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Tax assessor explains why North Texas home values ​​are skyrocketing

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FOX 4 reported on the sticker shock for homeowners as property tax assessments are now released.

A tax assessor has explained why home values ​​in North Texas are increasing by 20% or more.

A majority of ratings are increasing this year. It’s not really a surprise, but some homeowners are shocked by a 50% increase in the value of their home.

RELATED: North Texas homeowners get ‘sticker shock’ with new property tax assessments

Katie Menzer lives in the Lakewood neighborhood of Dallas.

“I love this neighborhood. It’s a healthy walk to the lake,” she said. “[My home is] 41 years. I’ve lived here for 18 years.”

She said the house needed work.

“Like tens of thousands of dollars in repairs that should be done,” she added.

She said there were outdated bathrooms, a front door covered in scratches, and a back door that took some muscle to open.

The fence needs to be replaced, as does the deck. There are also falling bricks and the retaining wall needs work.

Yet her home, which was valued at around $508,000 last year, is now valued at nearly $745,000.

“That doesn’t seem particularly accurate to me,” she said.

It might sound nice to have a house worth more money, if you plan to sell soon, but Menzer doesn’t want to sell, and living on her own, she doesn’t know if she can afford the increased taxes. .

“I can’t afford to live in a $750,000 house,” she added.

The housing market is hot.

According to the RE/MAX National Housing Report, the median selling price of a home in the DFW Metroplex is nearly $395,000, which is an all-time high.

“So it’s the buyers and the sellers that actually drive the market,” explained Cheryl Jordan of the Dallas Central Appraisal District. “We are simply, by law, mirroring the market.”

Dallas’ Central Rating District said it was rating to reflect those prices.

It values ​​homes at staggering increases.

“I would say between 15% and 70%, it could be,” Jordan said.

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The Valuation District said people can appeal their new value, and experts say people should, but don’t expect a huge difference.

“People are paying that much,” Jordan said.

“Are they just going to turn it back on next year too?” asked Menzer.

Menzer said some homes in his neighborhood were being demolished and replaced with larger luxury homes.

“They’re bringing the rest of the neighborhood with them,” she said.

She doesn’t want to move, but said she’s also worried she won’t be able to stay.

“In two years the house will be paid off and I dreamed of not paying the mortgage anymore,” she said. “But now I feel like the money I was paying for my mortgage is now going towards my property taxes.”

The deadline for contesting the assessment is May 16.