Saturday, April 14, 2012

Travis County Property Values

Travis County Property values rose for commercial real estate, but most home values remained flat, according to the Travis County Appraisal District's Chief Appraiser.  The overall market value of all of the properties on the appraisal role increased 7 percent from 2011 values, but 5.5 percent of that rise was in commercial and industrial properties, Statesman.com reports.

The average market value for Travis County houses increased less than a percent, from $271,438 in 2011 to $271,991 this year.  71 percent of homeowners' market value for their homes will stay the same or decrease and just 29 percent will see an increase.  Value depends largely on where a home is located, true to the "location, location, location" mantra of real estate.  Areas west of 35 showed stronger growth, while homes east of 35 and in the suburbs saw decreases in their market value.

On the other hand, values for apartments and offices increased 15 percent, making Austin one of the best markets in the nation for apartments.  Accordingly, average Austin apartment rents saw an increase in 2011, but office rents have just begun to climb.  Homeowners can file protests through May 31st, and many can even file them online this year.  Notices should go out next week.