The Bexar Appraisal District released an early projection for the average increase in local property appraisals for the coming tax season.
“Bexar Appraisal District has just recently started this year’s valuation phase for the 2023 tax year," said Rogelio Sandoval, assistant chief appraiser. "After last year’s 26% increase of Bexar County’s single-family residences, our preliminary analyses indicate a 13% increase. We will have a more definitive number in late March as we will mail out value notices in early April.”
The local housing market has cooled as the Federal Reserve has increased interest rates, which in turn increased mortgage rates. Inflation and recession concerns have also deterred some would-be home buyers.
The San Antonio Board of Realtors reports single-family home sales closings were down 30% at the start of the year, compared to last year.
Bexar County Commissioners voted last year to pass two proposals to ease the property tax burden on local taxpayers in 2023.
One pushed through by then-Commissioner Marialyn Barnard boosted the homestead property tax exemption to 20%, the most allowed under state law.
She said after the vote that the tax break was not just for seniors.
"This affects every family who owns a home, and that includes families with children, and, as we know, that demographic is a higher level of poverty and a higher level of low income," Barnard said.
She said the owner of a $300,000 home would see a savings of $174.
The court last year also passed Commissioner Tommy Calvert's proposal to boost the county hospital tax exemption for those 65 and older from $10,000 to $30,000.
Residents of San Antonio can get other tips on lowering their property tax bills during a series of public workshops.
The workshops will show homeowners the property tax exemptions available to them and how to submit an appeal to lower their property tax bills.
Homeowners can get one on one help from legal experts. Spanish interpreters and sign language interpreters will also be at each workshop. They will be held mostly on Mondays after work hours at locations across the city through May 8, according to a news release from the city.
A full schedule of the meetings can be found at sanantonio.gov/propertytaxhelp.
The last day to file an appeal on property appraisals with the appraisal district is May 15.
