You’ll Probably Be Paying More in Property Taxes This Year, Again

Chances are, if you're a property owner in Dallas County you'll be paying more in taxes this year. Two-thirds of homeowners saw an increase in taxable property values this year, driven by a red-hot real estate market, the head of the Dallas Central Appraisal District told the Dallas County Commissioners Court on Tuesday. "The market's been moving so fast," said Ken Nolan, the district's chief appraiser, adding, "I've been here 37 years, and we've never seen a market" like this. For the past several years, the county's appraised market value has grown by nearly 10 percent or more each year. As more people move to Dallas, the demand for housing has outpaced the supply, leading to homes being on the market for less than 30 days in many areas, compared with a usual time of six months in other places, Nolan said. This trend is especially acute in the market for homes worth $100,000 to $500,000, he said. Residential and commercial property values rose by 13 and 19 percent, respectively.   Continue reading...