by BRAD ROLLINS
Despite slightly depressed average home values across the county, total property values in Hays County increased 1.7 percent to $14.26 billion, according to preliminary numbers released this week by the Hays County Central Appraisal District.
That uptick, however, may be wiped out during the protest process when property owners big and small haggle over their property valuations and, by extension, the size of the tax bill they’ll receive from the county, city, school district and a number of smaller, more local taxing entities like emergency services and water control districts.
The appraisal district does not certify valuations until July 25.??Until then, Chief Appraiser David Valle said, “We really won’t know if each entity is going to come out ahead or flat or see a little decrease.”
Those final numbers will be watched closely by local governments who need to project revenue for summertime budgetmaking and by taxpayers in a county accustomed to yearly increases, like clockwork, in their home values. According to preliminary numbers, average single-family home values decreased in nearly every jurisdiction, the first time most homeowners will see a drop in property value in a decade.
In the city of Kyle, the average home value is expected to decrease 3.67 percent since this time last year to $127,305 for 2010. In the city of Buda, the decline is projected at about 0.6 percent since 2009 to $158,876. The average home value in Hays CISD decreased about 2.12 percent to $131,136.
Those preliminary figures are no surprise to Realtor David Aston of ERA Millennium Real Estate in Buda, who has seen recent signs of more home buyers but says it may be due to the approaching deadline for a tax credit being offered by the federal government.
“There’s been some recent activity. I have a lot of first-time homebuyers rushing out to get that home under contract by April 30, but I’ll be interested to see what takes place after then. Hopefully it’s not artificial, hopefully it can be sustained,” Aston said.
There certainly has been a slight decline in property values and more homes on the market.?Most of Hays County is faring no better than Buda and Kyle. Every city and school district is on track for a decrease in average home value, except Wimberley, where it is remaining flat at $193,089.
The average home value in Hays County decreased about 1.70 percent to $162,724 for 2010, according to the preliminary figures. Both the city of San Marcos and the San Marcos school district are seeing average home value decreases of less than 1 percent while Dripping Springs CISD’s preliminary values have decreased from about 2.12 percent to $131,136.
The city of Kyle is seeing higher rates of home value decline because the market here was overbuilt and became even more saturated with a high number of foreclosures in young neighborhoods, said Steve Flynn, a San Marcos-based appraiser who teaches on the subject at Texas State University.
“A lot of those builders had their own mortgage companies and they were getting these people into homes and qualifying them for a loan without any regard for whether these people could afford those mortgages. That’s kind of coming back to haunt them,” Flynn said.
For most taxing entities, however, slippage in single-family home values will be offset by gains in the value of vacant, platted tracts and commercial and industrial property, Valle said.
Since 2009, 1,252 vacant, platted tracts were added to the appraisal roles through new subdivisions and replats, driving an anticipated 13 percent increase in that category.
Commercial and industrial property increased six percent, from $1.27 billion to $1.35 billion. Residential multi-family property increased 5.3 percent, from $510 million in 2009 to $537 million in 2010.
Most of the increases in those areas were from new construction and platted lots, not increases in existing commercial, industrial and residential multi-family, Valle said. Without new construction, property tax rolls probably would have declined further, he said.
“I think that will cushion the drops in residential,” Valle said.
Property owners have until June 1 to appeal their appraisals at the district’s office, 21001 N. IH-35 in Kyle. For information, call (512) 268-2522.
The average home value in:
• Hays County decreased about 1.70 percent to $162,724 for 2010.
• Dripping Springs ISD decreased about 2.79 percent to $267,899 for 2010.
• Hays CISD decreased about 2.12 percent to $131,136 for 2010.
• The City of Kyle decreased about 3.67 percent to $127,305 for 2010.
• The City of Buda decreased about 0.6 percent to $158,876 for 2010.
• The City of San Marcos decreased about 0.5 percent to $118,790 for 2010.
• San Marcos CISD decreased about 0.9 percent to $128,779 for 2010.
• Wimberley ISD remained flat at $193,089 for 2010.
