North Texas Property Values Are Skyrocketing

Notices are showing up in mail boxes now.

Video Transcript

- The pandemic not stopping North Texas property values from skyrocketing as some are starting to find out. Notices are showing up in mailboxes. Our Jason Allen reports now what is inside is often nothing short of sticker shock.

JASON ALLEN: While North Texas stayed home last year, those homes became more valuable than ever. And Monday, homeowners were already at the Tarrant Appraisal District Office with blue valuation notices in hand, just making sure they were reading those new values right.

ELLIOTT BARGA: Why are they charging me, I guess, $20,000 different compared to her house?

RICK CRUZ: $210,000 valuation, 231,000 this year. And I'm retired, and that's with exemptions.

JASON ALLEN: Across Tarrant County, the chief appraiser told us properties will see an increase of about 7% this year. It comes as there are still just not enough homes on the market to meet demand. It's pushed the median home price to more than $310,000, and pushed values up, surprising owners.

RICK CRUZ: Very much so. Very much so. With being retired and being limited on my finances, it's a shock.

JASON ALLEN: While notices used to give an estimate of how much more that could cost you in taxes, you won't find that line anymore. Instead, appraisal districts are setting up websites intended to give owners a more transparent look at who they are paying. Protests to try to lower values and lower tax bills have to be filed within 30 days of your 2021 notice arriving. In Fort Worth, Jason Allen, CBS 11 News.

- And as Jason mentioned, part of the reason for the increasing property tax valuation is the imbalance between supply and demand. And that's what's basically driven up sales prices.