Corsicana Daily Sun, Corsicana, Texas

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June 15, 2014

Early estimates point toward growth in property values

Corsicana — The preliminary estimates from the Navarro County Central Appraisal District given to Navarro County and the cities and school districts of the county are that appraisal values are up for 2014. That means more income for the taxing entities, but more taxes to be paid by homeowners and businesses.

Some of the higher values are coming from Pactiv having rented out part of the old Home Depot distribution center, as well as increases in value for minerals like oil and gas wells, and the new Lone Star transmission line, which is bringing wind power from Snyder to Dawson, where it hooks up with the grid, according to Karen Morris, chief appraiser.

“I think it’s a very positive year,” Morris said. “We have some additional new homes, about 22 new homes around the Richland Chambers Lake area. And we have quite a few new homes in the city — new construction — that have been built in the Links and Drane Estates.”

In addition to the new construction, sales among older homes are up, which has meant values on existing homes are up, too.

“That’s indicating our economy is recovering on a local basis,” Morris said.

The new oil pipeline won’t come onto the appraisal rolls until next year, but things that were already open by January 1 will.

“There’s several new commercial aspects out at Corsicana Crossing, the Whataburger and Schlotzky’s,” she said.

The Panda Express, which only opened last week, won’t go onto the rolls until next year.

In addition, about one-third of the land owners with agricultural exemptions were forced to reapply for those this year, to prove they are using the land for grazing or raising livestock or crops. The loss of some of those exemptions will also escalate values.

Although the appraisal values appear to be up, the exact figures won’t be available until July 25, when certified rolls have to be published.

Letters about people’s increased appraisal values were sent out in February and March, and property owners had 30 days to appeal the new figures. Those who weren’t able to find satisfaction with the informal process, will start having formal hearings next week before the Appraisal Review Board.

The reviews begin June 17 and conclude July 8. The board has the choice of voting with the property owner, or the appraisers. After all the reviews, then the equalization phase is concluded and the rolls certified.

“With all those things being said, and the market being a little stronger, I’d say our entities will experience and very stable and most likely an upward valuation this year,” Morris said. “I say that conservatively until we get the certification. We still have to go through the equalization process.”

—————

Janet Jacobs may be reached via email at jjacobs@corsicanadailysun.com.

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