However, the median market value for a residential homestead in Travis County is still up 46%, or $163,841, since pre-pandemic levels in 2019.
Beginning April 9, more than 488,000 Travis County property owners received their appraisal notices by mail. The notices include the market value assigned to a property as of Jan. 1, as well as the taxable value of that property based on its exemptions.
“Property owners can review their 2025 values on our website and should expect to receive their notices of appraised value over the next few weeks. This is the perfect time to review your property’s information, verify your exemptions and learn more about the protest process,” Chief Appraiser Leana Mann said in a statement.
According to this year’s values, the 2025 median market value for a residential homestead property in Travis County is $519,677 and the median taxable value is $401,879.
The overall Travis County appraisal roll totals $482 billion, a roughly 4% increase from last year.
What you need to know
Market values don’t directly result in a change in property tax bills, according to a news release from the appraisal district.
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 is May 15.
A total of 186,206 individual protests were filed in Travis County last year.
Each appraisal district reviews filings and evidence submitted, and will then typically issue a settlement. If a settlement is not accepted, a formal hearing will be scheduled.
Looking ahead
The Federal Reserve Board began raising interest rates in March 2022 in order to bring down high inflation. The housing market was quickly impacted, according to local housing experts.
Mortgage rates shot up to levels not seen in decades, while home prices remained high due to strong demand and limited supply.
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, tax expert Alvin Lankford said.
He explained that the increase will continue until the market value and the taxable value align, per state tax code.
Additionally, recent months real estate data from Unlock MSL indicates that both new listings and active listings in Central Texas are up from this same time last year, at 9.5% and 18.8%, respectively.
Clare Knapp, a local housing economist with the Austin Board of Realtors, said during the last quarter of 2024 that interest rates were expected to remain flat.
“I don’t think that we’re going to see any significant movements in rates, especially over this year or even moving into 2025,” she said.
For those interested in additional local property tax information, click here.
Find additional information on the tax protest process here.
