Home values up 10%

Staff report

 

Appraised values are on the rise once again in Hays County as property owners feel the ramifications of rapid growth. 

Hays County’s overall preliminary market value in 2016 increased by 12.79 percent from 2015, according to a press release from the Hays County Central Appraisal District (CAD),

The county’s preliminary market value is estimated at $21.69 billion for this year, which was an increase from $19.23 billion in 2015. 

Over 2,200 homes and 76 new commercial buildings were added to the appraisal rolls, according to the CAD. Total new improvements added more than $770 million to the taxable value in 2016.

David Valle, Hays CAD chief appraiser, said in an emailed response he doesn’t anticipate overall market value increases “slowing down any time soon,” based on what the CAD has seen.

He added the preliminary numbers also didn’t show much of an impact from the Memorial Day and Halloween Floods that hit most of Hays County in 2015.

The floods, however, led to the delay of the release of preliminary values by one month, as the CAD worked to finish appraisals on flood damaged property.

Valle said the CAD will have a better idea of how the floods impacted overall market values once protests are completed and final numbers are certified in late July.

Valle  didn’t believe the increases in overall market values would curb population and development growth in the county.

“The Austin market in my opinion continues to be a strong influence in the Hays County market,” Valle said in his emailed response. “Buyers are looking to surrounding areas like Hays County as being more affordable than Austin. So I personally don’t think it will curb people from moving to Hays County.”

Across the county, the average market value for homes increased by 9.27 percent. Last year saw the average market value rise by 12.4 percent.

Valle said the CAD wouldn’t know the final percent increase amount until they finalize data. Hays County’s 9.27 percent increase, however, is similar to Travis and Williamson Counties’ home value increase. Travis County home values rose by 9 percent in 2016, while Willamson’s increased by 9.5 percent.

Valle said it “wasn’t surprising” to see the home value increase drop from last year.

Hays County will mail 86,300 appraisal notices on June 6. Property owners who wish to protest their appraised values have until July 6 to file.

Last year the Hays CAD received 10,586 protests.

Residential multi-family property saw the largest increase as values went up by 28.21 percent from 2015. Residential multi-family property went from $1.17 billion to $1.50 billion. 

According to the county, the increase was due to new construction, completion of new apartment projects and a “strong demand for multi-family housing.”

Meanwhile, commercial and industrial property rose in value by 14.13 percent from last year, from $1.17 to $1.50 billion.

 

Filing a protest? Here’s how.

Property owners can file a protest at the Hays Central Appraisal District office, located at 21001 N. IH 35, Kyle, Texas 78640.

They can also call (512) 268-2522 or visit the Hays CAD’s website at www.hayscad.com.

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