April 15th is better known as Income Tax Day, but it's also the day when property owners find out what their homes are worth, and in Dallas today, homeowners are reeling from a surprising tax increase in 2024. There are some too.
Valuation notices, which are sent to homeowners to inform them of their property's value and taxes owed, began being mailed on April 12, but the new values are already posted on Dallas County's website. The Appraisal District (DCAD) is the agency responsible for appraising real property for property tax purposes.
If you're a homeowner in certain areas east and west of downtown Dallas, this is tough news. There, property values have increased by 125 percent, for example, “more than double what was thought to be worth last year.” . ” That in itself might not be so bad if it weren’t accompanied by similarly large property tax increases.
The east side of Dallas and Oak Cliff neighborhoods were particularly hard hit, according to the DCAD list.
Some random dramatic increases:
- M Street: 6203 Mercedes Ave., previously valued at $2,210,480, currently valued at $2,374,380.
- Oak Cliff: 822 Stewart Dr., previously valued at $447,830, now valued at $612,980.
- West Dallas: 1915 Nomas St., previously valued at $124,460, currently valued at $234,440.
- Buckner Terrace: 5711 Enchanted Ln., previously valued at $252,430, now valued at $299,520
- Forest Hills: 8214 San Leandro Dr., previously valued at $780,520, now $896,970
- Midway Hollow: 4001 Shorecrest Dr., previously valued at $1,254,570, currently valued at $1,399,390
- North Dallas: 6118 White Rose Tr., Was $507,680, Now $593,790
- Lake Highlands: 9926 Greenfield Dr., previously valued at $500,370, currently valued at $616,470.
- Casa View: 3003 San Medina Ave., Was $265,840, Now $311,880
The big increase is in the value of the land, that is, the value of just the land, excluding buildings, which is an important part of the value of real estate. Example: The land value of a home in Winnetka Heights, which was previously set at $195,000, is now set at $262,500. Land prices for homes in Lake Highlands, previously $285,000, are now $350,000.
Some areas, such as Old East Dallas, Hollywood/Santa Monica, White Rock Hills, South Dallas, and Buckner Terrace, may not have been able to survive the strong sales and have experienced a clear uptick. is not shown.
But if you live on Gaston Street, for example, you're screwed. There was a stratospheric increase in the streets. The home at 6877 Gaston Avenue, which was valued at $752,480 in 2023, is now valued at $1,161,490, and the land value has increased from $373,170 to $1,005,850.
A representative from DCAD's valuation office said the valuation is based on recent sales.
“Our job is to reflect the market,” the representative says. “It's completely based on sales in that neighborhood. And there's no cap. It can go up over 100 percent based on sales in the neighborhood.”
Appraisal teams are particularly inclined to increase the amount if the sale price of the land alone increases significantly. For example, in the Gaston Avenue area, land at 7039 Gaston Parkway recently sold for more than $500,000 for the land alone.
The sale forced DCAD to increase land prices in the area from $26 per square foot to $50 per square foot.
However, DCAD's approach is flawed because “Gaston Parkway” and “Gaston Avenue” are not the same. Gaston Parkway has a beautifully landscaped greenbelt, while Gaston Avenue is a busy and noisy highway off Garland Avenue.
Additionally, appraisers do not evaluate individual homes. Neighborhoods like West Dallas and Casa View, which have been targeted by flippers in recent years, have seen property values of unchanged homes increase 100%.
Homeowners can appeal the value of their property, and in 2023 Dallas residents were given an unexpectedly generous adjustment to their homeowner tax deduction.
Unfortunately, land prices are not something property owners can protest against, and the larger the garden, the more painful it will be.
“While we cannot inspect individual properties, if there are land sales happening in the neighborhood, we work to equalize the price of the land with the surrounding properties,” he says. “If you protest and the value goes down significantly, you might see an increase because we do retrospective revaluations and are independently valued every year and the market value There are no limits or limits.”
If you really want to appeal the prices your appraisal district has charged, you have until May 15th to visit the following online site:
Appraisal districts were established in each county by the Texas Legislature in 1979 to annually determine the market value of all real property within the county's boundaries. The market value of a home is determined by an appraiser. Appraisers are typically hired by lenders to determine how much to loan to buyers or by owners to set the list price for a home on the market.
Once established, the value is certified to the tax assessor of each taxing jurisdiction (county, city, school, and special district) in the form of an assessment roll and submitted to each taxing jurisdiction.
