Home values in Hays County have risen by nearly 50% amid limited inventory, according to the Hays Central Appraisal District. Above, a new development in San Marcos off McCarty Lane. Daily Record photo by Nick Castillo
Home values in Hays County rise by 47%
Hays County residential market values increased 47.2% in 2022 compared to last year, according to the Hays Central Appraisal District.
Residential multi-family property market values grew from $2.49 billion in Hays County in 2021 to $3.66 billion this year. Commercial and industrial real property increased in market value by 40.86% — $3.58 billion in 2021 to $5.05 billion in 2022. The overall market value of Hays County’s 2022 preliminary appraisal roll increased to $58.86 billion compared to $38.41 billion in 2021 — a 53.27% rise.
Hays County Chief Appraiser Laura Raven cited high demand with limited real estate inventory as a reason for “staggering increases” in residential real estate prices. Median sales prices for single-family homes, condos and townhomes in Hays County were up 27% at $440,000 with new listings down 10% compared to a year ago, according to March statistics from the Austin Board of Realtors.
“Limited inventory is the reason for rising property values,” Raven said. “Supply and demand drive values. Exploring the reasons why demand is high may be a better question.”
Raven highlighted lower average home values than Travis and Williamson counties alongside accessibility in the county with Loop 45 and Highway 130, creating easy access to large employers in the Austin area for the demand in Hays County.
“Hays County still has a rural appeal in contrast with fast paced metro counties,” Raven said. “The construction of several large Amazon facilities and other workplaces has brought more job opportunities to our community.”
The Hays County Appraisal District began mailing appraisal notices Monday. The residential market value for San Marcos Consolidated ISD increased from $237,765 in 2021 to $316,015 in 2022, marking a nearly 33% increase. The residential taxable value increased in 2022 from $214,605 last year to $293,398 this year — a 36.7% rise. In the City of San Marcos, residential market value saw a rise from $236,062 in 2021 to $319,614 — an increase of more than 35%. Residential taxable value in the City of San Marcos grew from $224,999 in 2021 to $306,379 in 2022 — a 36% increase.
The City of San Marcos recently approved a Homestead Exemption for its residents. During its Jan. 18, 2022 meeting, the San Marcos City Council approved the creation of a residential homestead property tax exemption of $15,000 and raised the senior and disabled persons exemption from $25,000 to $35,000.
The Hays Central Appraisal District said the exemption would not be included on the 2022 Notice of Appraised Value, however, it will be automatically applied to prop erties that have a qualified homestead exemption for this tax year.
As appraisal notices are received, Raven said most residential property owners can submit a protest online. All property owners can email a protest to email@example.com or deliver one to 21001 N. I-35 in Kyle in person or by mail. After sending in a protest, the Appraisal Review Board will review evidence from the property owner and from the appraisal district then determine a value based on that evidence, Raven said. Additional information is available at https://hayscad.com/protest-info to assist property owners in the process.
How exactly rising values will impact property owners has yet to be seen as taxing jurisdictions set their rates in late summer, which determines what impact impact property values will have on tax bills, Raven said. Property tax revenue collected by taxing units issued to provide services such as schools, emergency services, firefighting, police and libraries.
Raven said all citizens can take part in the tax rate setting process with additional information available at hays.countytaxrates.com with this year’s information showing up there in August. Raven suggested property owners file a homestead exemption if they haven’t yet, which can lower tax liability.
According to the Hays Central Appraisal District, nearly 4,000 new homes and 27 new commercial buildings were added to the appraisal roll for 2022. All Texas appraisal districts are required by law to list the January 1 market value of properties each year, Raven said.