REAL ESTATE Counties see appraisal increases BY ASIA ARMOUR & SHAWN ARRAJJ
Both counties saw appraisal values
climb significantly in 2021. APPRAISAL FIGURES
significantly. “Value increases this year have been unprecedented,” Altinger said in a statement. “In my almost 40 years in the real estate business, I have never, ever seen such large increases in market values.” In 2021, residential properties in Harris County rose by around 9%, according to the HCAD. The median sales price of single-family homes in the county was $300,000 in 2021, a 15.4% increase over 2020, according to the Houston Association of Realtors. As market values continue to increase, Weiss said, so will the tax burden on homeowners—who on average will see those values go up 28% in Fort Bend County. Data collected by the FBCAD showed in 2021, Fort Bend County had a $76.5 billion market value in residen- tial properties. That has increased by 31%—or about $25 billion—in 2022. Weiss called the market value increase from 2021-22 “irrational” compared to previous years.
Market trends show the appraised value of residential properties in Fort Bend County increasing rapidly with record lows in property inventory and interest rates, according to Jordan Weiss, chief appraiser for the Fort Bend Central Appraisal District. Similarly, residential property values in Harris County are expected to rise by 15%-30% this spring, according to the Harris County Appraisal District. For more than 95% of residential properties, the increase will be higher than 20%, Harris County Chief Appraiser Roland Altinger said. Harris County homes in all price ranges saw value increases of 21% this year. Weiss pointed out the price of starter homes has also increased significantly. “The idea of the $150,000 or $175,000 starter home continues to evaporate,” he said. “A starter home is now $250,000, if you’re lucky, but in many cases it’s closer to $300,000.” Similarly, Altinger also said the Harris County market has evolved
Fort Bend County
Harris County
rise in cost among residential properties in Harris County in 2021 8%-10% of residential properties will see an average increase of more than 20% 95% was the median sales price of single-family homes in Harris County in 2021, a 15.4% increase from 2020 $300K
of all property value across the county is in residential properties 76% exemption applications filed in the first quarter of 2022, which is about what they receive in an average year 9,000
$76.5 billion residential property market value in 2021 increased to $100.5 billion in 2022
31%
SOURCES: HARRIS COUNTY APPRAISAL DISTRICT, FORT BEND CENTRAL APPRAISAL DISTRICT, HOUSTON ASSOCIATION OF REALTORS/COMMUNITY IMPACT NEWSPAPER
“Historically, the data ... regarding homesteads is that in any given year, about 23,000-25,000 homes end up hitting their homestead cap, meaning their market value has increased by more than $10,000,” he said. “County- wide, that data this year is 169,000 [homes], meaning that the market has gone, quite frankly, irrational.” Weiss identified several factors
that are driving the high values: low interest rates that are now increas- ing, inflated construction costs, economic stimulus from the federal government, continued demand for better work-from-home amenities, historically low supplies, out-of-area relocations, and corporate buying. Property owners in both counties had until May 16 to protest the appraisal.
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