Lubbock County property appraisals increase by double digits for second year
LUBBOCK, Texas (KCBD) - The median home value in Lubbock County rose 13 percent last year, after the average home value jumped 16 percent the year before, according to the Lubbock Central Appraisal District.
This marks the first time in Chief Appraiser Tim Radloff’s 23-year career that appraisals increased by double digits in back-to-back years.
“I think that’s a testament to our real estate market. It’s still strong,” Radloff said. “It was strong last year. You know, it may not be as strong, but I don’t think it’s any manageable amount that you could say it’s, you know, softer or anything right now. I mean, you look at 16 percent, 13 percent. That’s right in there together.”
Radloff says homes are staying on the market a little longer and selling for a little bit less than asking price. But, because of Lubbock’s growth, the market is still doing well.
“You know, we’re still looking at somewhere in the neighborhood of probably 1,100 to 1,200 residential building permits a year still. That’s just, again, another sign of a good real estate market. I mean, even though these new homes are being built, you know, there’s still a shortage of homes on the market,” Radloff said.
Last week, the district mailed out 138,000 notices for residential and commercial properties. Homeowner Terry Adkisson already has questions after seeing his appraisal.
“Where is all the money going? Because think of all the new rooftops that’s been built in Lubbock, all the new houses, and these houses are not cheap houses, OK?” He stated. “A lot of them are up in the million-dollar price range. Well, you’re getting all this additional money on revenue from all the new construction. Where is that money going? Can’t that offset any of the monies that are being charged us for property taxes?”
Radloff says his district does not determine market value; players in the market make those decisions. Those who believe their appraisals are not what they should be have until the end of the month to protest informally. People can do that over the phone, through email or in person.
Radloff says the informal option is the best opportunity to talk one-on-one with an appraiser. People will need evidence of an external influence or structural damage that will limit the property’s worth; these factors would prove your home value is lower than the estimate.
“If someone’s home has some kind of structural damage, if they have some kind of engineering report, photos, photos are always good. Have, you know, photos that might show that their house needs to be updated,” Radloff said.
Those who cannot reach an agreement can file a protest to have a formal hearing with the Appraisal Review Board. If homeowners cannot schedule an informal meeting before the end of the month, they can request to have one before their formal hearing. The deadline to formally protest is May 15, or 30 days after the notice was mailed, whichever date is later.
A Texas law enacted in 2019 requires counties to publish their property tax information and how it affects your homes. Lubbock County’s version of the “Texas Transparency Act” website is here.
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