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  1. #1
    Elite Member
    Join Date
    Apr 2000
    Posts
    3,676
    Location
    Grayson County, TX
    Tractor
    Kubota B2710

    Default Flood zone effect on tax appraised value

    About a year ago I posted about the recent FEMA maps putting most of my property and all of my improvements in the 100-year flood zone. Last month I received my new appraised value and they have upped the value of the land about 20%, probably on the basis that the land next door, with similar flood zone issues just sold. Difference is, it doesn't have improvements and they will be built outside the zone, whereas my improvements were not in the zone when built but now are.

    I have done some internet research and my findings so far are that nobody wants to buy property in the flood zone, but appraisers (including tax appraisers) don't knock anything off for flood zone property. Kind of a double whammy.

    Later this month I have a property tax protest hearing, but unless I can find something that says flood zone property is worth less than non-flood zone property I am afraid I am not going to get anywhere. Seems ridiculous, since I have to pay for flood insurance the property will always have the stigma of the flood hazard, which eliminates many potential buyers and when you eliminate potential buyers that has to affect values, you would think.

    If anyone runs into any good articles I could use that would be very much appreciated.
    Alan L., TX
    South of Bugtussle
    North of Mustang
    On the banks of Buck Creek
    We don't rent pigs.

  2. #2
    Gold Member
    Join Date
    Apr 2008
    Posts
    464

    Default Re: Flood zone effect on tax appraised value

    Quote Originally Posted by Alan L. View Post
    About a year ago I posted about the recent FEMA maps putting most of my property and all of my improvements in the 100-year flood zone. Last month I received my new appraised value and they have upped the value of the land about 20%, probably on the basis that the land next door, with similar flood zone issues just sold. Difference is, it doesn't have improvements and they will be built outside the zone, whereas my improvements were not in the zone when built but now are.

    I have done some internet research and my findings so far are that nobody wants to buy property in the flood zone, but appraisers (including tax appraisers) don't knock anything off for flood zone property. Kind of a double whammy.

    Later this month I have a property tax protest hearing, but unless I can find something that says flood zone property is worth less than non-flood zone property I am afraid I am not going to get anywhere. Seems ridiculous, since I have to pay for flood insurance the property will always have the stigma of the flood hazard, which eliminates many potential buyers and when you eliminate potential buyers that has to affect values, you would think.

    If anyone runs into any good articles I could use that would be very much appreciated.

    Around here, people pay a LOT extra for flood zone property. Only, instead of 'flood zone', they call it 'waterfront'. If there's an assessment dispute in my county, there's a board that hears the homeowners argument. At least some of the board is made up of local realtors who would have firsthand, day-to-day experience with real world property values.

    If just the land portion went up, and it went up based on the property next door, I'm not sure how you can justify that your land is worth less with the recent flood map changes, since the flood zoned property right next to yours increased in value based on the recent sale. I also don't see how the location of your improvements would have anything to do with your land value, but you may be able to get them to lower the improvement value based on the flood zone change. Just some devils advocate to help you strengthen your argument before your hearing.

    The final answer may be to elect politicians that would rather lower spending than raise taxes.

    Keith

  3. #3
    Super Member
    Join Date
    Apr 2002
    Posts
    6,537
    Location
    Northern Virginia
    Tractor
    Kubota's, John Deere's

    Default Re: Flood zone effect on tax appraised value

    Half my property is in a flood zone. It makes no difference to the local tax people.

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