Property Values Rise Only Slightly In Harris County
by: Gail Delaughter, August 27, 2012 11:08:00 am
Figures show the total value of Harris County's commercial and residential property is up this year, but only by a little over one-and-a-half percent.
As for home values, Chief Appraiser Jim Robinson says most residents didn't see a change, but over 30 percent of homeowners saw the value of their property decline. Robinson says there's been a high number of foreclosures in northeast, southeast, and east Harris County, and that brings down properly values in nearby neighborhoods.
"What we have to do, if the foreclosed property is similar in quality to the houses that weren't foreclosed, the law says we have to treat those as market transactions."
And while the rate of foreclosures is starting to slow, Robinson says lending institutions still have a lot of foreclosed properties on their books.
"We're going to have to let all that bubble clear out before that quits being any influence on the market."
Some homeowners, about 10 percent, did see values rise. That was mainly in the Memorial area along I-10.
But where do the numbers go from here? Robinson says he's expecting modest increases and a lot of that has to do with new residential developments.
"We saw hardly none in the last two years, but we are seeing a little uptick in the number of platted subdivision and new housing starts, but it's still not up to historic levels."
Figures show the total value of Harris County residential and commercial property now stands at close to $280 billion. Local governments will now use that appraisal information to set property tax rates.