AUSTIN, Texas (FOX 7 Austin) - East Austin homeowners Bob and Kathy Bennett bought their home in 2011. When they received their latest appraisal notice, they received news they were not surprised to hear: their home value continues to rise.
“It's gone up about three times since we've purchased it. Three-hundred percent, tripled in value,” said Bob Bennett
In 2019, Austin has seen home values go up, but not as much as they were in previous years.
“What we have seen in the past year based on the data we've seen in the previous year, is a softening of the Austin market for the residential properties, while in the past we've had double digit appreciation across the county,” said Marya Crigler, chief appraiser at the Travis County Appraisal District.
For the 2019 tax year, the average increase for the county was 7.4 percent, but one area that saw double digit increases in value was East Austin, exactly where the Bennetts live.
“That is a hot market with all the development that is going along the east side and along Riverside,” said Crigler.
But is this appreciation good news for taxpayers? Will taxes go up? Crigler says TCAD does not make those decisions, but the city, the school district, and other entities will determine that.
“The appraised values come down, the effective rate comes down,” said Crigler. "They try to get the amount of taxes they collected to be the same as previous years. They get to make additional decisions on top of that, that may lead them to adopt a tax rate that is higher than the effective rate."
The Bennetts said without question they've felt the difference in their wallets.
“Our taxes have gone up five times...from in the neighborhood of $2,000 to over $9,000 a year. Every year it's gone up,” said Bob Bennett. "We appeal it, they bring it down a small amount, but it still has gone up probably $1,000 or more every year."
They are hoping the city can cut them a break on their tax bill if there is room.
“We, like everybody else, we manage our money and housing costs can be the biggest expense in everyone's budget and it makes it hard,” said Bennett.
To find out more about your tax rate, visit the Travis County Appraisal District's website.