Many Montgomery County homeowners may see a significant increase in their appraised property values this month. The increases are due, in part, to the rising cost of real estate in the area, said Mark Castleschouldt, chief appraiser for the Montgomery County Appraisal District.
In Montgomery County, appraised property values have increased by an average of 12.5 percent in 2015 over 2014 valuations, Castleschouldt said. Based on average home prices in the Magnolia area, some homeowners could see a property value increase of anywhere from $56,000 to $68,000.
"We have experienced, in the last several years, double digit [property tax] increases [throughout the area]," Castleschouldt said. "Harris County has gone up 15 percent, and Fort Bend [County] has gone up 14 to 16 percent. It just depends on if the [housing] market is really good in a particular area and if it is escalating. Believe me, that type of increase is not seen throughout the state of Texas, but is probably seen more in the metropolitan areas where the real estate market is extremely hot."
The appraisal district monitors trends in the real estate market for residential properties to identify the selling price of homes in the area, and those numbers are used to determine property values. Using this method, properties are grouped by neighborhood and type to keep values uniform throughout the area.
