FOLLOWING UP ON LAST WEEK’S ARTICLE REGARDING REAL PROPERTY VALUATIONS FROM KCAD…
On Tuesday, Kerrville United received a large data set from the Kerr Central Appraisal District (KCAD). We are still examining this data, but here are some initial takeaways…
KCAD appraises properties in “parcels.” In Kerr County, we currently have about 40,000 parcels of land that the appraisal district tracks and evaluates. However, that doesn’t mean that we have 40,000 individual property owners. Sometimes a single piece of property can be divided up into several parcels. This happens with large tracts of land, but also sometimes with smaller acreage if the property sits across an “abstract” or “patent” survey line. But to understand the data, we have to think in terms of parcels, and not individual property owners.
In 2018, there were approximately 39,818 parcels on the rolls, with a total market value of $7.4 billion. In 2019, there were approximately 40,048 parcels on the rolls, with a total market value of $7.94 billion. That’s a increase in valuation of approximately $541 million in one year, or approximately 7.3% total increase in value county-wide.
- The average increase per parcel was approximately $15,000.
- There are 148 parcels that increased in valuation by over 1,000% from 2018-2019, accounting for $30.8 million of the increase (about 6% of the entire countywide increase). Many of these properties are owned by nonprofit entities or government entities that are exempt from property taxes, and some of these increases were from “0” or “$10”, so they are not representative of incremental increases we normally see from year to year.
- There are 1,603 parcels that at least doubled (or more) in value from 2018-2019. That’s approximately 4% of the parcels in Kerr County. Again, many of these are owned by tax-exempt entities, so the increase does not change their tax liabilities at all.
- The properties that doubled in value (or more) account for $255 million of the $541 million in total increases (47%).
- Approximately 24,578 parcels either did not change, or saw a decrease in their market value. This means that approximately 61% of all parcels in Kerr County that did not increase, or actually decreased.
- Those parcels that decreased actually lowered the total 2019 market value by approximately $56 million.
Compare these numbers to the 2017-2018 increases… In that year, we saw an increase of approximately $114 million, approximately 1.6% increase countywide. The average increase between those two years was about $2,850 per parcel.
Here is a chart breaking down the changes year-to-year.
More information will be posted as we continue our analysis.