Property tax assessments for homes were increased by 17.5% for the tax year 2021, based on a review of 28,561 homes valued by the Hays Appraisal District. Homes valued at $500,000 to $1,000,000 had the largest increases, average 18.54% higher than 2020.
Review of 28,561 homes valued at $300,000 or indicates an increase in assessed value of $12.06 billion, up 16.4% from 14.04 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $175.6 million, based on a 2.7% tax rate before considering homestead exemptions.
Homes valued at $300,000 to 500,000 increased from 5.42 billion in 2020 to 6.32 billion in 2021, an 16.7% increase. Of the 17,026 in this price range, values were increased for 16,172, reduced for 767, and remained flat for 87.
Luxury homes valued at $500,000 to $1,000,000 rose to $6.27 billion in 2021 from $5.39 billion in 2020, a 16.2% increase. This group of homes had the smallest level of increase, but still a sizable increase. Most homes in this price range saw an increase in the property tax assessment. Of 10,373 homes valued at $500,000 to $1,000,000, 10,087 were increased in tax assessment, 193 were reduced and 93 did not change.
Hays County homeowners are encouraged to protest their property tax assessment, regardless of whether it was increased, reduced, or remained flat. Hays Appraisal District has limited staff to value well over 200,000 homes in Hays County. Homes are valued using the cost approach. The only option for quality control is a property tax protest. Otherwise, Hays Appraisal District staff is highly unlikely to review the estimate of value generated by their computers.
There is no risk to appealing. The appraisal district and appraisal review board may not increase the assessed value due to an appeal. The only options are to reduce it or leave it the same. 85% of homeowners who appealed in 2019 were successful in reducing their property tax assessment.
The property tax appeal deadline is Monday, May 17th.