The economy has improved which puts people in a better position to pay more for their properties as values are working their way back up, which is a very good thing.
Dallas, TX (PRWEB) May 30, 2014
The housing market in Dallas continues to make leaps and bounds in its post-recession recovery. Prudential Texas Properties reports that appraised property values have increased at their highest rate since property values took such a massive hit following the recession. This growth is expected to improve local government economies, which will benefit from an increase in taxable values.
According to the Dallas Central Appraisal District, appraisal values of Dallas County residential and commercial properties have increased on average 7 percent according to preliminary values. This marks two years in a row that have seen solid growth in appraisal values, as 2013 saw an increase of 4.3 percent.
Commercial property values led the charge with a 9.5 percent increase, while residential homes experienced a 5.6 percent increase.
“This is great news because we’re finally seeing better conditions for home owners all around,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “The economy has improved which puts people in a better position to pay more for their properties even as values are working their way back up, which is a very good thing.”
On an individual level, the county’s biggest governments saw the most impressive growth. The the city of Dallas and Dallas ISD grew 7.4 percent while Irving grew at 5.6 percent. Two cities saw negative growth as both Combine and Ferris dipped 2.3 and 12.3 percents respectively.
While local governments are celebrating this good news, some Dallas County home owners might be a little wary of what’s to come in the way of tax increases. However, the district has not seen a significant amount of residents challenging their property values, which is a sign that things are right where they need to be.
All in all, Dallas County is looking at a preliminary taxable value of $182.4 billion. Although this value is expected to slip slightly as residents still have time to protest the hikes, local governments and residents alike have a bright, prosperous future to look ahead to.
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