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Law may require city to lower property tax rate


Law may require city to lower property tax rate
Wichita Falls homeowners are bracing for a higher tax bite after property appraisals rose significantly this year but the tax rate from the City of Wichita Falls may go down.
“I think there’s a pretty good chance we will have to lower the tax rate,” City Manager Darron Leiker said.
That’s because of new laws on property taxes the Texas Legislature passed in 2019.
Under the old law, local governments could realize an increase in their annual property tax revenue of 8 percent over the previous year before residents could petition for a vote to roll back the tax rate. ....

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Appraisal district hit with calls after property values mailed


Appraisal district hit with calls after property values mailed
Real estate values were significantly higher than in previous years, which means homeowners may pay higher taxes.
Yesterday was pretty active, Chief Appraiser Lisa Stephens-Musick said Tuesday. I suppose some folks were more on edge than in prior years because of media coverage.
A shortage of homes on the market, a slowdown in construction caused by COVID-19, and low interest rates are among the reasons real estate values shot up. Some properties in Wichita Falls rose in value by 20 percent or more. 
Across Wichita County, taxable real estate was valued at $6.4 billion this year, which is up from $5.9 billion in 2020. ....

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