What Tarrant County homeowners should expect from this year’s property tax appraisals
Tarrant County homeowners hoping for property tax relief as the housing market cools and prices drop are likely to be disappointed.
Residential property values are expected to jump again this year, Tarrant Appraisal District Chief Appraiser Jeff Law said Friday at the TAD board’s February meeting.
Homeowners can expect a 10% to 20% increase, he said.
“What we’re seeing is that sales have slowed. The actual number of sales is low, but it doesn’t appear that prices have dropped that much,” Law said.
Appraisal values that will be mailed this spring reflect value changes between Jan. 1, 2022 and Jan. 1, 2023. Between December 2021 and December 2022, the median home value in Tarrant County rose from $330,000 to $350,000, an increase of 6.1%, according to the Greater Fort Worth Association of Realtors.
Commercial property values likely won’t see the same surge, Law said.
Apartment buildings and warehouses are expected to see the highest increase. Retail and office space “could be flat or slightly up,” Law said.
Overall, he’s expecting an increase of 5% to 10% for commercial properties.
This story was originally published February 10, 2023 at 10:35 AM.
