FMV here is ridiculous. Property taxes have gone up the legally allowed 10% (cough, plus a wee bit extra in fuzzy math which adds up over time) every year. In the past, they’ve said I couldn’t protest because I was still below FMV. Texas never had the real estate bust the rest of the country did the last few years. There’s been new construction constantly here and people are still building mcmansions.
Did not realize that about Texas....was not that bad when I lived there. We have been in our place almost 20 years and the original basis was fixed at the cost value. Assessments can go up 2.5% a year, which they did right through the bust so for us they have continued going up as our home is not near FMV now in its appraised value. Due to declining assessed values on properties bought near the top, total assessed property values have been dropping so now the county is considering a milage increase of about 22% which will have the double whammy for us adding in another 2.5%. I know the argument is well, your home is worth more now but since we are not selling and even if we did we would only be trading value for value it just seems insane given “services” have been cut quite a bit too over the past few years. Biggest problem is most of the influx is Yankees who move south for lower taxes but want the same level of handholding they get “back home” which is where they would either stay or move to IMO.
Good luck with your argument.