Big news here in the Austin housing market; the Travis County Appraisal District (TCAD) has informed members of local school districts that they will not be reappraising most residential properties for the year 2020. The decision was made as part of an ongoing dispute between the organization and the Austin Board of Realtors (ABOR). Although residential properties will not be appraised, some property owners will see increases in their property’s taxable value. For example, a homeowner whose taxable value has not increased to market value due to a homestead exemption could see a 10% increase in their taxable value in 2020. For homes with a homestead exemption raising the value of those properties as they catch up to their capped value might result in only a 1-2% in the overall appraisal role for 2020, according to Travis Chief Appraiser Marya Crigler. In recent years tax roles have ranged from 9% to more than 16%.
This temporary freeze in appraisals will help ease the ongoing housing affordability issue in the Austin metro area. However, because Texas doesn’t have a state income tax and public schools are funded through property taxes, school budgets will feel the most impact.
Stay tuned for more information on this as it develops, and other important Austin real estate issues.If you would like to know what your home price would be in the current market, contact us for a free comparative market analysis.