Local Property Values Keep Climbing As Metro Areas Poised for a Fall

The Fayette County Appraisal District sent out property tax appraisals on May 8.

Chief Appraiser Richard Moring said in an interview last Friday that residential properties increased in value by about three percent on average across the County. Land values mostly stayed flat, he said.

Morning said the coronavirus pandemic did not affect last year’s appraisals.

“We want to emphasize that we have to look at appraisals as of Jan. 1, 2020,” Moring said. “We’re looking at data in 2019 to estimate the value on Jan. 1. Looking forward, what is it going to look like next year? The latest bit of data we have is April, which is way to early to tell.”

Any changes in value due to the pandemic won’t affect tax appraisals until next year.

“If this has a negative effect, we’ll be sure to react in that manner as well,” Moring said.

The Texas Tribune reported last month that the pandemic has slowed home sales, especially in metro areas. The downturn comes following five consecutive years of record-breaking home sales in Texas, the Tribune reported. Some analysts think the pandemic could lead to a dip in metro property values next year.

In an interview with the Record last Tuesday, County Judge might see an opposite trend as Joe Weber said Fayette County people flee the crowded cities for more space in the countryside.

“Big city taxes, expenses, crowds - it wouldn’t surprise me if some people are looking to move to a rural area,” Weber here and drive to work in Houston or Austin. I think we’ll see said. “We have people who live more movement from there to here than here to there.”

Moring said the County has several years, even before the been seeing that trend for the last pandemic.

That’s a mixed bag of news for people already living here. Higher values would bring more revenue for the local governments and schools and benefit property owners wanting to sell, On the other hand, homeowners borrow or charge higher rents. would have to pay more in property taxes, and renters may have to reach deeper in their pockets each month. This all comes at a time of record unemployment - 12.8% statewide as of May 16. in 1986. And for many of those The previous record was 9.2% likely to rise anytime soon. The still employed, wages are not U.S. Census Bureau recently polled Americans about how the pandemic has affected their incomes.

Nearly half of the adults polled, 47%, said either they or another adult in their household lost income since March 13.

Fayette County property owners have until June 8 to file an appraisal protest for most to protest mineral values is May types of property. The deadline 27. For information about filing a protest, visit fayettecad.org. You can also contact the Fayette County Appraisal District by calling (979) 968-8383 or email inquiries@fayettecad.org.

Moring said his office has received about 670 protests as of last Friday, which he said was about the number his office receives at this point in most years.