Travis Co. Appraisal District says its market values ​​were “too low.” What does that mean for your note?

TRAVIS COUNTY, Texas (KXAN) — The Travis Central Appraisal District (TCAD) said appraisal notices for the year are on their way to homeowners. Spoiler alert: the values ​​have gone up. rise.

According to TCAD, the median 2022 market value for a Travis County home based on this year’s values ​​is $632,208.

KXAN has previously reported According to TCAD, the median home value was $413,403 in 2021 and $354,622 in 2020.

In a press release Thursday, the agency also said its market values ​​”have been too low in recent years, particularly in areas of western Travis County.” That’s according to a biennial review by the Texas Comptroller of Public Accounts, TCAD said.

“Valuation districts are required by law to appraise properties at 100% of market value beginning January 1 of each year,” the press release reads.

“The data tells a clear story. The local housing market continues to see rising property values ​​due to high demand and low supply,” chief appraiser Marya Crigler said in the press release. “But increases in market value should not cause panic about future tax bills. Homestead exempt property owners will continue to benefit from a 10% cap on the increase in their taxable value.”

Crigler said TCAD’s estimates were still within their 5% margin of error. She said some people will see market values ​​50% higher than last year or even more, mainly due to tight supply and high demand for housing pushing house prices higher.

Property value is part of the equation when it comes to calculating your property tax.

“Instead, estimates are used to determine a property owner’s share of the total tax burden. Overall tax collection is driven by budgets set by local tax agencies such as cities, counties and school districts,” the release said.

According to TCAD, you can expect your appraisal notices in your mailbox as early as this week and they should be published on the TCAD website in the coming days.

“In addition to having their market values ​​checked, Travis County property owners are encouraged to check their exemption status and learn more about the protest process,” they said.

If you think your property value is incorrect, you can appeal to the appraisal district.

The submission deadline is May 16th. TCAD encourages people to submit through their online portal, but also accepts protests by mail and via Dropbox outside of its office at 850 E. Anderson Ln.

“The informal process, which allows property owners to receive a settlement offer from the grading district, begins April 18 and ends June 30. During this time, property owners have the opportunity to discuss their property with a TCAD appraiser,” the release explained.

You have three to five days between the time you submit your protest to schedule a meeting before TCAD schedules an appointment.

“Owners who do not accept an offer of settlement during the informal process have an opportunity to submit their case to the Travis Appraisal Review Board (ARB), an independent group of citizens empowered to resolve disputes between taxpayers and the appraisal district,” TCAD called .

The ARB hearings are scheduled to begin in June.

TCAD said its appraisal roll increased 43% to $447 billion, driven by a 56% increase in residential property, 54% in commercial property and more than $5.8 billion in new construction.

“We expect this to be the busiest protest season we’ve ever had,” Crigler said. “Property owners should submit their protests early in order to have the greatest possible opportunity to discuss their property with our appraisers.”

TCAD will host a protest procedure webinar on Wednesday, April 27 at 11:30 am. You can register at: www.traviscad.org/webinars.

Further information on market values ​​and the protest procedure can also be found on the TCAD website at www.traviscad.org.

This is an evolving story. Check for updates again.

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