LUBBOCK, TX (KCBD) - If you own a home, there's a good chance you've been talking about property appraisals this week. Many viewers have reached out to us after seeing an unexpected increase in their new property appraisals.
"We have to value property as of January 1st of each year. We look at the prior 12 months of sales in specific neighborhoods," Chief Appraiser Tim Radlloff said. "If we have an adequate number of sales, we are able to determine if the values are going up or down."
Appraisers have separated Lubbock into 607 neighborhoods. They do one mass property appraisal for each designated neighborhood.
"We can't go out and do a single property appraisal on every property, so we start off with the mass appraisal, which is valuing 84,000 properties," Radlloff said. "We are looking at sales, we are looking at what they sold for - we compare it to what we have it appraised at that time and that gives us an appraisal to sale ratio."
If appraisers decide the neighborhood's sale ratio has gone up, all 84,000 homes are going to go up as well. This is driven by how many people want to move into your neighborhood.
The increase comes when your neighborhood becomes more popular and buyers want to move in.
"It is basically supply and demand and right now there is rather a low supply of homes on the market when there's a lot of buyers on the market," he said, "So that has a lot of effect on that, but there are neighborhoods in Lubbock that went up more than others."
If you feel like your property appraisal is not what it is supposed to be, you are able to appeal it. Informal appeals started last week and will run until May 4.
For more information, click here.