ExploringTheDownturnInEllisCounty’sResidential Properties2024Reassessment
TheMostExpensiveResidencesRoseIn2024
TheEllisAppraisalDistrictreporteda0.4%increaseinassessedvaluesforsingle-familyhomes in Ellis County in 2024. High-end homes, particularly those valued between $1 million and $1.5 million,sawasubstantialincreaseof6.2%,whilehomespricedhigherthan$1.5millionsawan evengreaterincreaseof10.1%.Incontrast,smallerandmid-sizehousesexperiencedminimalto nopercentageincreases.
Larger homes in Ellis County, exceeding 8,000 square feet, saw a notable increase of 16%. Conversely,smallerhomesbetween2,000and3,999squarefeetexperiencedaslightdeclineof 0.1%,whilethoseunder2,000squarefeetsawamodest0.1%rise.
DallasMetroSingleFamilyValuesAreHigherThanEllisCountyAssessments
TheDallasMetroTexAssociationofRealtorsreportsthatduringJanuary2023toJanuary2024, assessed property values in the Dallas Metro area increased by 1.9%. By comparison, Ellis
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Appraisal District reports from 2024 reassessments showed only a 0.4% rise in Ellis County r
GrowthRatesinPropertyAssessmentsforSingle-FamilyHomesbyYearBuilt
Propertiesbuiltbetween1961and1980and1981and2000eachexperienced a1.3%and1.9% dropinassessedvaluesduringtheEllisAppraisalDistrict’s2024PropertyTaxReassessments.
In contrast, properties categorized as “Others,” without specific construction years, saw the largest percentage increase in assessments compared to those with recorded build years. The assessedvalueofthiscategorysurgedby32%,risingfrom$33millionto$44million.
The comparison between 2023 home sales prices and their 2024 property tax reassessment values in Ellis County reveals notable results. Out of 3,195 accounts assessed, 44% (1,400 accounts) were valued higher than their 2023 sale prices, while 56% (1,795 accounts) were valuedatorbelow
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ExploringtheDownturninEllis County’sResidentialProperties2024 Reassessment
EllisAppraisalDistrict’s2024PropertyTaxReassessmentAnalysis
With amarginal recorded growthin the Dallas metropolitan area, residential property owners in Ellis County are facing only a modest increase in property values. In private discussions, some homeowners have acknowledged recent declines in their property values. The rise in interest rates,whichincreasedfrom1.71%inJanuary2022to4.05%inJanuary2024,islikelyaprimary contributing factor This issue has been further compounded by consistent revenue patterns andongoingincreasesincasualtyinsuranceandotheroperationalexpenses.
MaximizePotentialSavingsThroughAnnualPropertyValueReassessments
Texas homeowners, especially Ellis County residents, have a right to dispute their assessed value. Residential and commercial property owners may offer evidence throughout the appeal processtosupporttheirconcernsthattheassessmentwastoohigh.It’sbettertoappealorhire a property tax consultant as many protests are successful. O’Connor has over 50 years of expertise representing residential and commercial property owners in legal matters. O’Connor has the resources to meet their main goal of improving property owners’ quality of life by decreasingtaxesatafairrate.
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By:PatrickO'Connor|Postedon07/22/2024with0comments
