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 Collin County portions of Sachse, property values were appraised at $1.51 billion, a nearly 9.6% increase from their 2022 totals. Of the increased property values, about $32.4 million came from new construction.
The average market value of a home in 2023 was $490,100 compared to $444,809 last year.
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.
Sachse residents who live in Collin County pay property taxes to the city, county, Wylie ISD and Collin College.
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.
Nearby Murphy has a total appraised value of $3.5 billion, an 8.7% increase compared to 2022, with around $9.9 million added through new construction. The average market value of a home in the city is $579,300 this year compared to $528,216 last year.
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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