Potter and Randall County tax appraisals are in, some property values have increased
AMARILLO, Texas (KFDA) - Property values are going up for some Potter and Randall County residents who recently received their property tax appraisals.
Elma is one of many residents who last week received her property value notice.
“I was very shocked to hear that the area I moved to is an upper class,” said Elma.
According to her property value notice, she could be paying an extra $1,300 a year in property taxes.
“I think it’s very unfair, specially when you have a single income and you’re retired,” said Elma.
According to the Potter-Randall Appraisal District, residential properties in these counties have seen around a five percent increase in value.
“We’re looking at the sales for each individual neighborhood and using those to reprice our properties,” said Jeffrey Dagley, chief appraiser at Potter-Randall Appraisal District.
While higher home values mean higher property taxes, this is good news for those selling anytime soon.
“The district value that’s coming out is probably less than the actual market value,” said Greg Glenn, broker associate at Coldwell Banker First Equity.
Part of what’s driving the increase includes the demand for houses and historically low inventory.
“Six months of inventory would be a stable market,” said Dagley. “Right now, the latest thing we saw in 2021 were one-point-two, one-point-three months of inventory, you know, the supply is low, is driving the prices up.”
Part of the reason for the high demand on housing is the low interest rates.
“The affordability factor was the biggest key, but I think a lot of people realized ‘I’m going to be spending a lot of time at home, why don’t I make that home all the things I want it to be?,’”said Glenn.
With the cost of building a home continuing to escalate, experts predict it will take some time for inventory to stabilize.
“I don’t think we’re going to see it this year, I think we’re going to continue to have increase cost,” said Glenn.
Homeowners have until May 19 or 30 days after the initial notice to protest and appraise.
The Potter and Randall appraisal district is encouraging homeowners to make sure they have the homestead exemptions they are entitled to.
“That homestead exemption will save you $25,000 off the value for the school portion value and then that goes down your taxes,” said Dagley.
There are also age and disability exemptions.
For more information call the District at (806) 358-1601.
Copyright 2021 KFDA. All rights reserved.