Texas A&M real estate expert explains local home values, school taxes

PHOTO: House under construction, Photo Date: 5/2/2018 (Source: Pixabay)
PHOTO: House under construction, Photo Date: 5/2/2018 (Source: Pixabay)(KMVT)
Published: Jan. 24, 2020 at 11:39 AM CST
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Property taxes continue to be a hot topic in our state and the B/CS region.

Earlier this week, the Bryan ISD approved calling a $175 million bond election.

The tax rate is expected to go up less than one cent.

KBTX talked to a local real estate expert about the state of property taxes and why local governments and school districts have needed to raise the tax rate despite a higher tax base.

Jim Gaines with the Texas A&M Real Estate Center says all the growth in our area comes with new costs and needs for things like new schools.

He's not surprised to see these types of elections be called.

"It’s a complicated process and it’s one of those kinds of things a lot of people complain about it. Everybody is arguing my property taxes are too high," said Jim Gaines, Ph.D., Chief Economist at the Texas A&M Real Estate Center.

"We all, in general, don't like high taxes. That's sort of a given. It is one of the prices that we pay here in Texas for not having an income tax which of course is a very good thing from most of our standpoints. So yeah we have to fund these things and so we do it through property tax and sales tax," he said.

Dr. Gaines also said fast growth and job growth in our area are also driving up property values. He said appraisal districts have a tough job assessing values, but he believes they are doing that process as fairly as possible.

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