Dallas County Home Views Lower Or Flat Appraisals

In many years, this will be the first time that the home foreclosure, waning building permits and huge office vacancy rates will join to let the property value go down. The Dallas County commissioners were expecting such news on the year’s tax roll.

It is good news for those homeowners who are tired of seeing the increasing values. The county’s chief appraiser, Ken Nolan said that around 92 percent of the total residential properties will either go down in values or else it will remain the same.

Nolan also said that around 88 percent of the commercial properties either will drop down in value or will remain the same.

"We haven’t seen stuff like this in 20 years," he further told. "It’s been so long since we’ve lowered so many values."

In 2007, it was 20 percent and last year it was 13 percent.

"We’ve anticipated it. We haven’t been blindsided by anything that was said," Commissioner John Wiley Price quoted. "At the end of the day, we’re not as bad as the rest of the country."

Nolan said that the initial tax roll would possibly display an overall increase of around 2 percent. He even said that the summer’s value protest might decrease the value.

Like last, Nolan is expecting the same value protest that is around 108,000 or even some more for this year. However, Nolan said that question is whether people think that the value decrease is quite enough.

It is most likely that in the prosperous areas the taxable values could increase this year even if the market value decreases. This can turn out to be another factor to drive protest by some homeowners.

The spokesperson for the Texas Association of Counties, Elna Christopher shared her experience. She stays in modest house, which was built in 60s. However, the value increased because it was close to Austin.

The value increased this year again even though the housing market is flat.

"It’s going to go up until it catches up with the market," she added. "I’m still catching up."

The widespread foreclosure has brought down the home values down in southern Dallas County. In North Dallas, the home values are flat and from previous year, the commercial and residential building permits are almost half down.

Nolan said that the foreclosure has affected the commercial values. Foreclosure has also affected the flat office rents and elevated vacancy rates.

"There is extreme uncertainty in the commercial market," Nolan said commissioners.

Nolan told commissioners that in 2009, an office construction was sold for much less than the taxable value and this has happened for the first time in many years. Generally, it goes the other way round.

"There are going to be some tight times for counties and cities," Christopher said. "The costs aren’t going down yet the revenue is."

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