|Hot market drives up property values
Total market values up 6 1⁄2 percent
|Kerry Craig | News-Telegram Assistant Editor|
June 10, 2005 - Overall property values in Hopkins are up again, according to Hopkins County Appraisal District’s chief appraiser Bill Sherman.
This year’s increase overall amounts to 61⁄2 percent, according to Sherman’s figures. This comes in an addition to a 5 percent increase in property values in the county last year.
While commercial values and housing values were up for this year, the biggest increase was in land values, which have been increased throughout the county.
“We have got a real hot real estate market around here right now,” Sherman said. “People are just paying top dollar for stuff, not only for land but for houses, which drives the market. We have to appraise at market value, and when houses and land go up, we just follow it.”
In dollars and cents, property value in Hopkins County increased by more than $80 million dollars over last year.
Sherman said preliminary property values in the county totaled $1,252,695,545. Last year’s overall property value was was more than $1.17 billion.
“County-wide, the average residential homestead value last year was $60,000,” Sherman said. “I am sure if [values] hit $63,000, it would not surprise me.”
While the increase in the appraised values mean property in the county is worth more to the owner, it also means a higher tax bill for the coming year, and ultimately more revenue for the taxing entities in the county.
Property owners wishing to challenge values placed on their holdings by the appraisal district do have the opportunity to meet informally with the appraisal district’s board of review until June 13. After that date, appointments will be made to enable property owners to take their dispute before the appraisal review board in a formal presentation, after which the board will rule on the value placed on properties.
The formal hearings will be held in July and August. After that process is complete, property values will be certified and presented to the taxing entities in the county as budgets are prepared for the coming fiscal year.