Home values rising sharply in El Campo

New appraisal values each year are based on the sale prices of similar homes in the area in the previous year. If several homes in a neighborhood sold above their appraised value in the previous calendar year, the value of a home in that same neighborhood is likely to increase.

This year’s proposed changes see all school district properties increasing on average with El Campo ISD properties seeing the largest proposed increase in total appraised value at 26.34 percent over last year, followed distantly by Louise ISD and East Bernard ISD homes on average seeing 10.22 and 10.21 percent increases, respectively followed by Boling ISD homes with a 9.81 percent increase and Wharton ISD homes at the bottom at a 6.17 percent increase.

An El Campo home appraised at $100,000 last year would likely be market valued for around $126,000 this year.

However, for homesteads there is a 10 percent cap on evaluations for taxation purposes, meaning the taxable value can only increase by up to 10 percent in a calendar year. In some instances, both the market value and the assessed value will be shown with the market value being the likely sale price of the home and the assessed value used for taxation.

“Overall the increases this year will be similar to last year,” Wharton Central Appraisal District Chief Appraiser Irene Klein said Thursday. Not all the areas are going to see the same increases in evaluations.

“East Bernard last year was on the lower end and they’re likely going up a little more than last year,” Klein said.

East Bernard homes last year saw the biggest deviation from averages, with homes selling for an average of 30 percent over appraised values last year.

All of these values are still proposals that could be contested and the averages could change as contests are granted.

Home appraisals are used by local taxing entities: cities, school boards, hospital districts and water districts, to determine the total property tax owed. If appraisals increase, and the tax rate stays the same from year to year, the tax burden will be higher overall.

This past year’s increase in overall sales, officials say, is the reason for the adjustments as more representative sales allow the appraisers to create more accurate predictions of home values in an area.

Increases in land value, Klein said, are a driving force behind part of the increased in evaluations this year, as even rural landowners could see an increase this year, although with ag exemptions, the rote taxable value isn’t likely to change much on a lot of those properties.

Keep an eye out as the first round of notices are set to be mailed out today, and with 30 days to protest, homeowners have until June 9 to file their protests. They can be filed in person, on the phone or online at www.whartoncad.net.