Lubbock homeowners see an increase in property values

KLBK News

LUBBOCK, Texas — Homeowners in Lubbock have started to receive their property appraisals in the mail. The Lubbock Center Appraisal District began sending notices in the mail on April 1st, according to Tim Radloff, Chief Appraiser/Administrator for LCAD.

Erik McInroe manages several properties for his mother. He said he was surprised when he took a closer look at the valuations.

“There’s quite a big increase… and several of them,” McInroe said.

He said he has managed properties for 20 years, and has never seen such an increase before.

“It just seems like they’re pulling numbers out the sky,” McInroe said.

Radloff said he wasn’t the first to take notice, they have already started to receive an increase in phone calls.

“When she left for lunch she had 7 missed calls, when she came back an hour later, she had 80 missed calls,” Radloff said, describing the experience of one LCAD employee.

Radloff said LCAD are still trying to crunch the numbers for the average increase for a home in Lubbock County. Radloff said he believes they will fall in line with the Lubbock Board of Realtors. The organization estimates an increase of 9.5 percent. The figure is more than double the percentage from last year, at 4.2 percent.

“I think we’re gonna come in probably a few points less than that,” Radloff said.

For McInroe, the increase feels like a slap in the face.

“It just seems excessive,” McInroe said.

McInroe said some of their properties are actually facing a decrease in value, but for some, there’s a more than 20 thousand dollar increase.

“And going through COVID, the year we’ve all had, it just seems like a bad time to be hitting us with that,” McInroe said.

Radloff said the pandemic hasn’t played a big part in residential valuation, but Lubbock does have a strong residential market.

“There are homes that are for sale on the market, there’s just not as many as there were the prior year. So that’s driving that. That creates demand for the ones that are out there,” Radloff said.

Erik said he understands Lubbock is growing and prices will go up. Despite this, he said he fully intends to protest.

“Most definitely,” McInroe said.

Radloff said folks are welcome to protest their home valuation. Due to coronavirus, they are not accepting walk-in appointments. For more information, visit their website.

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