Property Values up 13% in Travis County
The Austin Business Journal reported today that the total value of property for Travis County rose by over 13 percent in the last year, primarily fueled by new construction activity and the very high level of interest by buyers in the Austin market.
Total taxable value for properties in Travis is currently at $84.9 billion which is up from $74.8 billion in 2006, according to TCAD, the Travis Central Appraisal District. The appraisal district recently completed its certified tax roll out went copies to the roughly 70 county taxing districts, from school districts to municipalities. Over the next couple of months the districts will adopt tax rates and bills will (not so) magically show up in the mailboxes of property owners.
The extraordinary amount of new construction accounts for around $3.3 billion of the $10 billion added to the tax roll according to Art Cory, Travis County Chief Appraiser.
"New construction is at a high level right now, but values are increasing as well because of the high sales prices in the market transactions we're seeing," says Cory. "Buyer interest in the area is still very high. Even though we're seeing some slow down in other parts of the country, we just aren't seeing that here."
The higher total property assessment will mean more tax revenue for the cities, school districts, utility districts and other taxing entities in the county. However (no surprise) a high number of property owners who received their initial assessments earlier this year are questioning the increase. Cory says there are several cases outstanding, which is not unusual. The appraisal district certifies supplements periodically as individual cases are resolved.