High-endhomesinBellCountysawanimpressiveincreaseofnearly28%.
The property tax estimates in Bell County saw a surge from $33 billion to $34 billion, representing a remarkable increase of over 4.2% compared to 2023, amounting to more than $1.3 billion. Notably, homes valued above $1.5 million experienced a substantial market value rise of over $227 million, approximately 28%. These patterns indicate significant price hikes for higher-end homes in 2024. Conversely, properties valued between $250,000 to $500,000 experienced the leastgrowth,witha1.9%increase.The2024reviewrevealedthatlower-valuedhomesexperiencedamodestriseintheirmarketworth.
In2024,BellCounty’srealestatemarketsawgrowthacrossdifferentpropertysizes.Biggerproperties,especially,stoodoutwiththeirvaluegoingupalot.Homes over8,000squarefeetincreasedthemost,from$131millionto$165million,abigjumpof25.6%.Meanwhile,homesbetween2,000and3,999squarefeetsawthe leastgrowth,onlygoingupby3.3%.
BellCounty’sPropertyValuesontheRise
In the aftermath of Bell County’s 2024 property tax reassessment, reports from the Tax Appraisal District reveal a significant surge of 22% in home values. However,adifferentpictureemergesintheCentralTexasMetroarea,wheredatafromtheSanAntonioMetroSourceindicatesaminimal0.2%increaseinproperty valuesfromJanuary2023toJanuary2024,drawingfromprevioussalesrecords.
BellCountyPropertiesExperienceVariedIncreases
In2024,anin-depthexaminationofresidentialpropertyvaluesinBellCountyuncoverednotablechanges.Onestrikingdiscoverywasasubstantial19.4%uptickin thevalueofresidentialhomescategorizedas“others.”Surprisingly,thetaxrecordsforthisgrouplackdetailsabouttheirconstructionyears.Incontrast,properties built from 1981 to 2000 experienced the smallest increase in value, at a mere 2.4%. Overall, property values have been steadily increasing at an average annual rateof4.2%acrossallconstructionyears.
TheTaxAppraisalDistrictofBellCountytookacloselookat3,567residentialaccountsin2024,whichrepresented58%ofthetotal.Theyfoundthatmostofthese assessmentswereaccurateorslightlyoverestimated,while2,611accounts,makingup42%ofthetotal,weredeemedovervalued.Thisstudyaimstoexplorethe
accuracyofpropertyassessmentsbycomparingthe2023salespricestothe2024propertytaxreassessmentvaluesofresidentialproperties.
Summaryofthe2024PropertyTaxReassessmentConductedbytheTaxAppraisalDistrictofBellCounty
Residential property values in Bell County are on the rise during this reassessment, surpassing the growth rates seen in the Central Texas Metro area. While residential real estate has been profitable overall, the industry has encountered a variety of conditions, with some areas experiencing growth while others see declines.Asignificantnumberofhomeownershaveobservedadecreaseinthevalueoftheirresidentialpropertiesrecently,partlyduetotheriseininterestrates from1.71%inJanuary2022to4.05%inJanuary2024.Consistentrevenuepatternsandongoingincreasesincasualtyinsuranceandotheroperationalexpenses alsocontributetothissituation.
ChallengeTheAssessedValueofYourPropertyAnnually
PropertyownersinTexas,especiallythoseinBellCounty,havetherightandareencouragedtochallengetheassessedvalueoftheirproperty Whetherresidential orcommercial,ownerscanprovideinformationduringtheappealprocesstodisputeanassessmenttheybelieveistoohigh.It’shighlyrecommendedthatowners considerfilinganappealorseekinghelpfromapropertytaxconsultingservice,asmanyprotestsresultinfavorableoutcomes.Withoverfiftyyearsofexperience, O’Connorexcelsinadvocatingforpropertyowners’rights.Moreover,O’Connoriscommittedtoefficientlyreducingtaxesforpropertyownersatareasonablecost, leveragingtheirampleresourcesforthispurpose.
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By:PatrickO'Connor|Postedon06/25/2024with0comments
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