The jump from 2021-22 in average market value was more than three times the annual percent change since 2013 for properties within Magnolia ISD and 10 percentage points higher than any increase in Tomball ISD over that time. PROPERTY VALUES ON THE RISE $469,594
PROTESTS
Magnolia ISD
Tomball ISD
OVER THE YEARS The number of protests led in Harris County over appraisal values more than doubled from 2015-21, while the number of protests in Montgomery County grew 55.01% in that time.
$442,825
$300,000 $350,000 $400,000 $500,000 $450,000
$227,924
Montgomery County
$206,731
Harris County
+114.65%
$250,000
78,851
169,258
$200,000
0
2013
2014 2015
2016 2017
2018 2019 2020 2021
2022
+55.01%
61,029
39,369
MEDIAN INCOME IN TISD
2015
$93,398
SURPASSING INCOME The rate at which the median income in Tomball and Magnolia ISDs’ boundaries has risen since 2015 has not kept up with the rise in property values during that time.
+12.4%
2020
$104,953
2015
$290,567
AVERAGE MARKET VALUE IN TISD
+13.17%
2020
$328,833
MEDIAN INCOME IN MISD
2015
$68,838
+14.5%
2020
$83,274
24.8% from 2021-22—following a 29% increase overall from 2017-21—and 33.3% within Magnolia ISD boundar- ies, following a total increase of 17.7% from 2017-21, according to data from the appraisal districts. Property values are increasing faster than the median income across Harris and Montgomery counties, leaving people worried their taxes will increase so much they will be forced out of their homes, Bell said. The TISD area’s median income increased 12.4% from 2015-20, accord- ing to American Community Survey ve-year estimates from the U.S. Cen- sus Bureau, while county data shows the average market value of proper- ties in the Harris County portion of TISD rose 13.17% during that time. The MISD area’s median income increased 14.5% from 2015-20, while the average market value increased 25.77% during that time, according to Montgomery County data. As such, some homeowners said they are worried about how high their taxes will be this fall. Jon Matlack, a Magnolia-area resi- dent who lives within TISD’s bound- aries north of Spring Creek, said his home’s valuation increased 45%. He said his school and county taxes
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AVERAGE MARKET VALUE IN MISD
2015
$252,295
+25.77%
As local taxing entities begin bud- get discussions for the upcoming scal year, Tammy McRae, Mont- gomery County’s chief tax asses- sor-collector, said at an April 21 tax workshop she believes lower tax rates are needed to compensate. “When values go high, tax rates need to go down,” McRae said. “You need to pay attention to that because this year more than ever, most tax rates need to be coming down.” Local legislators have pitched solutions to provide further tax- payer relief. “I’ve led a bill in each legislative session that I’ve been in … that would cap all appraised property values at a 5% increase just to protect Texans from what we’re seeing right now,” state Rep. Cecil Bell, R Magnolia, said in an interview. Appraised values rise The increase in appraised values is a result of several factors. Montgom- ery County Chief Appraiser Tony Beli- noski said there is a large demand for homes in Texas but a low inventory of homes to purchase. The appraisers consider market
2020
$317,309
SOURCES: U.S. CENSUS BUREAU 5 YEAR AMERICAN COMMUNITY SURVEY ESTIMATES, MONTGOMERY CENTRAL APPRAISAL DISTRICT, HARRIS COUNTY APPRAISAL DISTRICT COMMUNITY IMPACT NEWSPAPER
transactions from home sales, and since so many homes have been sold above the asking price, this drives the market value up, according to Dick Lavine, senior scal analyst with Every Texan, an Austin-based public policy center. “People really want to move into a new home; they are paying above the asking price in order to get the home. This is contributing to the increase in values,” Barnett said. According to a May 3 news release from the Houston Association of Real- tors, the median price of a single-fam- ily home in the Greater Houston area has increased nearly $80,000 in the last two years. Homeowners can protest appraised values if they feel they are inaccurate and receive an informal hearing with the Appraisal Review Board, which may decide to lower the appraised value. The protest deadline for prop- erty owners was May 15. Despite no guarantee of getting
appraised values reduced, Belinoski said in an email he encourages prop- erty owners to protest, especially if they believe the market value is inac- curate and can provide information to warrant an adjustment. County data shows the number of protests led has increased about 55% in Montgom- ery County and 114% in Harris County from 2015-21. “Most of the time [the ARB and homeowners] come to an agreement,” Belinoski said. Unsustainable increase The year-over-year percent increase in average market value was in the sin- gle digits for ve of the last six years in Harris County and all six years in Montgomery County, according to data from the appraisal districts. As such, Belinoski said he was “shocked” by 2022 appraisal values. Locally, the average market value for properties within Tomball ISD boundaries in Harris County rose
22
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