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Travis home values jump 8 percent for 2017


Highlights

Job, population growth continue to drive housing demand.

Deadline to file a protest is May 31.

Home values in Travis County rose nearly 8 percent on average for 2017, reflecting continued strength in Central Texas’ housing market, the Travis Central Appraisal District said Tuesday.

The 7.9 percent increase pushed the average taxable value to $307,997, up from $285,332 last year, Travis County Chief Appraiser Marya Crigler said. The taxable value is the market value of homes, minus exemptions.

Last year, the average taxable home value increased 8.7 percent in Travis County.

Crigler’s office is mailing out appraisal notices this week for 2017. The deadline for filing a protest is May 31, or 30 days after the appraisal district mailed the notice of appraised value, whichever is later.

“The Austin region continues to thrive as it enters its eighth year of positive trends in its real estate and overall economy,” Crigler said in a written statement. “While there has been a slight tempering of the feverish pace that has characterized the past few years, Austin continues to enjoy one of the more vibrant regional economies in the country.”

About 65 percent of residential homesteads will benefit from the homestead cap of a 10 percent increase over last year’s assessed value, Crigler said.

Overall preliminary taxable values in Travis County increased 16 percent over 2016 levels, rising to $180 billion from $155

billion last year, led by a 23 percent increase in commercial values, Crigler said.

Crigler said the Austin area remains among the top cities in job growth and low unemployment (3.2 percent). The region added 31,100 jobs in 2016, a growth rate of 3.3 percent, she said.

“This steady job and population growth remains the primary reason behind the strong demand for housing; however, the supply of housing continues to lag behind this strong demand,” Crigler said.

Property owners who disagree with the market value of their property may file a protest with the Appraisal Review Board. using the form included with the notice of appraised value, the forms available from the Comptroller or appraisal district websites, online (via Efile), or by sending in a written letter of protest.

About 255,000 homeowners will be eligible to file their protest electronically this year. Last year the appraisal district received 118,000 protests.



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