Home values should jump 10 percent
Homeowners in Bastrop County will see property valuation increases of 10 percent on average this year, according to the Bastrop Central Appraisal District.
“We continue to see upward pressure on the real estate market,” said interim Chief Appraiser Richard Petree. “More and more people are looking at Bastrop County as a quality place to live at a more reasonable price than Austin. Our market seems to parallel the Austin market, but thankfully, lags behind in cost.”
Countywide property values are up $800 million, or 13.1 percent, above last year’s numbers as property values rise and new construction springs up. Bastrop’s values increased by $67 million, Elgin’s by $49 million and Smithville by $14 million.
The appraisal district said major changes in property values this year were brought on by substantial increases in sales of land, both lots and acreage. Petree said it’s normal to see one-acre tracts selling for more than $40,000 and reaching as high as $100,000 for “nice lots.”
“Taxpayers are encouraged to review their proposed value, and if they feel that they could not sell their property for the appraised value, they should contact our office for an appointment,” Petree said. “We have no desire to be above market value on property, but we must be at market value to ensure that the schools of Bastrop County do not suffer loss of state funds.”
State law requires that the district appraise properties at least at 95 percent of market value or else the appraisal district fails the comptroller’s ratio study and the state reduces funding to local schools. The state comptroller’s ratio study compares sales prices with appraised values set by the county appraisal district.
Bastrop, Elgin and Smithville were determined to be under the 95 percent threshold in 2016, with Bastrop property valuations set at 90 percent, Smithville at 93 percent and Elgin at 93.7 percent.
The Smithville school district lost about $400,000 in state funding this year due to low property valuations, Petree said.
All homesteads are protected from an increase greater than 10 percent in taxable value per year, though the market value can rise above the 10 percent level.
The tax amounts of homesteads of people over the age of 65 and disabled people are capped for county and school tax the year the homeowner becomes 65 or becomes disabled. The city of Bastrop also allows the tax cap of homesteads for homeowners over the age of 65 and disabled people.
Appraisers will be meeting with taxpayers throughout the spring for appeals to property valuations. Appraisers can consider evidence including a closing statement showing the purchase price, needed repair bids, pictures of interior issues, foundation repair bids and any other information that could impact the selling price of a property.
“We are able to reach an agreement with many of the people that come into the office for an informal hearing,” Petree said. “If we see we are wrong, we will gladly correct our numbers to a realistic market value.”
To protest 2018 appraisals, homeowners may file one online at bastropcad.org or fill out the protest form on the back of the home value notice. The deadline to file an appeal is May 16.