AUSTIN (AP) — The Texas comptroller's office has estimated higher statewide property values in a sign of a stronger economy.
The agency said statewide property values rose 1.3 percent last year to reach $1.69 trillion. That compares to property values of $1.67 trillion in 2010.
The Austin American-Statesman reported Feb. 7 that Texas in 2010 suffered the first decline in statewide property values in 17 years.
State budget writers had anticipated another 1 percent decrease in 2011. School funding is based on local property taxes and state dollars.
Consultant Joe Wisnoski with Moak Casey & Associates said the difference could save Texas as much as $400 million by reducing its obligation to school districts.
Copyright 2012 The Associated Press.
