the past 7 years

Austin Summary – ABOR stats
 29000 + home sales in 2016
 Up 6.1% over 2015 making for a record year
 Median price up 7.2%
 2.4 months of supply – sellers market!
 5856 Active listings - skewed by builder
inventory
 4486 active “Resale” listings
 Shortage will continue for the “NEAR”
forseeable future

Dow Jones Average Past 20
Years

Where are we at in the cycle
Recovery
Expansion
Exuberance
Contraction
Recession

Dad, How Do I Get Wealthy…
 Make more revenue by bringing
more value to the marketplace.
 Reduce expenses – especially
our insatiable UNCLE
 Invest the difference – preferably
in something you understand.

Simple Wealth Building
Strategy
 Acquire 10 homes in 10 years
 Pay them off in 20 years
Disclosure and Disclaimer: Kenn Renner, Renner Realty, Inc are not attorneys, CPAs nor Financial Planners.
Please seek the appropriate professionals for legal, tax and financial advise and guidance.

Simple Wealth Building
Strategy
 10 x $200k = $2 million
in 20 years
 $4 million ±
 $1000/mo positive
 $12,000 x 12 = $144,000*
• Example is in no way a guarantee of a return
as all investments have risk and results will vary – do
your due diligence and consult with appropriate professionals.

Simple College Tuition Plan
 Buy one single family home
 Pay off in 15 years
 Sell to pay for college

Join me most every
Saturday for Real Estate
investment presentations
at convenient locations
around Austin…
512.423.5626 call/text
By Kenn Renner

How to protest your property tax assessment

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