Grayson county homeowners receive increased appraisal notices
SHERMAN, Texas (KXII) - It’s that time of year. Appraisal notices are being mailed out to Grayson county homeowners. Odds are, your property value has gone up. The Appraisal District shares why so many have seen a large increase, and what you can do about it.
“There’s some things that we don’t know about. If they’ve had some damage that we’re not aware of or some deferred maintenance whatever it may be, or just discussing with them. Some people just want to know hey what’s causing this?” said Shawn Coker, Chief Appraiser for Grayson Central Appraisal District.
Coker said this year they sent out around 75,000 notices of property appraisals going up by at least $1,000, and the hot housing market is to blame.
“Interest rates are incredibly low, they’re the lowest they’ve been in the history of our country basically. We have an inventory shortage in houses. There’s just not enough out there. That’s a combination of a lot of people buying up houses and you can’t get enough materials right now,” said Coker.
Coker said a home tax appraisal is what they believe a property would sell for based on the current market. But realtors with Easy Life Realty say it’s possible your recent appraisal isn’t accurate for the actual state of your property.
“They never go inside your home so they’re just working off of what they’ve seen sell in your area. But your home may be entirely different than the home 3 or 4 doors down,” said realtor with Easy Life Realty, Angie Patton.
Homeowners have 30 days from the notice to file a protest. Coker encourages doing so online so the district can process as many protests as possible before the deadline.
“The tax assess values are lagging behind actual market value, but they do kind of trail up as the home values go up as well. With home values going up, yes, tax assess values are going to go up as well,” said realtor with Easy Life Realty, Tanner Barclay.
They all agree that appraisals will only continue to rise as the housing market surges.
“If we do see interest rates start creeping up in the next few years then likely we should see folks won’t be able to afford what they can now. So we might see a decline in home prices, but that will be dependent on what the demand is,” said Coker.
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