Chief appraiser offers update on Marfa property values
April 13th, 2017 under Top Stories
MARFA – Property values for the Marfa area of Presidio County are continuing to rise, causing problems for the Presidio County Appraisal District, according to a district news release.
The State Comptroller’s property value study recently found that the appraisal district was not in compliance with appraisal standards, which require appraisals to be within 5% of actual sales prices. The failure to meet the standards of law are costing Marfa ISD about $200,000 annually.
“The prices here in Marfa are moving up so fast that it is very hard to keep up and anticipate what the values will be,” said Cynthia Ramirez, Chief Appraiser. “Sales prices in excess of $200 per square foot are common now in Marfa. As appraisers, it is very hard to determine which houses will sell for the larger amounts because mass appraisal develops value estimates from the exterior view. Many of the homes in Marfa have undergone extensive renovation and those extremely nice interiors are reflected in the higher sales prices.”
The good news for homeowners is that homesteads are protected from an increase of greater than 10% from the prior year. Also, disabled and over-65 homeowners have their taxes frozen for school purposes so the cost doesn’t increase as much on those homes. Homeowners can also thank the county government leadership for the passage of the optional homestead last year, which helps all homeowners and especially over 65 and disabled homeowners.
Notices will be mailed out to taxpayers in early May. If a person feels that their value is in excess of market value, they can come into the appraisal office and discuss their values. If an agreement cannot be reached, the taxpayer may appeal their value to the local Appraisal Review Board.