NEWS: MAY 8, 2013
2013 Basic Overall Changes to Value
RURAL MARKET LAND - There were significant changes in the market value per acre of rural land properties. Surprisingly, it was mainly in mid to large size tracts. This is usually on smaller residential size properties. There were many sales in large acreages, both farm and pasture lands. Part of this wave of high per acre sales could be attributed to mineral expectations or speculations. The CAD did find some information on what mineral interests conveyances could increase land sales on a per acre basis and used this information to adjust the sale information down from the original higher sale price. As a result, much of Wharton County will see price per acre increases.
RURAL AG VALUE - Ag valuations are slightly up on a per acre basis. This is due, in part, to the fact the CAD did not raise ag values last year to the indicated amounts. Croplands are up about $20/acre, while products of higher per acre intensities: Turf, Orchard and Aqua are up slightly more. Pastures are fairly stable. Remember, ag calculations are a simple math formula deriving the previous 5 years of Net to land per acre, capitalized to a value. This year the requirement dropped the 2006 year and added in the 2011 year.
RESIDENTIAL - Residential properties finally had to have an update on the price per square foot of homes. That is a county-wide pricing change. The last one was in 2006, and normally is done every 2-3 years. However, the county saw the market stagnate about 2009-2010, and there was no indication of changes warranted. However, in the market upturn thatís clearly apparent, both in the number of properties selling, as well as the increase in the sales prices over the last 18 months, this pricing change was finally required to have the 2013 appraisals back to or near market value.
However, other various situations may have affected the total property value. From our recent inspections, properties were found to have been remodeled or updated, while others were abandoned or in very poor condition. Some problems have been remedied since our records were last updated, while others have incurred problems. Buildings had been present and not on the roll, as well as buildings that no longer existed. Measurements of every structure found some properties with too much footage, while some were short on footage.
The CAD took the sales analysis one step further by reviewing neighborhood sales as well. Buyer preferences will sometimes cause an area to be a more positive magnet and sales will be higher, while in other areas, the market is slower to rebound. Therefore, there are some neighborhood factors in play in a few areas. Regionally, the west side of the county is experiencing a faster recovery than the east side, but the recovery news is positive overall for Wharton County.
COMMERCIAL - Commercial Costs schedules were updated last year across the county. For 2013, new costs were reviewed and studied, but when tested on our market, there was no indication to increase costs for 2013. There are areas of land increases, but there are direct sales indicating those changes. With the capitalization rate for income properties going up slightly, if all things remain unchanged, the cap rate will cause a very slight decrease in values.
NEWS: MAY 7, 2012
Notice of Appraised VALUE Schedule- 2012
Real Estate Property and Mobile Home Only Accounts
23,000 Notices were mailed on May 9th, with a protest deadline of JUNE 8th, if:
You acquired the property since last yearís notice
Your exemptions/Ag Status has changed:
Your property was inspected;
You timely requested to receive Notice, or Rendered;
Your Market Value increased or decreased by $1000 or more;
Your Taxable Value increased or decreased by $1000 or more.
Mineral Working Interest Notices were mailed on May 9th, with a protest deadline of JUNE 8th.
Business Personal Property; Utilities; Mineral Royalty and Override Interest;
Notices are expected to be generated and mailed on or about May 18th. This is due, in part, to the legal extension requirement on Business Personal Property. Additionally, we are hopeful that operators and agents that hold the working interest in mineral appraisals will provide good information so that questions may be addressed for the Royalty and Override Interest owners.
As always, the deadline to file a protest is May 31st, or 30 DAYS after Notice of Appraised Values are mailed, whichever is LATER.
This website has been updated (5/10/2012),
2012 proposed values for Real Property (R accounts) and Mobile Home Only accounts (M accounts).
This website will be updated again in mid May, once Business Personal Property, Utilities and Mineral valuations are set.
ARB Approval will be prior to July 20th, with certification by the Chief Appraiser on or before July 25th.
Valuations will then be turned over to the tax units, at which time, they will determine their revenue needs and adopt a tax rate to generate the needed revenues.
AT THIS TIME -There are no tax amounts, there are no taxes due for 2012. The CAD does not assess a tax, does not adopt tax rates, does not generate revenues.
The CAD only determines Market Value and exemptions.