North Texas property values on the rise yet again
FORT WORTH (CBSDFW.COM) - North Texas property values have skyrocketed since the pandemic started, leaving residents on edge to see what appraisal evaluations are when they arrive in the mail this year.
Not all the evaluation notices are out just yet, but experts said to be prepared to pay more whether you already own a home or are in the market for one.
"We've never had an increase quite like this. Many homeowners are going to be pretty surprised when they get their tax bill," broker and owner of Tanika Donnell Realty, Tanika Donnell said.
"It's frustrating just the little, short while I've been looking. So many times that we decided, 'Oh well maybe we just ought to stay where we are,'" said Kathy Lewis, who's looking for a new home.
Texas A&M's Texas Real Estate Research Center found that the annual average price for a home in North Texas has increased since 2018. "The prices are up there," Lewis said.
"It's historic. I have never seen increases like this," senior property tax consultant Will Wiggins said. "Twenty-percent, year over year, is a heck of a return no matter what type of investment you're making."
Wiggins owns North Texas Property Taxes. He said inflation is one reason for the increase in property values, but simple supply and demand factor in as well.
"They had reported a 23% in 2021, and we've already seen some values come out in Collin County. Not everyone has released their values yet, but for our clients alone we've seen an average of 21%," Wiggins said.
Experts said things will likely get better with time, but it might not be as soon as prospective buyers want.
"There's an ebb and flow and a rise and fall to everything and we're just seeing the hot market right now," Wiggins said.
"I don't expect for the market to do a huge dip at all," Donnell said. "I think it will continue to be very robust and so you almost have to do Double Dutch; you got to jump in when you can and don't be afraid."
Those appraisal numbers will be sent out to homeowners beginning this weekend in Denton, Collin and Dallas Counties, according to their appraisal offices.
Homeowners have the right to argue against any increase if they choose.