Proposition 2's effect said 'minimal' in Milam
The ef fect of Texas voters passage of Proposition 2 in last week's constitutional amendment election will probably have a minimal impact on county valuations, according to Pat Moraw, chief appraiser of the Milam County Appraisal District (MCAD).
Proposition 2 restricts appraisal districts from using a procedure known as "highest and best use" and mandates residential homesteads located in commercial areas be appraised on market value, not on potential value.
Moraw said there are no large commercia l areas in Milam County and noted the number of residential homesteads in such areas is minimal.
"The only change homestead property owners in the Milam County Appraisal District will realize, following the proposition's adoption, will be in the valuation of land," she said.
"For many years the MCAD has discounted all single-family residences located in a commercial area by 20 percent, reasoning that the market is less than a comparable house located in a primarily residential area," she said.
"Beginning with the 2010 appraisal year, the land will be valued as other residential property in the area," Moraw said.
"Only t hose homes whose owners receive an ad valorem homestead on their property are subject to the method of appraisal outlined," she said.
"It should be noted that the reduction will vary depending on property location and variance between commercial land value and residential property," she added.
"Any adjustment to value will appear on the 2010 notice of appraised value," she said.
"Persons hav ing questions concerning their residential homestead value due to location should contact the MCAD when they receive their notice," Moraw said.