TEXAS, USA — We're deep into tax season and soon you'll find out what the state believes your property should be valued at.
The 2023 property value notices are starting to rollout and some of you might have already received it. McLennan County residents started to receive their mailed notices on Monday and shared their shock with 6 News.
One McLennan County homeowner described her $100,000 increase as "ludacris." Her notice also said the appraised value of her property went up 100.31% in just five years.
One woman near Woodway told 6 News her appraisal evaluation that stems from both her structure and land jumped $200,000.
You're probably wondering how shell shocked you will be when your notice comes in the mail, but that's still unclear at this time.
Someone closely connected to the appraisal industry in Central Texas believes values will increase, but not as high as last year. In 2022, appraisal districts sent a warning to property owners before notices went out because of how large the increase was. It's a good sign that hasn't happened this year.
6 News reached out to both the McLennan and Bell County appraisal districts for an estimate of what property owners can expect this year, but did not receive any information back by Monday night.
The reappraisal of property values is done annually and accounts for changes in the local real estate market. It helps provide local taxing authorities with the current estimated value of property in the district.
What really matters in your notice is the assessed, taxable value, which is the number that can hurt your wallet when exemptions play a huge role.
The taxable money goes toward school districts, cities and counties, but it's become pretty large over the last couple years because of ad valorem taxes. Some have gotten lucky when taxing entities have decided to decrease their tax rates.
Texas has one of the highest property taxes in the nation, that's why lawmakers have made cutting them one of their top priorities this legislative session.
The Texas Senate approved their spending plan Monday which includes boosting the state’s homestead exemption and giving targeted tax cuts to businesses.
However, the Texas House wants to take a different path. They want to limit property appraisals for homes and businesses at a five-percent cap each year.
It's clear both chambers want some sort of relief, they're just going to have to meet in the middle.
If you haven't received your appraisal notice yet, you are legally supposed to by the end of the month.