The notices will include additional information on transparency and assist homeowners in understanding their appraisals, it said.
Owners have until May 15 or 30 days after the notice was mailed to protest the appraisal value, it said.
Appraisal data is based on the real estate market and the market value of a home. While the coronavirus pandemic did make for an unusual year, increased demand for homes in the Central Texas market did not slow down, the release said.
This increase in demand for housing has not been met with a sufficient increase in supply of homes available to purchase. The inventory of available homes has steadily declined to an all-time low of less than 1 month of homes available, and limited supply combined with increasing demand has led to price increases across the area. Many homes are selling for drastically more than their initial listing price, it said.
“The market value of each property must increase to reflect the market trends of similar properties and is not bound by any percent change restrictions,” the release said. “However, the assessed value may not increase more than 10% on properties with a homestead exemption on file from the prior year.”
For the first time, the WCAD property valuation notices for most residential homes will include a comparable property sales grid used in the valuation of the home, the release said. This grid will include homes that have recently sold and were used in the valuation of the property owner’s home, it said.
There will also no longer be an estimate of taxes on the notice, as they were previously inherently inaccurate by using the prior year’s tax rates. In August, property owners will receive a postcard directing them to http://williamsonpropertytaxes.org to view a more accurate estimate, the release said. More information on protesting values can be found here.
