LUBBOCK, Texas — Housing appraisals in Lubbock were expected to increase again after a 16% increase in 2022. Tim Radloff with the Lubbock Central Appraisal District said the increases are due to rising Market home values all over the city.
“We have or we had you know buyers that were willing to pay you to know asking price or list price or more for properties in the market so that has kind of made the market a little bit more active than what it has been in years past,” Radloff said.
Radloff said the best thing to do is open your appraisal as soon as you get it, and if you find an issue with it, do your research and homework if planning to protest.
If you notice an issue, the President of the Lubbock Realtor association, Donna Sue Clements, said to contact a trusted realtor for Comparative marketing analysis or CMA, which is market value data based on homes similar to yours. This information can be brought as evidence to protest the amount and Clements recommends bringing it to protest.
“It’s a very large database and it involves homes that are like your home that have sold within the last six months and it’s very similar in size, similar in features which would be like the amenities in the home and similar in age,” Clements said.
Radloff said starting April 3rd, walk-in appointments are available to sit down with appraisers at LCAD and discuss appraisals.
“After you have a meeting with one of our appraisers, you don’t agree with what value we have on the property and we can’t come to an agreement with y’all on it or with the property owner on an agreeable value,” Radloff said.
Radloff said the deadline to protest your appraisal is May 15th. For more information, visit the LCAD website at here.