The Houston Area Realtors Association has released their annual report of sales data for 2022 and unfortunately it may have some bad news for taxpayers besieged by ever-increasing property taxes. According to the report, the median price of single family homes in the Houston area increased by 12.8% from the previous year. The increase came despite "economic headwinds" including rising interest rates caused by the Federal Reserve attempts to curb inflation.
Image Source: Houston Area Realtors Association
Property taxes based on the value of property on January 1st, meaning county appraisal districts use sales data from the previous year to calculate their assessments. After last year's "unprecedented tax increase", it is likely that taxpayers will be hit with yet again with another, albeit smaller, increase in 2023. If tax assessment rise as much as HAR says the market has risen, taxpayer relief measures proposed by the Texas Legislature are not likely to be enough.
Комментарии