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The Bastrop Central Appraisal District reports that Bastrop County home values have gained momentum, with the average value of a home rising by 6.7% this year.
According to the Austin American-Statesman, that is a significant rise when compared to the home value numbers in 2019.
Faun Cullens, chief appraiser for the Bastrop Central Appraisal District, says there is variation in the numbers, though.
“Not all properties will increase at the same rate. Circumstances such as new construction, change in use, or undervalued corrections can result in market value increases greater than the average,” Cullens told the Statesman.
Single-family residence home sales between Jan. 1, 2019 and Feb. 1, 2020 were reviewed. Cullens revealed that the average home values increased in neighboring Elgin by 5.05% and in Smithville by 0.58%.
“We analyze properties that are selling in each area to determine the potential market value, utilizing mass appraisal techniques,” Cullens told the Statesman. “Mass appraisal is a process of valuing a large number of properties as of a specific appraisal date, in a standardized manner that allows statistical testing.”
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