Driven in large part by new apartment complexes, the overall value of property in Hays County increased 5.1 percent, from $15.03 billion in 2012 to $15.8 billion in 2013, according to preliminary appraisals released on Monday by the Hays Central Appraisal District.
Average 2013 Home Values
*Preliminary appraisals released 04/30/13
|City of San Marcos||$120,280||$123,157||+2.4%|
|City of Kyle||$124,981||$126,437||+1.2%|
|City of Buda||$160,398||$163,845||+2.2%|
|San Marcos CISD||$129,583||$131,340||+1.4%|
|Dripping Springs ISD||$267,343||$273,584||+2.3%|
|SOURCE: Hays Central Appraisal District|
Of the $770 million added to the tax rolls, more than half — $412 million — came from new residential and commercial construction or from property that became entitled for future development, thereby increasing its market value, said Chief Appraiser David Valle.
The value of residential multi-family property increased 34 percent, from $649 million to $872 million. In San Marcos, in particular, where an apartment construction boom continues unabated, large student-targeted complexes like The Retreat, Avalon at Blanco Shoals and the second phase of Aspen Heights added tens of millions to the tax base. Because apartment occupancy rates hover in the upper 90-percent range, the appraised value of existing apartment complexes increased, too.
Commercial and industrial property increased in value by 7.4 percent, from $649 million to $872 million.
Single-family residential property increased 5.04 percent, from $7.49 billion to $7.87 billion. The market added 1,399 new homes in the last year. Planned new subdivisions added another $44.8 million to the tax base with 315 tracts or platted lots designated for residential development.
The average home value in Hays County increased 1.9 percent, from $163,005 to $166,167. In San Marcos, the preliminary average home value is $123,157, a 2.4 percent increase.
Appraisal values are certain to decrease in all sectors once protests are settled over the rest of the year — and, sometimes into the next. In 2012, there were 7,549 protests. Property owners have until May 31 to protest their appraisals with the Hays Central Appraisal District.
CORRECTION 4:45 p.m. APRIL 30: The story should have said that planned developments added $44 million, to preliminary countywide property values.Email | Print