Taxpayers may see hike in values

By Donnie A. Lucas

Local property owners are currently receiving new property value notifications for the year, and some may well be suffering some sticker shock.

In general, Shackelford County property owners, including homeowners, can expect up to a 20 percent increase in values when the notices arrive.

However, chief appraiser Clayton Snyder says that there are a couple of built-in safeguards that will help lessen the blow to taxpayers.

Snyder pointed out that the constitutional amendment that passed during a special election in early May will increase the homestead exemption for the school district from $25,000 to $40,000. The measure is retroactive to Jan. 1, 2022 and applies to this year’s taxable values.

The chief appraiser also said that homeowners who see an increase in value of more than 10 percent will be capped at least for now.

“Homesteads are limited to an annual increase in taxable value of 10 percent, which will hopefully assist homeowners with the burden of increasing housing values,” Snyder said. “For example, if your homestead value increases 50 percent, the taxable value would be limited to a 10 percent increase for this year. And if the market value remains the same in the second year, your taxable value would increase another 10 percent in the second year.”

Snyder said that the entire state is seeing somewhat dramatic increases in values.

“Shackelford County is experiencing what amounts to a demographic shift in property owners and residents,” he said. “There is substantial demand for housing and raw land in rural areas as the baby boomer generation retires and younger families explore smaller school districts.”

He added that the trend was accelerated by the ­COVID-19 pandemic and the resulting monetary policy.

“Demand has outstripped supply causing the cost of building materials to skyrocket, which in turn makes existing housing inventories more valuable,” he said. “Raw land prices have doubled in about a year, while housing is up between 10 to 30 percent on average.”

He added that some ­areas of the state are seeing 60 to 100 percent increases in values in housing costs.

The local appraisal district office is fielding a high volume of calls as the valuation notices are being received.

Snyder wants taxpayers to be aware that values have increased.

Taxpayers who wish to dispute the property valuations in the notice can file a protest have until June 30 to file an official protest.

The Appraisal Review Board will meet July 18 to consider those protests.

“However, we would like the chance to work through any problems before they file an official protest,” Snyder said.

The 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 are not due until Jan. 31, 2023.