According to recent sales data, Tarrant County continues to be one of the hottest real estate markets in the country, and Tarrant Appraisal District (TAD) officials are preparing local home owners for strong property valuations in 2017.
New residents continue to flood into North Texas seeking jobs and the Texas lifestyle, which means homes are in high demand. When evaluating residential markets, the usual home inventory is about six months, according to the Texas A&M Real Estate Center. However, inventory levels in Tarrant County currently stand at less than two months.
Because of the high demand and the limited inventory, many property owners will see higher assessed values this year. Notices will be mailed on April 1 to residential property owners. Commercial property owners will receive their valuation notices soon thereafter. Property owners may choose to protest their assessment. Instructions to file a protest are included in the appraisal notices and can be found at www.tad.org.
Property owners with residential homesteads will be protected from increases higher than 10 percent. Because of the appraisal cap limitation, appraised value used to determine homesteaded property taxes are limited to 10 percent appreciation.
Property appraisals are determined by TAD and used by local taxing units to calculate taxes, which pay for police and fire protection, public schools and hospitals, road and street maintenance, courts, water and sewer systems and other public services.