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'It costs so much to live on your own property': Locals see big increase in home appraisals

Home appraisals
Posted at 8:18 PM, May 14, 2024
and last updated 2024-05-15 10:41:33-04

MCLENNAN COUNTY, Texas (KXXV) — Texans begin receiving their notices of appraisal in April. We asked several locals how big of an increase they saw in their home values, and many listed large increases.

  • May 15th is the deadline to protest you appraisal value.
  • The McLennan County appraisal assesses values by what similar properties are selling for in that area.
  • In 2022, home values increased by an average of about 30%. The next year, they grew by 20 percent. This year, home values only went up by 1 percent.

BROADCAST TRANSCRIPT:

“We don’t open it when it comes in the mail, but let it sit for a while because we know it’s going to be upsetting,” said Elizabeth Hamilton.

That’s the feeling several of your neighbors go through when they get their notice of appraisal.

“We’re getting taxed and taxed and taxed on things that are ours — and it’s just absurd,” said Hamilton.

Elizabeth Hamilton and her husband live in West, In 2023, the appraised value for their property was around $380,000. This year, their home was valued at more than $500,000.

“This land is family land and it’s like the county is taxing us out of our land to where we can’t afford to live there anymore,” said Hamilton.

I spoke with the McLennan County Appraisal District and asked how they assess those values. They say appraisals are determined by using mass appraisal models and by what similar properties are selling for in that area.

In 2022, home values increased by an average of about 30%. The next year, they grew by 20 percent. This year home values only went up by 1 percent.

“The reasoning behind that, it that the properties around them have gone up in sale. Prices have gone up on similar properties.”

Cory Duncan is a realtor with Haus Realty, He tells me a few ways you can pay less on those taxes each year is to protest with evidence.

“Get some comparable sales as evidence, photos, repair bids, any items of condition that your property needs any repairs,” said Duncan.

You can also file for a homestead exemption, a 10 percent annual cap on your annual appraised value.

“So the amount that you are taxed on cannot increase more than 10% regardless of what the district says the market value does that makes sense,” said Duncan.

As for Hamilton, she’s hoping her appraised value comes down, because she doesn’t want to leave her home.

“We all are hardworking people that don’t deserve to be pushed out because it costs so much to live on your own property,” said Hamilton.

The deadline to protest your appraisalis May 15. You can upload your evidence to protest online with the McLennan County Appraisal District.

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