What does that mean?
Very simply, when you sell your home the value is not a matter of public record.
Texas is one of a handful of states that are considered “non-disclosure” states. This title is given to states that do not have a law on the books that requires, as part of a real estate sales transaction, that price information be provided to third parties. In other states those third parties are different state and local government agencies. Texas is a non-disclosure state because no law exists that requires disclosure as is the case in other states.
Zillow and a lot of other sites attempt to provide you a “value.” The fact of the matter is that none of them have access to sold data. Only Realtors and Appraisers have access.
Why is this a benefit?
Texas has no income tax, but we have lots of property tax. You will be taxed about 3% of your homes value each and every year. The vast majority of homes in Houston and surrounding counties are under taxed.The value of the home is sometimes much, much higher. Do you want to pay more taxes? of course not! This 3% usually includes school tax, property tax and water tax.
There are a few reason a licensee may disclose a sales price. According to the way the provision is written, someone will not be liable if their circumstance fits into any one of a limited number of situations. The situations in which a license holder may disclose sales price or terms of a sale for purposes of facilitating are:
• Listing of real property
• Sale of real property
• Leasing of real property
• Financing of real property
• Appraisal of real property