Marfa sees biggest rise in appraisals since 2002
By MEGAN WILDE / The Big Bend Sentinel (8/2/07)
MARFA – Following a five-year trend, Presidio County property appraisals are up again this year, with the biggest increase in Marfa’s valuations.
The Presidio County Appraisal District certified the appraisal roll for the county, cities and school districts on July 18. Now these taxing entities will use the appraisal values to finalize their budgets and set their tax rates.
This year Presidio County property is valued at $403.8 million, up from $378.1 million in 2006. Since 2002, the county’s market value has risen 19 percent.
Of this year’s countywide increases, market values went up most in the city of Marfa and Marfa ISD.
The city of Marfa’s market value rose 23 percent to $74.5 million in 2007, and the school district’s went up nine percent to $269.9 million. For both Marfa taxing entities, the jump in valuations was the largest since 2002.
The rise in Presidio’s valuations was more modest. The market value of city property increased by four percent to $79.4 million in 2007, and Presidio ISD’s market value went up three percent to $133.8 million.
Chief Appraiser Irma Salgado said the rise in Marfa’s 2007 valuations was steeper because of this year’s appraisal hike, which was based on recent property sales here.
Marfa’s residential values went up 30 percent, commercial values rose 40 percent, and land values doubled and tripled in some parts of town. Salgado said the increases were necessary to catch up with the state’s estimate of Marfa’s property values.
In Presidio, appraisals only went up this year on property that had been improved, so increased valuations there were caused by property being added to the appraisal roll, Salgado said.
Appraisal values have been rising in both cities and school districts for awhile now. But Presidio’s pace of growth has been steady, while Marfa’s valuations have skyrocketed.
“The market in Presidio is pretty stable,” said Salgado. “The market in Marfa is not.”
Values actually dropped in the city of Marfa and Marfa ISD in 2003. But since then, the city’s market value has soared from $47.8 million to $74.5 million this year, a 56-percent increase. The school district’s value has also gone up since 2003 from $222.1 million to $269.9 million, a 22-percent jump.
Meanwhile, Presidio’s valuations have increased gradually since 2002.
Presidio ISD’s market value has gone up about three percent each year, from $114.2 million in 2002 to $133.8 million this year, a 17-percent overall increase. The city’s market value has also risen steadily since 2002, from $62.7 million to $79.4 million this year, a 27-percent increase.
Salgado expects appraisals to go up again in 2008, particularly in Marfa where she is currently raising values on vacant residential acreage.