Kyle home property tax valuations increase by 6.1%

Preliminary figures released today by the Hayes Central Appraisal District revealed the average market value for a home in Kyle increased by 6.1 percent over 2017, a percentage point below the average for the entire county.

The 2018 average market value for a home in Kyle, according to HCAD, is $197,237, below the average valuations in Buda ($256,472), Wimberly ($274,414) and especially Dripping Springs ($390,209), but higher than those in San Marcos ($187,070). Across Hays County, the average market value for homes increased by 7.1 percent.

It will not be known how this increase will effect the tax bills of individual property owners until the various Hays County taxing agencies set their tax rates for the upcoming fiscal year. Last year, the City of Kyle lowered its rate by three cents, but property owners faced a higher tax bill than the year before because of increased valuations coupled with the fact that none of the other taxing authorities, most notably the Hays Consolidated School District, which consumers more than 50 percent of the tax bill, adjusted their rates.

It should also be noted that last year the final property valuations, which are usually announced around the first week in August after all the protests are settled, were higher than the preliminary numbers posted in May 2017..

The HCAD said it began mailing 93,173 appraisal notices today and property owners have until May 30 to file a protest of their individual valuation. Last year, 14,602 property owners protested their appraisals.

"Hays County's overall preliminary market value for 2018 rose to $26.58 billion this year, up 13.3 percent from $23.46 billion in 2017," the HCAD said. "Commercial and industrial property increased in value by 12.61 percent from $2.22 billion in 2017 to $2.5 billion this year."

HCAD said vacant lots-tracts saw the biggest increase in value (37 percent) followed by residential multi-family property with an increase of 32.87 percent. "These increases were due to strong demand for residential and commercial sites, new construction, multi-family student housing and completion of new apartment projects," HCAD said in a news release.

"Hays County added 2,628 new homes and 83 new commercial buildings to the appraisal roll for 2018," HCAD said "Total new improvements added more than $981 million to the taxable value for 2018. Across Hays County, the average market value for homes increased by 7.1 percent."

In Kyle, the average market value for a home went from $185,890 last year to $197,237 in 2018.