|Market value change is not the same for all areas.|
According to the Austin Board of Realtors, the median single-family sold price in the Austin area is up 8% compared to February 2016 as competition increases and inventory continues to be below healthy levels. Although an overall increase was seen throughout the Austin region, changes in value vary significantly from one MLS area to the next. In Travis County, for example, area 1A saw a 42.7% median price increase in February compared to the previous year, whereas nearby area 4 saw a decrease of 6%. There are also many other factors that contribute to the market value of each individual home besides the market changes in your home’s area. Stewart title has created a handy guide to determine whether your tax appraisal is a fair assessment.
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