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This year’s release of valuations from the Bastrop Central Appraisal District indicated the median appraisal values for residential properties are stabilizing.
The gist
Chief Appraiser Faun Cullens of the Bastrop County Central Appraisal District said the market is likely slowing down due to rising mortgage rates over the past few years, and a higher supply of homes for sale.
The breakdown
The median value of residential homes in Bastrop County for 2024 is $349,278, a .5% increase from 2023—considerably lower than the 5.5% difference from 2022 to 2023.
According to a news release from the Travis Central Appraisal District, market values don’t directly result in a change in property tax bills. 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 can challenge their appraisal valuations annually by filing a protest with their county’s appraisal district, the deadline for which was May 15—or 30 days after the homeowner receives the notice of appraised value, Cullen said.
A total of 43,014 properties were classified as residential this year; however, not everyone was sent an NOAV, which is generally mailed around April 1.
“Properties that did not increase in value by more than $1,000 will not receive one,” Cullens explained.
A total of 4,499 residential protests were filed in Bastrop County this year.
Learn more
The 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 are stabilizing, residents with a qualified homestead exemption can expect to continue to see an annual increase of 10% to their property’s assessed value, Cullens said, explaining that the rise will continue until the market value and the taxable value align, per state tax code.
As of 2024, the total market value for Bastrop County is roughly $25 billion, while the total assessed value is set at approximately $18 billion, Sullens said.
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.
