McLennan County: Home appraisals rise by about 12 percent
Residential appraisals in McLennan County are up across the board by about 12 percent.
The hottest areas were surprisingly Lorena, where appraised values increased by 11.14 percent, Valley Mills, where appraisals increased 25 percent, and Hallsburg, where appraisals increased by 24.76 percent.
Appraised values increased by 14.08 percent in Waco.
Joe Bobbitt, assistant chief appraiser for McLennan County said growth and development are the driving factors.
"Property is staying on the market for less time for selling quicker there are people who are getting close to what they are asking for like if they list it for $100,000, half the time there are three people waiting willing to buy it and they end up getting above what they originally asked."
According to the Texas Association of Realtors, the median price of a home in the Waco area was $170,000 in 2017.
That's up from $146,000 just two years ago and houses were on the market roughly 48 days.
This data also fall in line with figures from the Texas A&M Real Estate Center.
This year the state will audit the appraisal district which is done every two years.
It will determine if the valuations McLennan County has assessed are correct.
The McLennan County Appraisal District will begin mailing out the new appraisals next week.
The protest deadline is May 15.