Harris County homes that sustained damage during Hurricane Harvey could see up to a 21% increase in appraised value this year.
A new landing page posted on the Harris County Appraisal District website May 29 states that homes that received a lower appraisal in 2018 due to Harvey-related damage will now be appraised based on their 2017 appraised value plus their 2019 appraised value.
State tax code does not allow the appraised value of a home to increase more than 10% per year.
But when it comes to appraising a previously flood-damaged home, HCAD can add 10% per year to the pre-flood, 2017 value, resulting in an up to 21% increase in the 2019 appraised value, according to an HCAD spokesperson.
A $300,000 home in 2017 that was appraised at $150,000 after Hurricane Harvey could now have an appraised value of up to $363,000 by factoring in two year’s worth of 10% increases above the 2017 value, according to an example on the HCAD website.