Houston Homes See Higher Assessed Values
Houston home values are rising, according to the Harris County Appraisal District. The Houston Business Journal reports that the majority of Harris County homeowners, about 63% of them, will see an increase in assessed values. Notification of the new appraisals have been issued to homeowners.
Homes valued between $80,000 and $250,000 saw the largest assessment increases, ranging between 7% and 8%. Homes valued above $250,000 saw property assessment increases of about 4%. Assessment values increased in all price ranges, though not every home was affected.
It’s important to remember that property tax assessment values are not the same thing as current market value. The valuation or appraisal process, which is performed by the Harris County Appraisal District, helps determine the property taxes assigned to property owners. The actual property taxes are based on rates set by local governments (taxing units) that levy tax bills on the assessed value of the property.
The assessed values are based on the tax assessor’s opinion of home value as of January 1. This means that the home sale trends of 2015 were the primary driver in the new assessments. During 2015, the median sales price of a Harris County home increased 6.5%.
Because the current market value of your home is affected by the most recent sales of similar homes in your neighborhood, your actual market value today could be more, or less, than your tax assessment value. This is why your property tax assessment should not be used as a pricing guide when selling your Houston home. Instead, obtain a comparative market analysis from the KW Energy Corridor Team. This is the most accurate way to find out what your home is worth on the market. It’s free of charge, and there is no obligation to sell your home.
Looking for more information? We’re here to help you! Obtaining the expert advice of the KW Energy Corridor Team is the first step in a successful home sale! We will be happy to provide you with custom strategies for top-dollar offers! We also have a vast network of service professionals to help you prepare your home for the market.
KW Energy Corridor Team
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Houston, TX 77079