Property Values Go Up While Lake Goes Down

LAGO VISTA, Texas (AP) — Property valuations along a Central Texas lake continue to rise even though many properties no longer have waterfront as the drought draws down water lines.   

One homeowner on Lake Travis appealed a 20 percent increase in the appraisal of his land. The homeowner won, knocking the appraisal down to $400,000 from $482,000 and saving on his tax bill.

The Austin American-Statesman reports (http://bit.ly/1twRs4K ) that recent appeals highlight whether all appraisals of Lake Travis waterfront have discounted the effect of lower lake levels on the real estate market.

Real estate agents say land around the lake doesn't hold the value it did prior to the drought, which has caused Lake Travis to drop 41 feet below average.

But property values established by the Travis Central Appraisal District rose by 6.5 percent this year.