Total Burnet County property values spike 13 percent due to new construction
New construction such as the Residences at Panther Hollow in Marble Falls (pictured here) is a driving factor in increased market values in Burnet County. The Burnet County Central Appraisal District sent certified property values to taxing jurisdictions that showed a double-digit increase in values for the entire county. Staff photo by Jared Fields
STAFF WRITER JARED FIELDS
BURNET — Property values for all of Burnet County grew more than 16 percent to nearly $10 billion.
Adjusted taxable values from 2017 to 2018 rose $582.45 million, or 13.1 percent. The adjusted taxable value is what cities, school districts, and special taxing districts use to set tax rates and budgets after exemptions are taken out.
Burnet Central Appraisal District sent certified property values to county tax jurisdictions so they could prepare tax rates and budgets for the upcoming fiscal year.
The value increase comes in large part from new construction, according to Burnet County Chief Appraiser Stan Hemphill.
“One area we’ve had about $187 million of (growth) is new construction that took place in the county,” Hemphill said.
That growth in new construction accounts for about one-third of the total increase in value.
Hemphill said other reasons for higher values are large tracts that have been platted and have higher value as lots and rising residential property values in a hot real estate market
Only one taxing entity had negative growth: Burnet County Emergency Services District No. 3. However, that was due to special circumstances. The annexation of Beaver Island and Web Island into Granite Shoals meant increased total values for Granite Shoals and a loss in taxable value in the ESD.
Within Burnet County are three school districts: Marble Falls, Burnet, and a portion of Lampasas. Burnet Consolidated Independent School District’s adjusted taxable values increased 15.8 percent to $1.9 billion; Marble Falls Independent School District’s rose 12.2 percent to $2.97 billion; and Lampasas ISD’s went up 4.5 percent to almost $86 million.
Marble Falls has the highest taxable property of cities in Burnet County with just over $837.8 million, a 15.3 percent increase. Granite Shoals, due to annexation, saw values rise 21.9 percent to $486.2 million. Burnet values rose 7.1 percent to $365.2 million.
There’s no reason to believe 2019 won’t see increased values, but Hemphill said it’s too early to speculate.
Taxing entities will set budgets between now and the end of September. Once set, tax bills will be mailed to property owners in mid-October.