Home appraisals in the metroplex are rising dramatically in 2023.
Michael Seeto, who owns rental properties in the DFW metroplex, said that he has seen large jumps in the appraisals of some of his properties, which could result in increased rental prices due to the inflated costs, as reported by WFAA.
“This year, we’ve seen some properties going up as high as from 30% to as high as 45% in terms of what we’re paying last year,” said Seeto, per WFAA. “Landlords have to pass that extra cost to somebody.”
Although numbers have not been released for all of Dallas County, Tarrant County has seen increases of 18%.
Those who bought a house within the last year have until April 30 to apply for a homestead exemption, and houses without a homestead exemption that were purchased outside of the year can still submit a late application. The Texas Comptroller’s office says a late homestead exemption application “may be filed up to two years after the delinquency date, which is usually Feb. 1,” according to WFAA.
Under the current homestead exemption, at least $40,000 is deducted from a home’s appraisal due to public school taxes, meaning that a home appraised at $400,000 will only be valued at $360,000 after the exemption is applied, per WFAA. There are also some additional exemptions for homeowners who are disabled or over the age of 65.
Depending on where the home is located, multiple factors could affect the deductions. Cities, counties, school districts, and college, hospital, and utility districts could all impact the exemptions that are applied, per WFAA.
Chief appraiser Jeff Law told WFAA that every homeowner should file for exemptions to help establish an appraisal cap.
“It will give them a tax break,” said Law, “but it’ll also establish an appraisal cap, a 10% appraisal cap on their property. It’s hard to say who is not taking advantage of that. We’re required by law to publish in the newspaper notifications, encouraging folks to do that.”
Appraisals are sent prior to tax bills, and the deadline to file a protest against an appraisal is May 15.
“The tax bills will come out in October. What we have mailed out right now is called a notice of appraised value and that the purpose of this appraisal notice is to inform property owners of what their appraisal district has appraised their property, at this particular moment, this particular year,” said Law, per WFAA. “And I would say it can be kind of surprising as to what the values have done over the past several years.”
Law also said the Tarrant Appraisal District website may be running slow due to increased traffic, but no one should be worried at the moment.
“I believe it’s just running a little bit slow due to the heavy traffic that we’re experiencing right now,” said Law, per WFAA.