Texas' explosive growth is increasing home prices and their taxable values. As residents worry about dramatic jumps in property tax bills, officials are grappling with ways to slow property tax growth., our daily newsletter that keeps readers up to speed on the most essential Texas news.
The growth rate of home values in the state’s major metropolitan areas has surged by double digits. In Harris County, the state’s most populous county, residential values have risenIn Bexar County, the median value of a home appreciated nearly 25% to $265,540.And in Travis County, where the state’s housing crunch has been most apparent, the median home value has skyrocketed — climbing more than 50% since last year to $632,208.
But an increase in value doesn’t necessarily guarantee a dramatically larger tax bill, appraisers and property tax experts caution. It’s likely that at least some local governments will have to cut their property tax rates in order to fall in line with recent state laws meant to slow property tax growth. And the state’s top elected officials are already making new promises to bring down Texans’ property tax bills. But recent laws haven’t stopped property tax growth altogether.Property tax collections have risen more than 20% since 2017, according to data from the Texas comptroller’s office. Texans paid an estimated $73.
A house in Bexar county pays the same taxes than one twice as much in Colorado. State income taxes give back bout 75% 🤦🏻♂️
That's why many mayors run on platforms of not raising taxes, they don't have to, when property values go through the roof.
Damn that Abbott!