WICHITA FALLS (KFDX/KJTL) — An improving housing market and zero interest rates are just two of the reasons why many Wichita County homeowners should brace for higher property values.
The Appraisal District will begin mailing out appraisals on April 15th.
When it comes to appraisal letters, wichita falls homeowner Jared Linton said he tries not to take them personally.
“When it happens to you it feels personal, but truly it isn’t anything personal. It’s just happening, ya know. We aren’t some anomaly in Wichita Falls,” Linton said.
Which is why he said he won’t be shocked to see the value of his home go up again this year.
“The Appraisal District has to keep the tax rates or the appraisals on par with the market value of the homes and with real estate continuing to skyrocket, it makes sense that appraisals would continue to go up too,” Linton said.,
Wichita County Chief Appraiser Lisa Stephens-Musick hopes homeowners take that into consideration when they receive their appraisal letters.
“We are seeing properties sell for well over asking prices, so again we are tasked at appraising properties at market value, so people are going to see some significant increases in the value of their properties,” Stephens-Musick said.
But in addition to valuing each property, Stephens-Musick said appraisers play an important role in how schools are funded.
“The school district can be penalized because an appraisal district isn’t doing their job. Which means they won’t get as much state funding as they are entitled to. And we aren’t talking a small penalty. It’s millions of dollars they could lose if we aren’t doing our job,” Stephens-Musick said.
It’s why Linton said he’s prepared for his letter this year.
“I’ve noticed it goes up every year, but not necessarily a surprise, i moved here from the austin market where things really went up,” Linton said.
Stephens-Musick said if you have a homestead exemption on your property, its taxable value can only go up 10%.