AUSTIN (Talk1370.com) -- Officials with the Travis Central Appraisal District said Thursday that notices of appraised value for Travis County property owners were on their way, with many expected to see significant increases.
TCAD says it's beginning to mail the notices to more than 400,000 property owners across the county. Overall, the county's appraisal roll increased by 43% to a total of $447 billion.
In a nod to Austin's soaring real estate market, the median market value for a residential property in Travis County is $632,208 - up more than 50 percent from last year's $413,403. The median taxable value, after exemptions are applied, is $338,344 - up just over 10 percent from last year's $304,832.
One reason for the marked increase in some valuations, according to TCAD Chief Appraiser Marya Crigler, is new data from a Property Value Study done every two years by the Texas Comptroller's office. TCAD says that review found that its market values have been too low, particularly in areas of western Travis County.
"By law, appraisal districts are required to appraise property at market value, or what the property would sell for, as of January 1," said Crigler. "We are tested every year by the State Comptroller to ensure that our values are accurate and reflect what buyers and sellers are doing in the marketplace."
Crigler says that despite a potentially significant increase in market values, not all property owners will feel the bite all at once. Property owners with a homestead exemption will benefit from a 10 percent cap on the increase in any given tax year.
"Claiming your homestead exemption is the biggest and easiest way to decrease your tax liability," said Crigler. "If you own and reside in your home, you are likely eligible. Additional exemptions are available for property owners that are over age 65, disabled, or veterans."
Property appraisals are only one piece of the puzzle, when it comes to the tax bill you'll receive in the mail later this year. This summer, the different taxing entities - cities, counties, school districts, and others - will vote on their tax rates as a part of their budgeting process. Following action by the Texas Legislature in 2019 and 2021, many of those taxing entities are limited to no more than a 3.5 percent increase in property tax revenues from year to year, without seeking voter approval.
Property owners will have an opportunity to protest their appraisals; the deadline to file a protest is May 16. An informal process begins on April 18 and ends on June 30, where property owners can discuss their property with an appraiser. Property owners also have the right to present their case to the Travis Appraisal Review Board, an independent group of citizens charged with resolving disputes. Those hearings are expected to begin in June.
“We expect this to be the busiest protest season we have ever had," said Crigler. "Property owners should get their protests filed early to have the most opportunity to discuss their property with our appraisers.”