No relief for rising home values

Posted 5/18/23

The Wood County housing market continued its upward climb during 2022, according to preliminary figures from the Wood County Appraisal District.

The value of all taxable property in the county …

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No relief for rising home values

Posted

The Wood County housing market continued its upward climb during 2022, according to preliminary figures from the Wood County Appraisal District.

The value of all taxable property in the county rose $1 billion or 20% from a year ago, topping $6 billion. Last year’s certified total was just over $5 billion of net taxable value.

The market value of all properties, before exemptions and production loss, was almost $9.2 billion compared to $7.4 billion the previous year.

The value of homesites and improvements last year was a combined $2,970,623,629 and jumped to $3,678,478,489 for an increase of almost 24%.

Other property categories also continued to rise.

Last year’s market value of agricultural land was $1,124,309,327 and the preliminary total for 2023 is $1,460,090,137.

Timber land market values rose to $675.4 million from $516,679,183.

The value of non-homesite land went from $557,093,954 to $706,870,728. Improvements on that land were valued at $1,088,419,051 last year and increased to $1,359,317,751.

The value for all personal (business) property rose from $631,072,850 to $792,498,820.

Mineral values, such as oil and gas, saw a slight increase from $507 million in 2022 to $520 million in 2023.

The city of Alba final net taxable values last year were $29.4 million, and the preliminary total for 2023 is $35.4 million.

Hawkins city values were $126.9 million a year ago and have a preliminary value of $144.1 million.

Mineola preliminary adjusted values of $379.1 million are up by more than $70 million in a year.

The value of Quitman properties was $133.4 million last year and is $151.6 million in the 2023 preliminary report.

Winnsboro values have risen from $191.5 million a year ago to almost $229 million.

Yantis values jumped almost $8 million from $22.3 million to $30.1 million.

Alba-Golden school district properties that were valued at $339.9 million a year ago are proposed at $424 million.

Hawkins ISD’s values rose to $969.4 million from $805.7 million a year ago.

Property in Mineola ISD has a taxable value of $905.3 million, according to the 2023 preliminary report. The certified total last year was $742.1 million.

Quitman ISD values were $572 million a year ago and $701 million this year.

Winnsboro ISD had adjusted values of $476.9 million last year and they have risen to $591.7 million in this year’s preliminary report.

Tax protests had totaled about 800 through last week with a week to go before the deadline, compared to 2,334 filed last year.

Once all protests are heard and adjustments made, the certified totals will be given to the taxing entities in July so they can set tax rates and budgets for 2023-24.