Collin County property values once again show an increase, according to figures released by Collin Central Appraisal District (CCAD).
The CCAD mailed the 2022 real property appraisal notices to property owners on April 15. Business personal property mailings are scheduled for mid-May.
According to Chief Appraiser Bo Daffin, there are several factors for the value increases.
“It is my opinion that limited supply and heavy demand are the primary factors leading to increased appraisals,” Daffin said.
The chief appraiser said supply impacts include rising construction costs for labor and construction materials and demand impacts include the state’s population and job growth and historically low mortgage rates.
Property values in Collin County increased by 12.82% to $188 billion with $6.5 billion in new property added to the tax roll.
CCAD reported the average value of a Collin County home in 2022 was $509,500, a 28% increase compared to $396,572 in 2021.
In the city of Princeton, CCAD data shows a 30% increase in taxable value, from $1.65 billion to $2.15 billion. There was over $344 million in value added because of new construction.
The average value of a home in the city of Princeton is $306,700, a nearly 33% increase from 2021. Last year’s figures showed the average value of a home at $230,899.
Princeton Independent School District had a 29% increase in taxable value to $2.9 billion. Of the increase, over $453 million was in new construction. The average value of a home within PISD came in at $295,000, a 30% compared to $226,199 in 2021.
For the full story, see the May 12 issue of The Princeton Herald.
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