02/18/2016 Property Value Study Results(02/18/2016)

Reports Results of Property Value Study

For additional information contact Jack Barnett, Communications Officer, 713-957-5663

February 18, 2016

Harris County Appraisal District
Reports Results of Property Value Study
Houston —The Harris County Appraisal District reported the initial results of the
Texas Comptroller’s 2015 Property Value Study to the board of directors yesterday.
“The study is the only truly independent measurement of how accurate and fair
HCAD’s work is, and I’m pleased to report that the results are stellar,” said Sands Stiefer,
chief appraiser. “The study found that in 2015, we appraised residential property at a
median level of 99 percent of market value. Commercial real property was appraised at a
median of 100 percent and commercial personal property at 100 percent. The study found
our values to be very uniform, with almost 75 percent of the property sampled having
appraisal ratios within 10 percent of the median.”
The study found that overall, the district achieved a median level of appraisal of 99
percent. The target level is 100 percent. Almost 13,000 properties were reviewed for the
study.

The Property Value Study is an extensive and independent review of the appraisal
district’s appraisal performance by the Texas Comptroller of Public Accounts. The goal of
the audit is to allow the state to reach an independent conclusion as to whether the district
has complied with the professional standards of appraisal and state law. The comptroller
also determines whether values in each school district meet appropriate levels of accuracy.
The results of the study are used to ensure equitable distribution of state funding for public
education.

About HCAD
The Harris County Appraisal District is a political subdivision of the State of Texas
established in 1980 for the purpose of discovering and appraising property for ad valorem
tax purposes for each taxing unit within the boundaries of the district. The district has
more than 1.7 million parcels of property to assess each year with a total market value of
approximately $526 billion. The appraisal district in Harris County is the largest in Texas,
serving approximately 500 taxing units, and one of the largest appraisal districts in the
United States. For further information, visit www.hcad.org.