While McLennan County property values continue to increase, McLennan County taxing entities are evaluating the effects of the last legislative session during budget preparation season.
The taxable value of property in McLennan County increased about 8%, from $16.9 billion in 2018 to $18.2 billion this year, according to certified tax rolls released recently by the McLennan County Appraisal District. The increase between 2017 and last year was almost 10%.
The county’s 46 taxing entities use the certified rolls in estimating revenues, setting tax rates and adopting budgets for the coming fiscal year.
“Right now, the values are still increasing, but they are increasing at a slower rate than they did last year,” said Joe Don Bobbitt, the appraisal district’s assistant chief appraiser. “The Legislature just finished their session and they made quite a few changes, and they are being flushed out by the entities. So we don’t know what the full impact of those changes will be in the future.”
The average home appraisal in the county increased from $133,298 in 2018 to $145,803 this year, according to MCAD figures.
Of the 8% increase in countywide taxable values, Bobbitt said new properties represent $328 million, or 2% of the growth.
“The market is starting to get filled out,” he said. “And interest rates are beginning to increase a bit and that knocks some people out of the market. And as houses keep going up in price, that also knocks people out of the market because income isn’t increasing at the same rate as the market. At some point, it has to balance out and that might be one thing contributing to the slowdown.”
Total values for the city of Waco increased about 7%, from $10.1 billion in 2018 to $10.8 billion this year. That total includes $75 million in new values added, Bobbitt said.
The average home value in Waco increased from $142,085 to $155,035, according to MCAD figures. For Woodway, home values went from $256,561 to $275,148; Robinson increased from $162,382 to $175,336; Axtell increased from $123,005 to $136,641; Hewitt increased from $146,290 to $157,715; and China Spring ISD went up from $201,676 to $223,269.
Bobbitt said owners of 276 properties valued at $296 million that protested new appraisals are still under review by the Appraisal Review Board. That total in disputed appraisals does not include pending lawsuits filed in recent years, he said.
The Appraisal Review Board should rule on the disputed appraisals in coming months, he said.
The total valuation for the Midway school district increased 7%, from $4.7 billion to $5.1 billion, while values in Waco ISD went up 6%, from $5.8 billion in 2018 to $6.1 billion this year, MCAD figures show. Bosqueville ISD showed the largest increase of the school taxing entities at 12%, rising from $163.7 million last year to $184 million in 2019.
At 10%, the cities of Crawford, McGregor and Gholson showed the largest percent increases in total valuations, with Crawford growing from $53.5 million to $58.8 million, McGregor increasing from $388.6 million to $427.6 million and Gholson increasing from $43 million to $47.4 million.
McLennan County tax valuations (in millions)