Property owners along Lake Dunlap could see some changes in market value after an outside consulting firm assesses their value following May’s spill gate failure and dewatering of the lake.
The Guadalupe County Appraisal District’s board of directors entered into an agreement that will bring in Patrick Brown Real Estate Consultant, Incorporated to evaluate the properties that could be affected.
“This means that the Guadalupe Appraisal District is seeking a professional appraiser as a consultant to provide our office with a report that will address ‘any appropriate discounts for properties affected by the lowered lake levels of Lake Dunlap,’ as it relates to the requirement of the appraisal district to appraise property ‘at its market value as of January 1, 2020,’” Chief Appraiser Jamie Osborne said in a written statement.
The appraisal district sought out the consultant due to the scope of the work, the unique circumstances and the limited number of homes or properties that will be sold, Osborne said.
“With the non-typical event that has recently occurred on Lake Dunlap and with this appraisal date outlined, we suspect that potentially there will be limited market activity to rely upon,” she said.
The Guadalupe County Appraisal District is expected to receive the report in November, however, any changes that are noted in the report, Osborne said, will not go into effect until Jan. 1, 2020-2024.
“The purpose of this report is to assist our office with obtaining a professional consultant’s opinions and implementing recommendations for discounts,” Osborne said. “Discount or adjustment factor, as it relates to the market value of the properties impacted.”
The Appraisal District said it will release the results to property owners and jurisdictions once the report is complete.
“Our office is closely monitoring this situation watching for developments that would impact the appraisal of property for January 1, 2020,” the release read. “With regard to questions of school district funding and associated impact, these questions should be directed to the appropriate school district administrative personnel.”