WICHITA FALLS, Texas (KAUZ) – Property taxes are rising in Wichita County. In fact, they have been for a number of years and experts expect the trend to continue.
An increase in property taxes is not exactly what everyone likes to hear, but there are positive things to be taken away from it. This includes increasing the value of your home so that you get more money selling it than you paid for it. They also help improve education in Wichita County's schools.
The valuation district is the starting point, and if the market value of homes continues to rise, expect your property taxes to do so too.
"That's the market, and that's what we're legally required to evaluate," said Lisa Stephens-Musick, chief appraiser for the Wichita County Appraisal District. "When these values are transferred to the tax jurisdiction, they will determine their tax rates and the amount of property taxes."
"We have had significant property tax increases over the past two years and these are caused by changes in the market," said Denny Bishop, co-owner of Bishop Reality.
The average retail price just passed $ 200,000 in Wichita Falls, which is a new landmark. Five years ago, the average retail price was $ 112,000.
"We've really seen some increases since probably 2016, but we've really seen that in the last two years," said Stephens-Musick. "I don't have a crystal ball and I can't tell you what's going to happen next year, but all the indicators show that it will keep increasing."
"This is very important to a buyer," said Bishop. “You have principle, interest, taxes and insurance. Taxes are becoming more and more important now because they are increasing. "
While the property tax hike sounds like nothing but bad news, it is actually an important part of the schools in your area, and the rating district is audited every two years by the state auditors to get certain levels.
"And if we aren't and we fail another study they are doing on us, then the school district is going to lose some government funding," said Stephens-Musick. "Our children's education is very important and is related to your property taxes, and your school taxes are the largest taxes you pay."
Experts said this is happening nationwide, and not just in Wichita County. So if you're looking to move, be prepared to see similar property tax increases elsewhere.
Copyright 2021 KAUZ. All rights reserved.