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Taxable values rose despite cooling market Property appraisals for 2024 have been mailed out, and despite Georgetown’s cooling real estate market, homes’ taxable values still increased, Alvin Lankford, chief appraiser for the Williamson County Appraisal District, said. This is because the assessed values are still trying to catch up to the dramatic increases in market value experienced in 2022, Lankford said. Diving in deeper The median home value in Georgetown dropped from $398,211 in 2023 to $384,248 in 2024, WCAD data shows. In an April 23 presentation to Georgetown City Council, Lankford explained why market value decreases do not always translate to decreased taxable values. In 2022, the real estate market saw a dramatic increase in market values statewide, Lankford said. The total market value for 2022, including
Partnership increases access to medical aids The Williamson County Commissioners Court approved a memorandum of under- standing April 30 between AGE of Central Texas and HELP Lending Closet Partner—a Williamson County EMS initiative—in an effort to provide durable medical equip- ment, or DME, for those who need it in the community. The overview The program will increase access to a variety of items, including: • Wheelchairs and transport chairs • Walkers, canes and crutches • Shower chairs and stools Many of these items can cost hundreds of dollars with insurance and even more for those without insurance.
Terms to know • Market value: The value at which a property would be sold in an open market • Appraised value: Meant to reflect the market value as of Jan. 1 each year • Taxable value: This is the portion of the appraised value that will actually be taxed • Homestead exemption: This caps the amount the taxable value can increase each year to 10%
SOURCE: WILLIAMSON COUNTY APPRAISAL DISTRICT/COMMUNITY IMPACT
commercial and multifamily properties, jumped 47% in Williamson County and 41% in Georgetown from the previous year. However, the homestead exemption caps the amount the taxable value of a homeowner's primary residence can increase at 10%. “When we had those large increases in 2022, many of the properties, in fact, 100% of home- steaded properties hit their cap. ... Still, that left a gap between market value and assessed value,” Lankford said.
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