Many commercial properties were reappraised this year, and residential property may be due for reappraisal in 2015. — Standard-Radio Post/Ken Esten Cooke
By Ken Esten Cooke —
Property values in Gillespie County again topped $7 billion after a strong recovery from the recent national economic downturn.
Gillespie County Chief Appraiser David Oehler said total market value was $7,013,954,894 in 2014, a 2.6 percent rise over 2013 values. Gillespie’s property value again topped $7 billion, last seen before the national housing crisis caused a downturn in the economy.
"The real estate market is recovering,” Oehler said. “We never had a significant downturn in our values like other places — just a slowdown in the number of transactions.”
In 2008, Gillespie County properties reached their peak market value of $7.2 billion, he said.
“Before the 2008 downturn, we saw 10 to 20 percent increases routinely,” Oehler said. “But then the stock market crashed.”
The chief appraiser said the market is picking up again around the country and many are investing in local properties for business or a home.
Oehler said commercial property transactions, particularly on Main Street, had slowed as the economy struggled, but that in the past two years, the pace has picked up.
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