Why property owners may see a difference in their land value from last year

The 2023 appraisal notices have recently gone out and property owners may be seeing a change in their property value from the previous year.

The Colorado County Appraisal District said many values throughout the county increased from last year.

Colorado County Chief Appraiser Mark Price said that “cost schedules and land values had not been updated for several years, so they were not accurately reflecting current replacement construction costs and current land values,” he said. “It was imperative we get these values corrected as much as possible because the Texas Comptroller will be conducting a sales ratio study of the Colorado County Appraisal District this year. Each year, the Comptroller performs this study for half the counties in Texas. They look at the value the District has on properties that have sold relative to what the actual sales price was. The state property tax code specifies the District’s values must be in the range of 95% to 105% of the sales price in order to be at market value and pass the study.”