Overall property values continue to rise

By Donnie A. Lucas

Notices of appraised value are being mailed this week for the 2023 tax year, with overall property values continuing to rise but not as steeply as last year.

Property owners should be receiving the notices in the mail by early next week, and anyone who wishes to dispute the value of a property can file a protest by the June 30 deadline.

The Appraisal Review Board will meet in mid-­July to consider any protests.

Chief Appraiser Clayton Snyder reported that while the value of homes increased for all sectors ranging from five percent to 20 percent, the increase is less than the 20 percent to 30 percent jump last year.

“Most residential properties are up 10 to 15 percent over last year,” Snyder said. “Lower quality residences are continuing to sell slower and are about five to 12 percent higher, while higher quality homes are up 15 to 20 percent.”

Overall, he added that residential property sales volumes have slowed and houses are staying on the market longer. The exception is homes in the most desirable category, which are still selling quickly and for a premium.

“The increase in interest rates and a lack of inventory are playing a part of slowing sales volume,” he said. “The state of Texas and our surrounding area are still experiencing unprecedented growth in real estate values.”

An area where values have continued to increase is rural acreage.

“Land prices are driving the largest part of the gains in value in most real estate categories,” he said. “Smaller tracts are selling for as high as $8,000 an acre to $4,000 for tracts up to 1,000 acres.”

He noted that there has been growth in new construction of homes throughout the county.

The price gap per acre for land in the Albany and Moran school districts that previously existed has disappeared completely with both districts recording increases of 15-20 percent, he said.

School districts increased homestead exemptions from $25,000 to $40,000 last year, which should continue to help ease sticker shock.

The increased taxes on homesteads is also limited to 10 percent over the previous year, capping the amount of increase in any given year.

“If you believe that there is an issue with your property valuation, please contact the district and fill out a protest form so that we can get you set up with an appointment to determine if any adjustments need to be made,” Snyder said. “These appraisals are done in mass, so there are often features or issues with the property that need to be pointed out to us and re-evaluated.”

The local SCAD office can be contacted at 325-762-2207.

Local entities will use the values after they are certified to determine tax rates for the next fiscal year.

Actual tax payments for the 2023 tax year are not due until Jan. 31, 2024.