Home values across North Texas are skyrocketing. They’re up seven to nine percent in Collin County.
Now, the rush is on to file protests before Wednesday’s deadline.
A record number of property appraisal protests are expected to be filed this year at the Collin Central Appraisal District with big businesses like Toyota, JP Morgan Chase and Liberty Mutual driving values through the roof.
With no improvements, the value of Brian Stewart’s McKinney home spiked $24,000 dollars -- or 10% -- the maximum allowed under Texas law.
"It’s great that the house is going up but it is costing a lot to live there,” Stewart said.
He met with his property appraiser Tuesday to try to get the value decreased so he’ll owe less in property taxes. He says he's on pace to pay about $400 dollars more per month in taxes than when he moved into his home four years ago.
The District expects as many as 62,000 to challenge what appraisers say their property is worth, up from 53,771 from 2016.
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“Our job is to reflect what buyers and sellers are doing and the real estate market has been hot in Collin County for the last couple of years,” said Chief Appraiser Bo Daffin.
For Brian Stewart, the process didn’t pay off like he expected.
His appraisal dropped but he says he could still end up paying more than $100 more per month in taxes.
He still considers it time well spent since he’ll use the knowledge gained next year.
In addition to soaring values, an increased number of protests is also attributed to an increased number of homes going up in Collin County.
Earlier this month, the US Census Bureau named Frisco and McKinney the second and third fastest growing cities in the nation.
