CORPUS CHRISTI, Texas — Art Wallace has lived in his home on the Island for two years and said he’s estimating his home property value to go up thousands of dollars.
“The most alarming thing is that we got a notice from the mortgage company just recently that our mortgage is increasing by $482 a month due to tax increases,” Wallace said.
Wallace said it’s the biggest increase he has seen in recent years.
Ramiro Canales, the chief appraiser for the Nueces County Appraisal District said it’s certain areas like the Island, Flour Bluff, and other parts of town like Yorktown Road, the West Oso areas, and the area around London ISD that are seeing a lot of home growth.
This is raising the value of homes in those areas. Wallace said he is already noticing the changes.
“I do think that these new developments, although nice, it’ll bring more to the Island," he said. "But I think the property taxes are somewhat connected to what’s coming ahead for the Island."
Canales said home values in Nueces County and around the state are going up around 25-30 percent.
“The economy is good and that’s one indicator as to why values are on the upside, there’s a lot of sales,” Canales said.
Canales said a third reason home values are going up is because mortgage rates are on the lower side.
He said if residents feel like the appraisal district is overestimating a home’s value, you can fight it at the appraisal district.
“If you still have problem with it then we will direct you to set you an appointment to go before the appraisal review board and at that point, that’s where the decision is made (…) on the upside or the downside,” Canales said.
He said in the next 2-3 years, he sees home values staying up. He said there are exemptions that will reduce your property taxes including if you live in a homestead residence or are 65 and older.
