[TX] How is property value assessed at time of purchase?

I’m having trouble getting an answer to this online because it’s hard to know if a real estate article from years ago still applies in today’s market.

I’m trying to buy a house in the Austin area, where house values have gone up tremendously. Before jumping the gun, of course, I’d like to run the numbers to see how much my monthly costs would be, however, I can’t seem to figure out how much my property taxes will be.

If a home was assessed at $245k in 2021 and I buy it for $450k today, will the new assessed value by the appraiser be ~$450k or is it still based on the previous value of $245k?

From what I’ve read, it varies by location so I’m hoping someone from Austin/TX can chime in.

Thanks in advance!

submitted by /u/DriftingPixel
[link] [comments]

I’m having trouble getting an answer to this online because it’s hard to know if a real estate article from years ago still applies in today’s market. I’m trying to buy a house in the Austin area, where house values have gone up tremendously. Before jumping the gun, of course, I’d like to run the numbers to see how much my monthly costs would be, however, I can’t seem to figure out how much my property taxes will be. If a home was assessed at $245k in 2021 and I buy it for $450k today, will the new assessed value by the appraiser be ~$450k or is it still based on the previous value of $245k? From what I’ve read, it varies by location so I’m hoping someone from Austin/TX can chime in. Thanks in advance! submitted by /u/DriftingPixel [link] [comments]

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