The overview
“Values have definitely come down,” Chief Appraiser Alvin Lankford of the Williamson County Central Appraisal District said during an update to commissioners on June 4. “Mainly, [it’s] because the increase in interest rates slowed the market down, but also because builders aren’t constructing as many homes as prior years.”
The median value of residential homes in Williamson County for 2024 is $412,310, a small drop from the $414,869 seen in 2023, but a 12.9% drop from $473,325 in 2022.
According to a news release from the Travis Central Appraisal District, the median market value for residential properties in Travis County in 2024 is $551,419, representing a 12.8% decline since 2022.
Market values don’t directly result in a change in property tax bills, the release said. Instead, these values help decide a property owner’s portion of the total tax levy. The total tax amount is based on the budgets set by local governments, such as cities, counties and school districts.
Homeowners are able to challenge their appraisal valuations annually by filing a protest with their county’s appraisal district, the deadline for which was May 15.
A total of 186,206 individual protests were filed in Travis County and over 82,300 were filed in Williamson County.
Each appraisal district reviews filings and evidence submitted, typically issuing a settlement. If a settlement is not accepted, a formal hearing will be scheduled.
While sales and property values have stabilized since 2022, residents can expect to continue to see an annual increase of 10% to their property’s tax value, Lankford said, explaining that the increase will continue until the market value and the taxable value align, per state tax code.
As of 2024, the total market value for Williamson County is roughly $171 billion, while the total taxable value is set at approximately $133 billion.
What else?
Clare Knapp, local housing economist with the Austin Board of Realtors, also predicts interest rates will remain flat for the rest of the year.
“I don’t think that we’re going to see any significant movements in rates, especially over this year or even moving into 2025. ... If you’re a first-time buyer waiting on the sidelines now, well, you’re missing out on building wealth, too,” Knapp said.
