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Property tax values double at rate never seen before for Texas homeowners

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Houston, Texas (KTRK)-The unprecedented rise in Texas real estate valuations has surprised multiple homeowners receiving tax invoices.

Shannon Nash owns four acres of land at Smith Point in Chambers County. In 2021, his property was valued at about $ 65,000. A year later, its value increased to almost $ 382,000.

“I was almost shocked,” Nash said. “I called many people I knew around here, and they were already shocked. They had received their invoice before me.”

In 2021, Nash had a property tax of about $ 1,700. By 2022, he will have to pay Chambers County more than $ 10,000.

“The batter may be unfair, but the batter can be sustained,” Nash explained. “The ones who can’t stand the blow are those who work hard here and try to earn a small land.”

Roland Altinger, chief appraiser for Harris County, said real estate valuations were an “unprecedented” increase.

“For nearly 40 years, market value has never risen so much,” says Altinger.

According to Altinger, in 95% of counties, asset valuations have increased by an average of 20%.

Harris County is the largest appraisal district in the United States and each property cannot be evaluated individually.

Instead, a bulk assessment is used in which groups such as properties use data and statistical analysis to determine the assessment.

Nash said he was in the process of protesting the value of his property and he had hope but did not expect it to happen.

“We’re not doing what we want, to say the least,” said Sam Puck, a property tax consultant at Rainbolt.

With the shocking increase in tax claims, there is an increase in unfortunate real estate owners seeking help from Rainboltand Co. to protest their valuation.

Puck said he heard some people say they couldn’t afford the tax increase.

“It’s just an unfortunate situation for many,” Puck said.

The challenge they face when fighting to reduce value is the difference between valued value and market value. The value evaluated considers a home exemption that limits an increase of 10% each year.

It determines how much the homeowner will pay with taxes. The market value is determined by the amount of money a home can sell. Often, these numbers are different because of the housing boom.

To save the client’s money, Puck and his colleagues need to go beyond the value evaluated and lower the market value before saving.

“In the discussion, the starting point is $ 550,000, but to see the savings of a dime, it needs to be below $ 440,000, which confuses and discourages many,” Puck explained. “Looking at the data, $ 550,000 could go down to $ 475,000. Based on the data, this could be a pretty good number. You can’t save money, but in a better place next year. Can be placed. “”

Puck expects the 2023 tax bill to look significantly different as interest rates change.

“Because it’s already descending, there’s a 100% chance that it will descend and not stay in this orbit,” says Puck.

The appeal has expired.

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