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Homeowners: Foreclosed Triplex Homes for Sale to Be Part of Appraisal

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By : John Cutts    99 or more times read
A number of homeowners have filed a lawsuit against the appraisal district of Fort Bend County, Texas for alleged violation of the state law which specifies that foreclosures, including foreclosed triplex homes for sale and other types of dwellings, should be considered in assessing property taxes.

The legislation was supported by a number of lawmakers who believe that most appraisers are ignoring house foreclosures in various areas of the state to allegedly protect government entities' tax base. Legislators also stated that there is a lot of money involved in appraisals, particularly with foreclosure rates continuing to climb.

Real estate market observers have revealed that majority of foreclosure homes in Texas are accounted for by the counties of Harris, Montgomery and Fort Bend, with the three areas recording a 25% rise in foreclosure rates during the January-August 2010 period compared with the same 2009 period.

Total foreclosures in the state rose from 1,764 to 8,898 during the said period. Majority of these foreclosed properties are also selling for rates that are way below the homes' original prices. As an example, 69% of foreclosed homes in Harris, TX sold during the last 20-month period were purchased for $80,000 or even less.

Plaintiffs in the lawsuit against Fort Bend have questioned how local appraisal officials were able to increase the market value of their houses and leveled increased taxes despite the presence of thousands of foreclosed single family dwellings and triplex homes for sale in the area. Some owners have also revealed that district officials have denied their reduction appeals.

Legal support for the homeowners who filed the lawsuit had asked the court to transform the case into a class action suit to represent a bigger portion of Fort Bend  property owners whose home values might have been artificially inflated. Homeowners involved in the lawsuit have stated that around 20-30% of inflation was leveled on the assessed value of houses in most subdivisions, even those that have high foreclosure rates.

Homeowners who joined the effort to sue the county have further stated that they hope that property taxes in their areas will be assessed with all necessary factors considered, including the number of foreclosed homes and triplex homes for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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