Why could the booming real estate market be bad news for Harris County homeowners?

HARRIS COUNTY, Texas — Why might the booming actual property market be dangerous information for owners in Harris County?

The housing market is purple scorching proper now. Demand is excessive and provide is low, driving up costs throughout the nation. Even when you’re not seeking to promote or purchase your own home, you might nonetheless pay the worth because of property taxes. 

The pinnacle of the Harris County Appraisal District says the rise in market values for 2022 is unprecedented. Now they’re mailing out letters telling owners how way more their house is price, and persons are getting sticker shock. 

That’s as a result of the common dwelling worth has elevated 21% in a single 12 months.  However that’s simply the common. Some have elevated by as a lot as 30%. 

Housing market purple scorching as mortgage charges enhance

And just about everyone seems to be getting hit. The Harris County Appraisal District says the values of over 95% of residential properties within the county have elevated. 

The excellent news is the homestead exemption in Texas caps the yearly enhance at ten %.

So what are you able to do in case you are dealing with an enormous property tax invoice? 

First, examine and be sure you’re truly getting that homestead exemption. There are different exemptions for seniors and the individuals with disabilities that may decrease your invoice. You may examine on these at HCAD.org. 

You can too file a protest by the Could sixteenth deadline. Directions on how to do this will likely be in that appraisal letter despatched out by the county.

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Word: The next video was uploaded on March 21, 2022