If you got your 2019 appraisal notice from the Milam Appraisal District (AD)—and 21,000 of them were mailed out May 1—you probably already know this.
Your home appraisal probably went up.
“There were increases in land and residential value across most of the county,” Chief Appraiser Dyann White said.
Residential single-family values as a group increased by 12.79 percent over 2018, going from $491,152,248 to $553,948,446, a hike of $67,796,198.
LAND, OIL—Rural land values increased dramatically, from $460,553,847 to $642,434,219, a 39.49-percent hike.
But the largest percentage increase reflected the recent rise in southeast Milam’s oil and gas activity.
Oil and gas values went up 144.42 percent, from $38,525,107 to $94,161,692.
That segment also showed, by far, the largest increase in accounts, going up by 1,979 during the past year.
“The majority of these are in the Gause ISD,” White said.
‘BELOW MARKET’—
White said the source used by appraisers showed some of the most dramatic increases stemmed from residences being “below market” for several years.
“We use reported sales to value comparable property. Homes on acreage saw the most dramatic change,” she said. “We also performed several weeks of analysis to make sure residential properties are appraised more uniformly.”
“We found that some residences have been below market for the last few years, and those properties saw more than the typical increase when they were brought in line with other residential appraisals,” White said.
PROTESTS—White said Property owners who disagree with the appraised value of their property, the exemptions, or any other action by the appraisal district have the right to appeal to the Milam County Appraisal Review Board (ARB).
The ARB is an independent panel of citizens responsible for hearing and settling property owner protests. The notice of appraised value includes instructions on how and when to file a protest, a protest form, and the Comptroller’s Property Taxpayer Remedies.
She said the normal protest deadline is May 31.
UP, DOWN—Overall, all categories, appraisals in Milam County increased from $3,687,686,282 to $4,062,938,580, a 10.18-percent increase over 2018.
Some areas went down, most notably railroad rolling stock and industrial/manufacturing real property.
Railroad rolling stock dropped from $14,800,440 to $9,184,860, a decrease of 37.94 percent.
The industrial/manufacturing category declined from $46,428,010 to $33,608,340, a decline of 27.61 percent.
For comparison, in 2016, Luminant alone was appraised at $290 million and that’s after a settlement was reached with the AD.
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