Even though a historic property tax cut was approved last November, many Dallas homeowners were upset to see their property values increase significantly this year, resulting in higher property taxes.
Homeowners in Dallas are experiencing significant increases in property valuation, leading to high taxes in Texas. law In Texas, the chief appraiser of a jurisdiction must send out appraisal notices by April 1 for single-family residences, or by May 1 for any other property.
Some homeowners to the east and west of Dallas observed property valuations increase by as much as 125%. reporting This information was reported by Dallas Culture Map.
The valuation of property can differ depending on the location, as it is based on the average home sales price in the neighborhood rather than the individual property. Some areas may experience a value increase of 100% or more year-over-year, while others may not, depending on how desirable the neighborhood is to homebuyers.
The influx of homebuyers from other areas in recent years has intensified the demand for housing in the metroplex, driving up home prices and leading to higher home valuations.
The land value, which is separate from the value of the home on the property, makes up a significant portion of the overall property value.
For instance, a home in Winnetka Heights previously had a land value of $195,000, but it is now assessed at $262,500. Another home in Lake Highlands with a previous land value of $285,000 now has an assessed land value of $350,000, as reported by CultureMap.
Gaston Avenue in Dallas is experiencing major spikes in valuations, according to The Dallas Express. A home on the street was appraised at $752,480 in 2023 but is now worth $1,161,490. The land value of that property increased from $373,170 to $1,005,850, CultureMap reported. A vacant lot on that street sold for $500,000 last year, causing the land values of nearby properties to increase by nearly 100%. Homeowners have the option to contest property valuations determined by the Dallas County Appraisal District but are not able to dispute the value of the land itself. Owners of larger properties will inevitably pay more in property taxes this year. reportedIn areas like West Dallas and Casa View, there has been high demand and activity from property flippers, leading to increased home sale prices. Consequently, even unchanged homes in the neighborhood may see their home’s valuation increase by as much as 100%.
The metroplex is currently experiencing a surge in new single-family homes, such as the Legacy Hills development in Celina, and major projects to renovate historic downtown hotels that are being converted into condo space. As more people seek a Dallas lifestyle, property values are expected to climb even further, making it difficult for some families to afford the properties they have owned for years. Mayor Eric Johnson, who challenged his own property valuation in 2023, advised all Dallas residents to explore options for reducing their property tax payments.
“Last year, the Dallas City Council reduced
the rate at which taxes are charged for the city's properties
the smallest amount in 15 years the biggest decrease in the tax rate in 40 years,” Johnson to its . “But there is still more work to do. Without significant property tax reduction, Dallas residents may decide or be compelled to give up the chance to live and work in this excellent city.” with the Even though a historic property tax reduction was approved last November, many Dallas homeowners were disappointed to see the value of their properties increase sharply this year, resulting in substantial property tax hikes. Texas law mandates that the principal appraiser of an area must distribute appraisal […] wrote. “But there is still more work to do. Without meaningful property tax relief, Dallas residents may choose or be forced to forgo the opportunity to live and work in this great city.”
