With the above increase in value, and no decrease in the tax rate, your real estate taxes will go up 9-10%. If you have been paying $1400 per year, your taxes would increase by $120-$140 per year. That is giving all your taxing authorities a 10% raise. The question then becomes, "Do they need it?"
Let's isolate Rowlett. If the city's budget remained exactly the same, there should be a 10% reduction in the tax rate. Folks, that ain't gonna happen. In recent years, there has been some shell games going on to get money where it's needed. Many reserves have been spent. These funds need to be replaced. Also, the tornado created some costs that no one anticipated. We'll get some federal government help, but not enough to cover all costs from the tornado. So, it's reasonable to assume that city taxes will go up some. Then, the question is, "How much?"
I don't want to get off in the weeds here about expenditures. Also, I don't want the city to run on a shoestring. But, neither do I want the city to spend foolishly because they got a windfall.
I think we ought to share in the increased good fortune of increasing home values by splitting the difference. I think the city should get half of the new revenue created by increasing values, and the tax payer should get tax burden relief by half of the presumptive new tax revenue.
The tax rate should be cut by 5%.