Appraised property values in Dallas County rise 7 percent, the highest growth since the recession

May 16, 2014 – by Matthew Watkins, the Dallas Morning News

Local governments in Dallas County are poised to receive a big financial boost after appraised property values grew at their highest rate since the recession.

Overall taxable values are up about 7 percent, according to preliminary numbers released by the Dallas Central Appraisal District on Friday. Last year, which was also considered a solid growth year, the values rose 4.3 percent.

“The economy is better, people are paying more for their homes, people paying more for real estate in the commercial realm,” said Cheryl Jordan, a spokeswoman for the appraisal district. “It is a good thing that the economy is up. We are just trying to reflect what is happening in that market.”

But good news for local governments can mean frustration for homeowners, who might see an increase in their property tax bills due to higher appraised values. Despite that, Jordan said the district has not seen a significant increase in people challenging their property values so far.

“I think we were probably expecting more,” she said. “I think people are realizing that the values we have are the real values and they are accepting of that.”

Individual property appraisals were mailed late last month. Homeowners and commercial property owners have until June 2 to file a formal protest of their values. The deadline for businesses to protest personal property appraisals is June 12.

The county’s biggest governmental entities all experienced substantial growth. The city of Dallas and Dallas ISD both grew 7.4 percent. Irving grew 5.6 percent. Only two cities saw negative growth. Combine had its preliminary appraisals drop by about 2.3 percent. Ferris’ taxable values dipped 12.3 percent. Both of those cities are only partially in the Dallas County, and their land outside the county border is not counted in Dallas County’s preliminary numbers.

Commercial properties led the growth with values rising 9.5 percent. The taxable value of residential homes jumped 5.6 percent.

The grand total of preliminary taxable value in Dallas County is $182.4 billion. That number is sure to decrease over the coming months as property owners protest their values. Last year, the countywide value on the tax rolls dipped 3.7 percent during the protest process.

Final tax rolls are expected to be made public in July.  (Read original article here)

 

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This entry was posted in 2014, Dallas- Fort Worth, Market trends, Taxes and tagged . Bookmark the permalink.

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