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County property values increase 94% since 1984
By MIKE PROBST, Editor & Publisher
Property values in Aransas County have increased 94 percent since 1984, according to information from the Aransas County Appraisal District (ACAD). Since the 20-year low value in 1993 of $742,033,231, property values have increased almost 114 percent to $1,585,381,060.
"It goes back to supply and demand," said Chief Appraiser Jad Smith. He noted the more expensive properties continue to sell at a value greater than what is on ACAD's books and, since appraised values are based primarily on market price, property values continue to escalate.
"We're looking at sales right now and we're not seeing a recession in Aransas County," said Smith.
Smith said all properties don't increase in value at the same rate, referring back to the simple economic model of supply and demand.
While waterfront property continues to rise at a rapid rate, other properties, although located in upscale subdivisions, and although still rising, aren't increasing in value at the same rate.
He pointed to Rockport Country Club as an area fitting this description.
"It's primarily because it is only about 50 percent built out," said Smith.
Property owners tend to get a little edgy when they receive notice of increased property value because it means, except in rare cases, an increase in their tax bill.
In reality, the value of your property does not affect your tax bill. The tax rate applied to that value by individual taxing entities is what causes a tax bill to rise.
The tax levy, or the amount of funds raised by each taxing entity via ad valorem taxes, has increased dramatically in some cases and more moderately in others. The percentage increase in the City of Rockport's tax levy in the past 20 years is actually lower than its percentage increase in property values.
ACISD
The school district's tax levy in 1984 was $5.5 million. This year the ACISD will receive $21.1 million, a 286 percent increase in 20 years. That compares to a 65 percent increase in property values in the school district in the past 20 years.
Many factors, including cuts in federal and state funding, non-funded mandates, increases in personnel and salaries, bonded indebtedness and much higher insurance rates contribute to the increased expenses borne by the ACISD.
Aransas County
The county's tax levy in 1984 was $2.4 million. This year the county will receive $5.5 million, a 133 percent increase in 20 years. That compares to a 94 percent increase in property values in the county in the past 20 years.
The county's tax levy since 1994 (10 years) has increased 81 percent. In the past two years the amount of money the county has raised via ad valorem taxes has increased from $3,962,559.55 to $5,512,715.81, or 39 percent.
County Judge Glenn Guillory said the county "had saved itself into poverty" and needed to replenish a reserve fund which had been depleted to an undesirable level. The county is also in the midst of paying for the Aransas County Detention Center and half of the Public Safety Center as well as, in the judge's words, trying to move into the 21st century.
The county, as well as all other taxing entities, are experiencing greater personnel and insurance costs.
Rockport
The city's tax levy in 1984 was $500,000. This year the city will receive $2.1 million, a 319 percent increase in 20 years. That compares to a 355 percent increase in property values in the past 20 years.
Key Allegro was annexed in 1991. Since that time, the tax levy has increased 83 percent while property values in the city have increased 150 percent.
Fulton
The town's tax levy in 1984 was $9,278. This year Fulton will receive $98,931.17, a 966 percent increase in 20 years. That compares to a 240 percent increase in property values during the same time period.
"It goes back to supply and demand," said Chief Appraiser Jad Smith. He noted the more expensive properties continue to sell at a value greater than what is on ACAD's books and, since appraised values are based primarily on market price, property values continue to escalate.
"We're looking at sales right now and we're not seeing a recession in Aransas County," said Smith.
Smith said all properties don't increase in value at the same rate, referring back to the simple economic model of supply and demand.
While waterfront property continues to rise at a rapid rate, other properties, although located in upscale subdivisions, and although still rising, aren't increasing in value at the same rate.
He pointed to Rockport Country Club as an area fitting this description.
"It's primarily because it is only about 50 percent built out," said Smith.
Property owners tend to get a little edgy when they receive notice of increased property value because it means, except in rare cases, an increase in their tax bill.
In reality, the value of your property does not affect your tax bill. The tax rate applied to that value by individual taxing entities is what causes a tax bill to rise.
The tax levy, or the amount of funds raised by each taxing entity via ad valorem taxes, has increased dramatically in some cases and more moderately in others. The percentage increase in the City of Rockport's tax levy in the past 20 years is actually lower than its percentage increase in property values.
ACISD
The school district's tax levy in 1984 was $5.5 million. This year the ACISD will receive $21.1 million, a 286 percent increase in 20 years. That compares to a 65 percent increase in property values in the school district in the past 20 years.
Many factors, including cuts in federal and state funding, non-funded mandates, increases in personnel and salaries, bonded indebtedness and much higher insurance rates contribute to the increased expenses borne by the ACISD.
Aransas County
The county's tax levy in 1984 was $2.4 million. This year the county will receive $5.5 million, a 133 percent increase in 20 years. That compares to a 94 percent increase in property values in the county in the past 20 years.
The county's tax levy since 1994 (10 years) has increased 81 percent. In the past two years the amount of money the county has raised via ad valorem taxes has increased from $3,962,559.55 to $5,512,715.81, or 39 percent.
County Judge Glenn Guillory said the county "had saved itself into poverty" and needed to replenish a reserve fund which had been depleted to an undesirable level. The county is also in the midst of paying for the Aransas County Detention Center and half of the Public Safety Center as well as, in the judge's words, trying to move into the 21st century.
The county, as well as all other taxing entities, are experiencing greater personnel and insurance costs.
Rockport
The city's tax levy in 1984 was $500,000. This year the city will receive $2.1 million, a 319 percent increase in 20 years. That compares to a 355 percent increase in property values in the past 20 years.
Key Allegro was annexed in 1991. Since that time, the tax levy has increased 83 percent while property values in the city have increased 150 percent.
Fulton
The town's tax levy in 1984 was $9,278. This year Fulton will receive $98,931.17, a 966 percent increase in 20 years. That compares to a 240 percent increase in property values during the same time period.
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cheri palmer wrote on Mar 15, 2009 10:38 PM: