Both sides cheer AG’s home appraisal ruling dealing with foreclosures

Both sides cheer AG’s home appraisal ruling dealing with foreclosures
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POSTED: Monday, June 11, 2012 - 12:33pm

UPDATED: Monday, June 11, 2012 - 12:44pm

It’s either a whole new world in how home values are set — or nothing’s changed. It all depends on who is talking about a Texas attorney general’s ruling on whether foreclosures affect the house next door.

Texas Attorney General Greg Abbott’s office issued an opinion recently stating that property appraisers establishing home values for tax purposes may not exclude foreclosed homes in the neighborhood.

The opinion was in response to a request by state Sen. Kevin Eltife, R-Tyler, at the behest of the chairman of the East Texas Business Coalition, J.D. Davis.

“This will forever change the way appraisals are done in Texas,” Davis said. “For more than two years, we’ve had this law on the books. And it’s been ignored by the Gregg (County) Appraisal District and every appraisal district in the state.”

Read the full story from the Longview News-Journal here.
 

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