Princeton’s property values continue to grow, according to the latest certified values released by the Collin Central Appraisal District (CCAD), buoyed by over $340 million in new construction.
Certified value summaries were released to taxing entities and the public by CCAD July 18 and the city’s property values grew 46.5%. Taxing entities, including the city and school district, will use the certified values to help calculate revenue from property taxes and adopt the tax rate in September when they approve the budget for the next fiscal year.
Property values in Princeton were assessed at $2.42 billion in 2022, compared to $1.65 billion in 2021. New construction added $347.3 million in appraised value, while $12.7 million was added by annexations.
The average home value in the city jumped over $70,000 to $309,264 in 2022, compared to $230,553 one year ago.
Collin County Chief Appraiser Bo Daffin said supply and demand have been a driving force behind the growth in home values over the past year. Jobs and growing amenities in the area have also helped boost values, he added.
Similar to the city, Princeton ISD saw a significant increase in its appraisal values. PISD’s total certified taxable value is $3.25 billion in 2022, a 44.4% increase from $2.25 billion in 2021.
New construction in the district was valued at $455.3 million this year. The average home average in the district was $296,791 in 2022, compared to $226,013 one year ago.
Additionally, Collin County values were appraised at $194.4 billion, a 16.1% increase from the 2021 total, $167.3 billion. The county added $6.3 billion in new construction. Home values in Collin County averaged $513,136, up from $396,584.
For the full story, see the Aug. 4 issue of The Princeton Herald.