As Texas’ exploding real estate market dramatically drives up home values, homeowners are getting sticker shock after receiving notice of their properties’ new appraised values.
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.
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. “Many factors complicate how property taxes are calculated,” said Adam Perdue, a research economist at the Texas Real Estate Research Center at Texas A&M University.
"One of my top goals this coming session is to reduce property tax substantially, and that will reduce the cost of doing business," Abbott said during a March event for the U.S. Chamber of Commerce in Austin."It will also reduce the cost of living."
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