While home sales and average home prices are falling all around the country and throughout Texas — here in Austin, average home prices are still climbing.
Across the country, the median price of a home sold in March dropped by 13.3 percent compared to March 2007, the biggest year-over-year price decline since a 14.6 percent plunge in July 1970.
Reading the Austin American-Statesman today, though, I find out that I need to brace myself for another double-digit increase in my property tax appraisal. Which means, once again, higher property taxes.
Here’s a look at the school districts around Austin, and how much our new tax appraisals are supposed to rise this year:
Guess which district I live in? Yep — Eanes. Where the avg. appraised value is increasing from $602,280 to $695,755.
According to the Chief Appraiser, Patrick Brown, values are increasing because of Central Texas’ strong job and population growth last year. Which looks to be continuing this year, too.
State law dos caps the rate at which most homes can increase in taxable value to no more than 10 percent annually. We’ve been re-appraised by that full 10% every year we’ve been in our house (8 years). And have no doubt we’ll see the 10% appraisal increase again this year.
This would be great news if we were selling our home and could cash in on it’s increased value. But we’re not. So, we’ll just be stuck paying ever increasing property tax, even in the midst of this booming mortgage and home sales crisis.
Why not raise up as a group and protest? Mine went up 3% and I was mad. Time to quit taking it buddy.
Left by dianne on April 24th, 2008 at 3:04 pm