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City adds over $165 million in new taxable value

by | May 11, 2023 | Latest

Collin County property values once again are showing an increase, according to figures released by the county’s appraisal district.

The Collin Central Appraisal District (CCAD) mailed the 2023 real property appraisal notices to property owners on April 15. Business personal property mailings are scheduled for mid-May.

According to Deputy Chief Appraiser Brian Swanson there are several factors for the value increases, most notably supply and demand.

“The number of people moving to Collin County in the last few years has done nothing but increase (demand) and has caused a shortage of property that is available to be purchased (supply),” Swanson said. “As the supply has decreased, the demand has increased, and the home prices have followed suit.”

He continued that the current employment climate is drawing more people migrating to Collin County for jobs, which has created more housing demand.

Property values in Collin County increased by 9.25% to $213.2 billion with $7.75 billion in new property added to the tax roll. The Collin College District had a total appraised value of $218.2 billion, a 9.2% increase from 2022.

CCAD reported the average market value of a Collin County home in 2023 was $580,900, compared to $510,605 in 2022.

In the city of Wylie, CCAD data shows a 10.7% increase in taxable value, from $6.57 billion to $7.27 billion with $165.9 million in new construction.

The average market value of a home in Wylie is $426,300. Last year’s figures showed the value of a home at $383,758.

Wylie Independent School District had an 8.1% increase in taxable value to $10.28 billion from $9.51 billion. Of the increase, $353.5 million was in new construction. The average market value of a home within WISD came in at $459,700, compared to $412,960 in 2022.

Wylie residents pay property taxes to the city, county, school district and Collin College.

In Collin County Water Control and Improvement District Number 3, the Inspiration community, values increased 30.7% to $811 million with $135.8 million added to the tax roll. The average market value of a home is $581,700 compared to $509,090 reported last year.

The Seis Lagos Utility District had an increase of 11% to $363 million with $18.2 million in new construction and an average value market of a home at $809,500.

In St. Paul, values increased to $167 million, an 8.2% increase from last year and $789,000 added to the tax rolls. The average market value of a home was $548,600, compared to $491,294 in 2022.

In nearby Parker, the reported property taxable value was $1.66 billion, a 13.3% increase with $71.3 million added to the tax rolls. The average market value of a home in Parker was reported as $1.07 million, compared to $919,664.

Values in Nevada increased by 13% to $182 million with nearly $8.1 million in new construction. The average market value of a home in Nevada increased from $342,980 to $367,600 in 2023.

Community ISD increased to $2.45 billion, a 16.2% increase with $254.1 million added to the tax rolls. The average market value of a home in Community ISD increased to $362,200 from $321,455.

Property owners have until Monday, May 15, to file a tax protest. Residents can file online at efileprotest.collincad.org, by mail or by dropping off their form at the CCAD customer service counter.

Certified values will be sent to taxing entities by July 25, which will be used in determining the tax rates for the upcoming year.

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