New to Texas. Purchased home 10/2021 for $425k. Appraisal dropped today for $501k.

Honestly the appraisal is probably closer to accuracy, but how much would a purchase price sway for a protest?

We purchased for around $153/sqft but every other home in the neighborhood is selling for $180-200sqft. How much of a shot would I honestly have on a protest if purchase price is the only "proof" that I've got?

JT06 said:

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You would have a VERY good shot, 95%+. Most appraisal districts will accept purchase price if it is within a couple months of January 1 which is the date they are supposed to establish value. In fact I would argue the value is purchase price minus realtor fees so they can "have a win" and keep you at what you paid.

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Awesome. You give me hope! I'll follow up with results once contested.

A family member purchased in 9/2021 and Brazos CAD refused to adjust appraisal to purchase price so ymmv.

I have never heard of them not adjusting to a recent closing price, but I am sure there are exceptions. Any unusual circumstances (purchased from someone they knew / related to... unusually low price...)?

I purchased in Nov 2019 and adjusted the 2020 assessment to the closing price, just simply provided the closing document. I protested for 2021 and my realtor put together the comps and I proposed keeping it at purchase price though they had it 30% higher (my increase HS capped at 10%).

Amazingly, they did come back with the Nov 2019 value. Now they have it 60% higher than purchase price but again capped at 10% of 2021, so effectively proposing same increase as 2021. We will see how it goes.

Our realtor has the comps ready to roll each year at this time. Its like having one of those firms that take a cut except she is cool with a gift card and bottle of wine.

$1300 savings this year. You will see the benefit again next year as the increases are capped at 10% for homestead properties.