NewsLocal News

Actions

Property values begin to increase outside McLennan County

Coryell Appraisals
Posted at 9:46 PM, May 09, 2019
and last updated 2019-05-09 23:19:35-04

CORYELL COUNTY, TX — In recent years, folks in Waco have seen their property values go up, and with it, the amount they pay in taxes.

Home values have nothing to do with tax rates, but they can affect your bill.

Now, the same thing has begun to affect people in neighboring counties outside of McLennan County.

When John Stephens reached in the mailbox and got his property assessment notice, he was in shock.

He learned his home dramatically increased in value.

"Well, I was surprised by the market value increase. I thought it was pretty, pretty high," said John Stephens, of Gatesville.

It's good news-bad news for many homeowners because while it's nice to own an appreciating asset, local governments base their property taxes on a property's value.

The higher the value, the higher the taxes. So, what's behind the increase?

"A limited supply and an increase in demand which typically is going to push the price upward," explained Mitch Fast, with the Coryell Central Appraisal District.

He says folks from bigger cities have begun moving to Coryell County, competing for homes and driving up prices.

Even with increasing appraisals, the Coryell County Appraisal District says the notices property owners receive, account for just 95 percent of what the property really goes for.

Homeowners can appeal their appraisals, but they need to act fast.

"May 15th is the typical deadline for most property owners. It's also 30 days from the time they receive their notice,” said Fast.

John Stephens and his wife did just that, and they learned about how appraisers calculated their home's value. It's something they'll keep an eye out for from now on.

"More people need to find out about how our property taxes are valuated and what they can do to control or watch over them," he said.

He reminds us, even if taxes stay the same, an increased property value means we pay more.

The good news is people who want to sell their homes can get more money for them, if they can find a cheaper area to move to.