Southwest Austin | Dripping Springs - May 2022

SHORT SUPPLY Six months of housing inventory is considered a balanced market, according to some experts. 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

Hays County

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Travis County saw a 62.49% decrease in inventory since 2020. Hays County saw a 66.67% decrease in inventory since 2020.

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showers, birthdays, corporate retreats, + more.

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We provide patient-focused care aimed at reducing your pain and helping you to lead a healthy and active life.

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2020 SOURCES: AUSTIN BOARD OF REALTORS, TEXAS A&M TEXAS REAL ESTATE CENTER/ COMMUNITY IMPACT NEWSPAPER 2021

2022

Advanced Medical Imaging Back and Neck Injuries • Hip Replacement Knee Replacement Foot and Ankle Pediatric Orthopedics Shoulder Surgery and more!

Property values are only one fac- tor in the tax formula. The other is property tax rates, which are set by taxing entities, including school dis- tricts, cities and counties, during their annual budgeting process. A 2019 Texas law capped the rev- enue counties and cities can make from property tax increases to 3.5% on existing properties without need- ing voter approval, according to the Texas Association of Counties. A 2.5% cap was also implemented for school districts. For many homeowners, Perdue said they will see a much smaller increase in their tax bill than they did in their taxable value between homestead exemptions and municipalities reduc- ing their tax rates. “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 and Hays County resi- dents until May 18, or 30 days after valuations were mailed out, to pro- test their home values. By early fall, municipalities will begin setting their tax rates. In 2021, the city of Austin unveiled a preliminary budget in July and a final budget in August. The city’s general fund came with a 3.5% property tax revenue increase, which the city said translated to around an 0.6% increase in annual

payments made by the average Aus- tin property owner based on taxes and other rates and fees. In October, Hays and Travis County homeowners will receive their tax bills, which are due in January. Long term, however, experts said 10% increases in the taxable value of a property add up. ABoR President Cord Shiflet said tax rates and potential property tax bill payments are something buyers are taking into account when decid- ing where and whether they are able to purchase a home. “Added expenses of property taxes can price someone out of an area,” Shiflet 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 not compare to a value cap. “Realistically, the [Travis Central Appraisal District] is not going to give you a reduction equal to a 10% of your cap out of the goodness of their heart,” Jowlabar said. He has been reaching out to his rep- resentatives and local officials, but he has mixed feelings on the likelihood 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.”

SCHEDULE AN APPOINTMENT 512-246-4488 | WWW.OACTDOCS.COM

4310 JAMES CASEY STREET SUITE 3-C. AUSTIN, TX 78745

5625 EIGER ROAD SUITE 175 AUSTIN, TX 78735

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SOUTHWEST AUSTIN - DRIPPING SPRINGS EDITION • MAY 2022

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