Bexar Home Appraisals Dropping Again
The down economy is hitting home for a third straight year as most Bexar County property owners will see residential values drop an average 2 percent, according to the Bexar County Appraisal District.
"We are seeing values go down, not a lot, down a little bit in about 80 percent of neighborhoods," said Mary Kieke, deputy chief appraiser. "I think a lot of people thought the values would have started going up again, but I think, perhaps, lending practices are causing us to stay somewhere near the bottom."
Ten percent of residential values is up an average 5 percent, while another 10 percent remains flat, according to BCAD, which is still crunching numbers before notices are mailed out April 29.
Only property owners seeing an increase will receive written notice. Others can see the new valuations on the BCAD website May 1.
News that many values are dropping comes as no surprise to Tom Castillo, a classic example of the saying, "What goes up, must come down."
Four years ago, pre-recession, the appraisal on his Monte Vista home nearly doubled from $186,000 to $360,000.
"My neighbors all felt it," the general contractor said. "We all just looked at each oher and said, 'Why?'"
Though Castillo's value dropped by $30,000 last year, the much higher property taxes were a big financial burden, forcing him to put his home on the market.
"I just sold my home, and the most I could get for it was $260,000," he said.
Appraisals are determined by market values which are, in turn, determined by home sales. But home sales are down.
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