WCAD Chief Appraiser Alvin Lankford presented a property value update to the Commissioners Court on May 19. The values are as of Jan. 1, before a confirmed case of coronavirus in the United States and any economic impact, he said.
The numbers Lankford presented have not been certified but are estimates made by WCAD from appraised home values. Property owners can still protest values which can impact the final numbers, Lankford said.
Data also showed a $5.57 billion increase in total market value in the county in 2020 from $84.84 billion to $90.41 billion. The greatest growth in dollar amount was in residential property with $3.14 billion in growth from $49.74 billion to $52.88 billion, data shows. Lankford said the county saw an about 8,600 new homes year over year, a record high.
The greatest growth rate was in multifamily housing.
“You see a lot of people moving out of Travis County for the lack of affordability and moving to Williamson County and the surrounding counties for a more affordable home,” Lankford said.
The data also showed a 12.66% increase in multifamily housing value and about a 10.15% increase in commercial value, Lankford said. He said much of the commercial property being built is office condos, which allow new small businesses to start up.
The residential market value of homes on less than 20 acres, which Lankford said is a majority as large-acre residential properties are becoming more scarce, was $3.09 billion, he said.
However, the median residential home value has remained relatively the same, increasing $106 from $273,882 to $273,988 year over year, he said.
Lankford said values are usually certified by July 25; however, with the coronavirus and a change in how his office operates to accommodate social distancing guidelines, it will not be done in time. Instead, WCAD is planning to offer 95% of certified values in July with the remainder estimated, he said.
Homeowners can still protest property values. Protests can be made in person, but WCAD is also working on ways protests can be conducted online, Lankford said.