WILLIAMSON COUNTY, Texas — The market values of homes in Williamson County are expected to see the highest increase ever this year, according to a report by KVUE's news partners at the Austin American-Statesman.
Alvin Lankford, the chief appraiser for the Williamson Central Appraisal District, told the Statesman some properties will see increases over 50%, which is far higher than the previous record of percentage increase of 18% set last year.
However, the assessed value of homes with homestead exemptions won't rise more than 10% per year because of state law.
The appraisal district sets two values on homes in the county: the market value and assessed value. The market value is dictated by market conditions, while the assessed value is the value used to calculate property tax bills. Because the market value depends on market conditions, it can rise dramatically.
That's what's happening in Williamson County, Lankford said. According to the report, the rise in value is due to the demand for homes that is outpacing the available supply.
Appraisal notices will be mailed on March 31 and should be received by most property owners the first week of April, per the report.
According to the report, the median value of a home in Williamson County jumped by 32.7% in February to $479,000 when compared to February 2021. The causes, according to Eldon Rude with 360 Real Estate Analytics, are low interest rates, the flexibility of working from home and the influx of tech workers.
To read the full report, visit the Austin American-Statesman website.
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