BEXAR COUNTY, Texas – Unlike the past few years, most Bexar County homeowners will be able to open their new property appraisals next week without freaking out.
On average, residential valuations are up 2.44%, according to figures obtained from the Bexar County Appraisal District. That’s a far cry from the near-16% increase last year and the 28% jump in 2022.
Homeowner Tony Hernandez felt it and even postponed buying a new home because of higher prices and taxes.
“It was a significant jump, especially when COVID hit and the prices of the homes skyrocketed,” he said. “The homeowners really got punched in the gut.”
This year, Hernandez may be relieved.
“The first thing is, there’s not going to be a lot of people receiving notices this year as opposed to last year,” said Bexar County Chief Appraiser Rogelio Sandoval.
Only property owners whose appraisals increase by $1,000 or more will receive notice in the mail. BCAD will mail 540,000 notices on Thursday, compared to 670,000 last year. They will also be posted online.
Why the reprieve? Valuations are set according to what homes in a neighborhood are selling for, and overall sales prices flattened last year.
According to the Real Estate Center at Texas A&M University, the average residential sale price for Bexar County last year was $341,930, down about $3,000 from the previous year.
Sandoval said the 2.44% increase in appraisals this year is primarily due to new construction, not existing homes.
While it may be nice to know your castle is worth more, that appraisal affects property tax bills. That’s why it’s important to claim the homestead exemption.
Last year, the exemption for school taxes increased from $40,000 to $100,000. That means for a homestead appraised at $350,000, the school taxes would be based on $250,000.
Also, the amount a homeowner is taxed on can’t increase more than 10% yearly. Anything over that gets pushed to the following year, meaning homeowners could still pay higher taxes on previous years’ increases.
“Please, make sure that your exemptions are on file,” Sandoval said. “You have your homestead exemption. There’s over 65. There’s the disabled person. There’s veterans exemptions. Please make sure because that is going to be the biggest way to help offset the increases in taxes.”
Tax rates, the other components that determine tax bills, will be set in a few months.
If you disagree with your appraisal, you can appeal. The deadline to file a notice is May 15, and it can be done online. If appealing, Sandoval urges you to request BCAD’s evidence packet. He said last year saw a record number of appeals, and 90% were settled informally.
Hernandez said he has appealed before and likely will again.
“If anything, it stops the bleeding,” he said. “But it doesn’t fix the wound.”
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