Appraisal district attributes new construction and COVID-19 economic aftermath
Ann Powers
Editor
PALO PINTO COUNTY – Remnants of pandemic prices and new construction are the main drivers of rising property values in Palo Pinto County, according to the Palo Pinto Appraisal District.
Chief Appraiser Chuck Lyon certified the 2024 appraisal roll on July 18. It shows a 14% increase in the county’s market value and a 13.6% jump in taxable value compared to last year.
In 2023, the county’s market value was reported to be about $9.1 trillion, compared to approximately $10.4 trillion this year. The taxable values are recorded at nearly $5.4 billion in 2023 and almost $6.1 billion in 2024.
“We’re still catching some of the tail end of that COVID era when all the sales were still higher,” Lyon said of the annual appraisal. “We’re constantly looking at sales of the past to come up with what a current year is as of Jan. 1.”
Lyon said nearly $271 million was added to the tax roll from new home construction. That’s an 11% increase from last year.
The district listed Mineral Wells’ market value at $1.75 billion with a certified taxable value of $1.2 billion. The city recently posted a proposed $51.7 million budget with a projected tax rate of 56.45 cents per $100 property valuation for the 2024-25 fiscal year beginning Oct. 1.
The city’s largest piece of the budget pie is the general fund with $21 million in estimated expenditures.
The county’s largest school district saw an 11% boost in taxable value. In 2023 it was $1.34 billion versus $1.48 billion currently.
The hospital district (Palo Pinto General Hospital) also witnessed a bump in assessed value from $5.36 billion last year to $6.05 billion this year. That adds up to a 13.6% increase.
Property owner protests of their taxable values are on the decline, Lyon noted.
“From two years ago, they’ve definitely gone down,” he said.
There was a record-breaking 6,900 protests in 2022, compared to 4,100 in 2024, Lyon added. He said COVID prices are the culprit for the high number of protests two years ago.
