2024 APPRAISAL NOTICES ON THEIR WAY TO BOSQUE COUNTY PROPERTY OWNERS

Deadline to file protests is Monday, June 24, 2024

MERIDIAN, Texas – Notices of Appraised Value for the 2024 tax year are on their way to Bosque County property owners and updated market values will be posted on the Bosque Central Appraisal District website (www.Bosquecad.com) in the coming days.

Appraisal notices are being mailed out to over 17,419 Bosque County property owners beginning this week.  The notices include the market value assigned to a property as of January 1 and the taxable value of that property based on its exemptions.

According to the Chief Appraiser, “Bosque County property owners can expect their Notices of Appraised Value to arrive in their mailboxes as early as this week.  In addition to reviewing their market values, Bosque County property owners are encouraged to check their exemption status and learn more about the protest process.”

Overall, the Bosque County appraisal roll increased 25.06% to $8.878 billion, this is in contrast of 2023 where it stayed relatively the same as 2022, due to mortgage rates.  The increase this year is led by a 36.59% increase in rural land values, 34.42% increase in commercial properties, 27.06% increase in multi-family and apartments, 13.28% increase in mobile home and land values, and more than $28.2 million in new construction.  According to this year’s values, the 2024 average market value for a residential property in Bosque County is $271,266 and the average taxable value of a residential property is $201,326. On average, single-family residences saw market values increase by 7 percent in Bosque County.

Reviews by the Texas Comptroller of Public Accounts have found that BCAD’s market values in recent years have been too low.  This review, known as the Property Value Study, is conducted every two years and impacts local school district funding.  Appraisal districts are required by law to appraise property at 100% of market value as of January 1 of the year.

“The data tells a clear story.  The local housing market continues to see rising property values due to high demand and low supply, with many people moving out of the city or buying recreational properties” added the Chief Appraiser.  “But increases in market values should not cause panic about future tax bills.  Property owners with a homestead exemption still benefit from a 10% cap on the increase of their taxable value.”

Changes in market values do not translate directly into changes in property tax bills. Instead, values are used to determine a property owner’s portion of the total tax levy. The total tax levy is determined by the budgets set by local taxing entities such as cities, counties, and school districts.

As values increase tax rates need to go down.  Recent legislation lowered the amount a taxing entity can increase taxes over the prior year.  Actual taxes, however, will not be determined until the entities have adopted a tax rate in August and September.  If an entity does not intend to raise taxes, when the valuations go up, the tax rates are lowered to bring in the same revenue as the prior year.

Likewise, over-65 and disabled persons have a tax cap in place, so regardless of the increase in value they may not see as much of an increase in taxes.  Beginning in 2024, real property valued at $5 million or less will benefit from a 20 percent limitation on the net appraised value of the property used to calculate property taxes. Each property that qualifies will receive a Notice of Appraised Value, typically in April, that specifies the market value of the property as of January 1. These properties will also have a net appraised value that will be the lesser amount of: last year’s net appraised value plus 20 percent OR this year’s market value.

You must own the property for at least one full calendar year (January through December) before you are eligible for a 20 percent limitation. Properties already receiving a homestead exemption are not eligible and will continue to receive the standard 10 percent limitation on their net appraised value. Should you sell your property, the limitation will be removed and the tax base will increase to the property’s current market value until the new owner is eligible for the same benefit.

The Texas Legislature has currently only authorized the circuit breaker limitation for the 2024, 2025, and 2026 tax years.

Property owners who believe their property’s market value is incorrect have the right to file a protest with the appraisal district.  The deadline to file a protest is June 24, or the 30th day after the date that notice to the property owner was delivered to the property owner.  It is also encouraged that if you would like to have your hearing expedited, please let us know, and/or please check the box on the protest form included in your notice that says “Do you want to expedite your hearing by waiving the required 15-day deadline notice date under TPTC Sec. 41.46?”.  Property owners who file via the portal can upload their evidence through their online account.  Protests and evidence will also be accepted by mail and through the drop box located outside the BCAD office (9293 Hwy 6).

The informal process, which allows property owners to receive a settlement offer from the appraisal district, will begin May 28.  During that time, property owners will have the opportunity to discuss their property with a BCAD appraiser.

Property owners who do not accept a settlement offer during the informal process will have the opportunity to present their case to the Bosque Appraisal Review Board (ARB), an independent group of citizens authorized to resolve disputes between taxpayers and the appraisal district.  ARB hearings are expected to begin in May 2024.

Property owners should get their protests filed early to have the most opportunity to discuss their property with our appraisers.

Property owners can find more information on market values and the protest process on BCAD’s website at www.BosqueCAD.com.

About the Bosque Central Appraisal District

Our Mission is to appraise all taxable property within the boundaries of The Bosque Central Appraisal District in an equal and uniform manner, recognizing we are a public service organization, serving both the taxing entities and the taxpayers.  We are committed to creating and maintaining a work environment that provides opportunities for personal growth and one that supports innovation.  The Bosque Central Appraisal District strives to earn and keep the public’s trust and confidence in the work we perform, striving to provide quality services and demonstrating a professional attitude.  For more information, please visit www.Bosquecad.com.

Bosque County Residential Homestead Values