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The 2023 appraisal notices have recently gone out and property owners may be seeing a change in their property value from the previous year.
The Colorado County Appraisal District said many values throughout the county increased from last year.
Colorado County Chief Appraiser Mark Price said that “cost schedules and land values had not been updated for several years, so they were not accurately reflecting current replacement construction costs and current land values,” he said. “It was imperative we get these values corrected as much as possible because the Texas Comptroller will be conducting a sales ratio study of the Colorado County Appraisal District this year. Each year, the Comptroller performs this study for half the counties in Texas. They look at the value the District has on properties that have sold relative to what the actual sales price was. The state property tax code specifies the District’s values must be in the range of 95% to 105% of the sales price in order to be at market value and pass the study.”
Price said when he joined the appraisal district in March, the county was closer to the 5060% range. He said within a few weeks, the district made some adjustments and should now be in the upper 70%, lower 80% range. Price said once the appraisal district goes through the appeal process, they will be able to confirm where the county stands.
“We also made some adjustments in land values where we had adequate sales data, but the majority of this year’s increase was due to updating the construction cost schedules,” Price said.
Price also said in order to adjust their construction cost schedules, the appraisal district used the Marshall Swift Valuation Service, a national valuation service adjusted to each region of the country.
The appraisal district points out that passing this study is important because it is an essential part of school funding for each school district. The penalty for failing the study will result in school district funding being adjusted down by the state, the appraisal district reports.
According to a release, the State Property Tax Code section 1.04.(7) defines market value at which a property would transfer for cash or its equivalent under prevailing market conditions if: (A) Exposed for sale in the open market with a reasonable time for the seller to find a purchaser; (B) Both the seller and the purchaser know of all the uses and purposes to which the property is adapted and for which it is capable of being used and of the enforceable restrictions on its use; and (C) both the seller and purchaser seek to maximize their gains, and neither is in a position to take advantage of the exigencies of the other.
Those looking to file a protest for residential, rural residential, commercial and agricultural use valuations or modified or denied exemptions or other classifications have until June 22 to email, fax, or mail in their protests, according to the Colorado County Appraisal District website.
Protests for business personal property notices of appraisal value are to be returned or postmarked by June 30.
The appraisal district asks those who submit a protest to confirm receipt of the protest before the deadline. The information to mail in a protest is P.O. Box 10, Columbus, Texas 78934 or by carrier of choice to 106 Cardinal Lane, Columbus, Texas 78934. Those interested in delivering their protests in person can take them to the physical location at 106 Cardinal Lane.
For questions, contact the appraisal district at 979-732-8222 or email [email protected].
