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Wednesday, May 25, 2022
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Property Values Climbing, Property Taxes Continue to Increase

Featured, Real Estate

Houses and coins signifying property taxes | Image by Tinnakorn jorruang

Homeowners may be shocked after receiving notice of their properties’ new appraised values as Texas’s growing real estate market drives up home values considerably.

Property values — which help calculate property taxes — have increased by double digits in the state’s largest metropolitan centers, according to WFAA.

In Bexar County, the average home value increased by nearly 25% to $265,540.

The state’s housing crisis has been remarkably evident in Travis County, where the median home value has risen by more than 50% since 2021 to $632,208.

“We have never seen anything like this,” said Marya Crigler, chief appraiser at the Travis County Appraisal District. “This is unprecedented for us in Travis County. And I think that same unprecedented appreciation is being seen statewide.”

According to Texas Comptroller’s Office figures, property tax collections have increased by at least 20% since 2017. Texans paid approximately $73.2 billion in property taxes in 2021.

The funds from those property taxes went to school districts, towns, counties, and other taxing authorities.

Governor Greg Abbott, who is running for reelection, has said, “One of my top goals this coming session is to reduce property tax substantially, and that will reduce the cost of doing business. It will also reduce the cost of living.”

The state’s top elected officials claim they are working to lower property tax costs for Texans. Recent legislation has not stopped the increase in property taxes, rather it has slowed the rate at which it has increased.

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