The Bexar County Appraisal District is taking the national economy mess into its own hands by lowering or freezing property appraisals in Bexar County. Although San Antonio certainly hasn't been hit has hard as other areas of the country when it comes to the housing market decline and the credit crisis, there are signs that Bexar County is struggling, and will continue to do so in the upcoming year.
The Bexar County Appraisal District certainly considered this sobering statistic when they decided to drop the average residential property appraisal value by two percent, compared to 2008. There certainly is a lot to be said for the drop in property appraisal values, as the last time Bexar County saw a decrease in property appraisals was during the savings and loan crisis in the early 1990s. Although this news is good for homeowners, it may not be great news for the local economy, which may be starting to feel the impact of the poor national economy.
There are certain neighborhoods in Bexar County, particularly those in the 12 zip codes that will see appraisal increases in 2009, yet the majority of neighborhoods, including the 63 zip codes, will see appraisal decreases. In fact, some areas may see a decrease of as much as 20 percent, including the 78204 zip code. The drop in appraisal values is set to help out the many communities of Bexar County which has seen median home prices fall significantly. The average value of a home in Bexar County is currently $141,950, compared to $144,687 in 2008, a decrease of two percent. In addition, there are no current plans to raise property taxes. Commercial property appraisals have not seen a decrease like residential properties, as there was close to $4 billion in new construction in Bexar County in 2008.