AUSTIN (KXAN) — Travis County property owners will soon receive 2024 appraisal notices over the next few weeks from the Travis Central Appraisal District.

The notices are “being mailed to 424,060 Travis County property owners” starting this week, TCAD said in a news release.

TCAD Appraiser Leana Mann said in the release this is a “perfect time to check on your exemptions and learn more about the protest process.”

“According to this year’s values, the 2024 median market value for a residential property in Travis County is $551,419 and the median taxable value of a residential property is $401,806. On average, single-family residences saw market values decline by 7 percent in Travis County,” TCAD said.

Although, TCAD said those changes in market values “don’t translate directly into changes in property tax bills.” The values are instead “used to determine a property owner’s portion of the total tax levy,” the release said. So, then that total tax levy is determined by budgets set by cities, counties and school districts.

After spring 2022 saw home values skyrocket by 53%, the market cooled and didn’t grow much throughout last year as mortgage rates spiked. KXAN asked Mann to expand on what’s contributing to the market’s dip.

“We haven’t seen a softer market like this in years. In many years, we’ve seen a very robust market for residential properties. So, we’re starting to see the change, residential inventory levels are higher than they have been. And then increased interest rates are also playing into that stabilization for the market,” Mann told KXAN.

Any property owners have a right to file a protest with TCAD if they don’t “believe their property’s market value is incorrect.” If they want to file a protest, they have to do so by the May 15 deadline or 30 days after the notice is mailed, the release said.

Property owners can file their protests on the TCAD online portal and can upload their evidence and more, the release said.

There is also an informal process in which property owners can “receive a settlement offer” from TCAD, starting April 16, the release said. They can then “discuss their property with a TCAD appraiser and potentially resolve their protest.”

Those property owners who would rather present their case at the Travis Appraisal Review Board (ARB) can do so if they choose not to accept a settlement from the appraisal district, according to TCAD. Those hearings will start in June 2024.

The appraisal district will host a webinar on the protest process at 11:30 a.m., May 1. Property owners interested in registering can do so on the TCAD website.

For more information on market values, property owners can visit this portion of the appraisal district’s website.