ICYMI: Homeowners in Bexar County can expect sticker shock when they receive notice of their new property appraisals. Values are up nearly 28 percent.
– By law, appraisals must reflect the housing market, which is sizzling. High demand along with limited inventory has driven sales prices up.
The average sales price of a home jumped from $273,001 in 2020 to $312,555 last year, according to the Real Estate Center at Texas A&M University. With sales prices up, appraisals followed. “I think most people would call it sticker shock,” said Bexar Appraisal District Chief Appraiser Mike Amezquita.Homeowners like Armand Fermin are accustomed to rising values. He bought his historic home south of downtown a decade ago.Since then, his property value has steadily climbed.Perhaps surprising is that the surge in property values comes on the heels of a pandemic.“We expected values to tank and anything but that happened,” Amezquita said.
Most homeowners will not have to pay property taxes on the full amount of the increase in value. The homestead exemption caps at 10% of the amount the assessed value can go up. For example, a person with a homestead exemption who sees his value increase from $250,000 to $300,00 would pay property taxes on $275,000.
Property owners can check to see if they are claiming all exemptions they qualify for, such as homestead, over-65, and disabled veterans, by visiting the district’s website
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