By Bill Oakey – April 29, 2015
That expression is somtimes used to announce that a flying saucer has landed. Emotions like horror and fear come to mind, especially when you get a peek at what lurks inside.
The same thing happens at this time every year in Austin.
The new TCAD property tax appraisals are now posted online. If you want to get scared out of your socks, just start picking out addresses from various neighborhoods and take a look, using TCAD’s property search page.
It’s not a pretty sight! Here is a map that shows some of the astonishing appraisal increases, as high as 29% in some neighborhoods. Click the graphic to enlarge it.
By reviewing the values across the City on TCAD’s website, you will see many $60,000 to $90,000+ increases for single family homes. Many of these same homeowners saw appraisal increases last year that were well above 10%. So, guess what that means. Even though there is a 10% cap on the home value used to calculate their tax bill, the assessment amount above the cap sits in the system to haunt the taxpayer in future years.
Even if the taxing entities lower their tax rates slightly to compensate for rising appraisals, tax bills continue to skyrocket.
Think about the longtime Austinites who have already seen their tax appraisals double and even triple in the last 10 or 15 years. Then think about the future. If taxes go up just 5% each year, it would only take 14 and a half years for today’s tax bills to double! That’s becuase the impact is compunded.
Ask yourself if the City of Austin can sustain that kind of tax spiral. Then you might want another cup of coffee.
Have a nice day!