Increased property values impact property owners in the Brazos Valley
BRYAN, Texas (KBTX) - It’s almost time for property owners to get their estimated values for the year. There have been record highs in values for many counties across the state, including right here in the Brazos Valley.
Realtor and broker Morgan Mangan says although the value of the property is higher, this may not be a good thing for everyone. “That value directly affects what you pay in property taxes every year, so the higher that value, the higher your property taxes that you pay are going to be. So what a lot of people will do is protest that value,” says Mangan.
Realtor Megan Bock says the bottom line can also be affected for some homeowners. Many factors out of their control can raise the price of their homes. “Each year homeowners are having to reassess if insurance increases and taxes increase, we’re experiencing inflation, all of that pricing just keeps going up and up for homeowners and we want to make sure that housing is still affordable,” says Bock.
The May 7th special election can give owners some potential relief. Lawmakers are giving voters the choice to raise the homestead exemption from $25,000 to $40,000.
The choice of protesting their property value is also an option for homeowners. Realtors in the Brazos Valley suggest if you are going to protest to come as prepared as possible. “At the end of the day the central appraisal district is reasonable, they’ll work with you when you protest, but you’ve got to come to them with data. That’s what they’re looking for. So I would say hire a professional and don’t wait until the last minute,” says Mangan.
Realtors also say to come with data to present your protesting which includes the appraisal value of homes around you.
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