New data, from the McLennan County Appraisal District, show that property values are rapidly increasing in their county.
Local governments have been announcing their property taxes rates based on the new data. In County of McLennan Commissioners approved the no-new-revenue rate for the county at an 8.6 cent increase, the city of Waco released its proposed budget with a 76.48 cents per $100 property tax, which is more than the no-new-revenue rate.
In 2017, it’s estimated that the total property value for the county is about $24 billion, up from about $20.6 billion in 2016. Out of 275 properties worth about 159 million dollars, one hundred and ninety seven still remain under dispute.
Appraiser Joe Don Bobbitt said that this year’s property value jumped as much as last year when it was unusually high.
Higher interest rates may make mortgage payments more expensive and may affect home prices.
As owners protest valuations, the increase was reduced to 24%. This result was from the ever increasing protests that rose to 19,000 according to the McLennan County Appraisal District.
Waco’s city council has proposed a rate at which to assess property tax of 76.48 cents per $100, almost 8.6 cents higher than when they calculate property tax without increasing it.
City of Waco Budget Director Nick Sarpy said property values have increased this year, and the total valuation was approximately $13.4 billion dollars, which represents an increase of 12% from last year’s $12 billion.
Nick Sarpy commented on the past values of 6%~7% and how sharp the increase is now. Waco still has 138 properties that need to be contended with at a value of $97.8 million.