Home valuations jump 15%
Property tax appraisals in Gillespie County rose by an average of 15 percent in Fredericksburg and nearly 14 percent in Gillespie County, the Gillespie Central Appraisal District announced.
Notices of Appraised Value were mailed to owners of 33,000 parcels of property, including residential, commercial, agricultural, recreational and personal property.
Chief Appraiser Scott Fair said the vast majority of residential and commercial properties will see a significant increase in appraised value for 2017.
“A concerted effort is made to appraise all property at its market value as required in the Texas Constitution,” Fair said. “Market value is defined as the price at which a willing buyer and willing seller can agree. Sale prices are a good indication of this value.
“Although many of our residents are not interested in selling their property, the district is required by law to appraise it at market value.”
The Gillespie County real estate market has had an upward trend of sale prices the last few years, Fair noted.
“In 2016, the sales prices seemed to escalate through the year,” he said. “Sale prices on residential and commercial properties indicated we were increasingly below market value on our appraisals, causing the appraisal district to increase appraised values for 2017.”
The average residence with a homestead in Gillespie County increased nearly 14 percent in appraised value this year. Inside the city, that increased to almost 15 percent.
Commercial properties saw an overall increase of more than 21 percent.
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