Out of over 60,000 parcels, which are individual properties being appraised in the county, 40,000 saw an increase in value this year.
The senior Tom Green County appraiser, Brad Wells, said this is the first time in at least 10 years the district has needed to perform a county-wide appraisal.
"This is the first year since I have been here that I have, we have, done a full, county-wide appraisal," stated Wells.
Following October 2012's appraisal, an increase in oil and gas activity in the area drastically changed the real estate landscape of Tom Green County. Wells said he can pinpoint when that change was seen in land prices.
"We can track that back into February 18," continued Wells. "It's a bizarre date; but, that's when it first took off and started."
The market took off, the average time a property was for sale went from 9 months to less than 6 weeks. At one point last year, there were less than 200 properties for sale in the county. That's down from an average of 1,000 to 1,200 properties.
"People were buying, selling, and leasing tracks of land, primarily around major thorough fairs and they were taking land that had been sitting vacant and, basically, unused for several years and they converted it into work yards," Wells explained. "They built commercial buildings on them."
On average, the property values when up by 14%. The highest increase is 18%. Most of these changes took place at properties inside the SAISD district.
"They have the largest population of residences," finished Wells.
Following the market influx, the County Appraisal District was granted a one year grace period by the state, to complete a county wide appraisal, reflecting accurate property values after the oil boom or the San Angelo school district could lose state funding.
To contest an appraisal, contact the County Appraisal District at 325.658.5575.
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