House Bill 2 would tighten up the cap on yearly assessments. Senate Bill 3 would raise the state’s homestead exemption — the amount of a home’s value that can’t be taxed by school districts.
, walked through possible explanations for steep increases along with a growing market. His company helps residents protest assessments. Numbers, for example, show that the county added over 5,000 new homes and more than 20 new commercial buildings, adding more than $2 billion in taxable value in 2023.
"In Hays County, the average residential property market value went up 29% from January 1, 2022, to January 1, 2023. In Travis, the average went up 19%. In Williamson, it went down 8%. So totally depends on the market," said Pace. "Theis to value all real estate as of January 1 of that year at their fair market value - so the value at which they could sell on the open market."
But Cafferata said from what he’s seen, assessed values and home market values listed on real estate websites are not comparable. "We've seen housing prices go back down to where they were because 2020 and 2021 saw massive jumps in the price of homes. Once we get into 2022 and now 2023, it's leveled off, cooled off a bit," said Cafferata. "But we're not seeing that, the county just kept that roller coaster going up in that direction for their assessments, which is why it's imperative that every single property owner in the state of Texas protest their taxes this year.
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