SHORT SUPPLY Six months of housing inventory is considered a balanced market. That number is calculated by dividing the number of active listings by the average number of sales per month during the last 12 months.
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Travis County
Central Austin
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Travis County saw a 75% decrease in inventory since 2018. Central Austin saw an 77.27% decrease in inventory since 2018.
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2020 SOURCES: AUSTIN BOARD OF REALTORS, TEXAS A&M TEXAS REAL ESTATE CENTER COMMUNITY IMPACT NEWSPAPER 2021 2019 2018
2022
in annual payments made by the aver- age Austin property owner, despite a 16% increase in property valuations. “Even though property owners will see their market values go up substan- tially, there are numerous protections in place so that they will not feel that complete impact in their taxes,” Cri- gler said. Moving forward Travis County homeowners had until May 16 or 30 days after their valuation was mailed to protest their home values. By early fall, municipal- ities will begin setting their tax rates. In 2021, the city of Austin unveiled a preliminary budget in July and a nal budget in August. In October, homeowners will receive their tax bills, which are due by January. Long term, however, experts said 10% increases in the taxable value of a property add up. “If you do a tax increase of 10% “WE ARE AT A POINT NOW WHERE WE ARE NOT MEASURING HOUSING SUPPLY IN TERMS OF MONTHS; WE’RE NOT MEASURING IT IN TERMS OF WEEKS; WE’RE MEASURING IT IN TERMS OF DAYS." MARYA CRIGLER, TRAVIS CENTRAL APPRAISAL DISTRICT CHIEF APPRAISER NORTH CENTRAL AUSTIN EDITION • MAY 2022
every year for ve years ... the taxes that [someone is] going to pay this year are going to be signi cantly higher than maybe ve or especially 10 years ago,” said Austin Realtor Drew Gri n said. “It could poten- tially impact a ordability in the near future for a lot of people.” ABoR President Cord Shi et said tax rates and potential property tax bill payments are something buyers are taking into account when deciding where and whether they are able to purchase a home. “Added expenses of property taxes can price someone out of an area,” Shi et said in an email. For Jowlabar, the process will look much the same. Even if he protested the value of his home, he said any small change the county might con- cede will no way compare to a home- stead exemption cap. “Realistically, the [Travis Central Appraisal District] is not going to give you a reduction equal to a 10% cap out of the goodness of their heart,” Jowlabar said. He said he has been reaching out to his representatives and local o cials, but he has mixed feelings on the like- lihood for any relief for homeowners such as himself. “Part of me is optimistic and part of me feels like we are just going to have to eat it,” Jowlabar said. “If you bought in 2021, you feel screwed. You feel like the system forgot you.”
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