http://www.reporter-news.com/abil/nw_local/article/0,1874,ABIL_7959_4557941,00.html
Average-value home in Taylor County expected to gain 12 to 15 percent this year
By Sidney Levesque / levesques@reporternews.com
March 21, 2006
Taylor County property values could jump as much as 12
to 15 percent this year, according to the county's chief appraiser. Higher
prices for homes, low interest rates and demand for some commercial property are
likely driving the increase, said Richard Petree, chief appraiser for the Taylor
County Central Appraisal District. ''Overall, lots of positive things are
going on,'' Petree said. Taylor County property values Year; Average-value home; Percent change 2003; $72,568; +6.1% 2004; $74,653; +2.9% 2005; $78,087; +4.6% 2006*; $88,000-$90,000; +12.7-15.3% *Estimated Source: Taylor County Central Appraisal District
He will know more about this year's property values after examining sales
figures from the end of this month. Certified property values will be released
May 1. Last year, the average-value home in Taylor County was $78,087, a
4.6 percent increase over 2004. This year, Petree expects the average-value home
to be between $88,000 and $90,000. ''We've just been real surprised we
haven't seen a leveling out,'' Petree said of values. Of course, higher
property values means property owners will pay more in taxes.
Tax increases on homesteads are capped at 10 percent, Petree said. A homestead
is a person's primary residence. Tax increases on rental property, second
homes and businesses, however, are not capped, Petree said. Businesses
hurt this fall by high gas prices might appreciate the improved economy
reflected by higher property values, but not the additional taxes, said Bob
Hammond, executive director of the Abilene Association of Independent Business
Owners. ''The entire business industry doesn't recover at the same
speed,'' he said. Petree said business property values have increased
because of a big demand for nicer apartment complexes and some commercial office
buildings. He said rents are rising and occupancies are improving for both
apartments and office space, particularly around the Mall of Abilene and along
Southwest Drive. Both are in southern Abilene. February home sales totaled
152, up 17 percent compared to the same time last year, when 130 homes sold,
according to the Abilene Board of Realtors. The average sales price during that
time period increased 18 percent to $107,204. Petree said people may be
trying to take advantage of low interest rates while they are still available.
He said property values increased in almost every subdivision, but more rapidly
in the Wylie school district in south Abilene, where the average-value home is
$119,000.
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