2019 Notices of Appraised Value from the Hunt County Appraisal District will be mailed to property owners on April 15th. According to Hunt CAD Chief Appraiser, Brent South, property owners can expect another increase in property values this year. “We are still experiencing an extremely strong real estate market in Hunt County and our analysis of available market data dictates an increase in values for the 2019 appraisal roll,” said South.
The appraisal district is required by law to appraise all property at market value each year. The Texas Property Tax Code defines market value as:
“The price at which a property would transfer for cash or its equivalent under prevailing market conditions if”:
- exposed for sale in the open market with a reasonable time for the seller to find a purchaser;
- both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on it its use; and
- both the seller and the purchaser seek to maximize their gains and neither is in a position to take advantage of the exigencies of the other.
According to South, the average home value in Hunt County has increased this year to $152,000 which is up roughly 13% from last year’s average home value of $134,000. “Keep in mind that the average home value takes into account all the new homes that were added to the appraisal roll for the first time this year,” South said. The average sale price of a single family residence has also increased significantly going from $169,000 last year to $198,000 this year. “These are actual figures from the market. Our appraisers do not set values, we simply report what buyers and sellers are doing in the real estate market. As of January, we are still sitting at a low 2.7 months’ supply of inventory which is driving home values up. It’s the basic economic principle of supply and demand.”
South commented that it’s important to remember that the appraisal district function in the property tax equation is the value portion. The tax rate, which is the determination factor of the tax amount, is set by the local taxing entities (i.e. cities, schools, county) that levy the property tax. Property owners who disagree with the district’s appraisal of the property will have until May 15th to file a protest with the Appraisal Review Board. “We encourage property owners to take a close look at their appraisal notice and contact our office as soon as possible if there are issues with it. Many of the protests filed can be resolved during an informal meeting with one of our appraisers without the need for a formal hearing before the Appraisal Review Board,” said South. He does mention however, that any appeals brought forward after the May 15th deadline cannot be considered. Property owners can call the HCAD at 903-454-8540 to schedule an appointment with an appraiser or go by their office at 4801 King Street. Appeals of your residential homestead property may be done online at www.hunt-cad.org using the unique PIN# assigned to your property which can be found on your appraisal notice.