Breckenridge Texan

In his annual report to the Breckenridge City Commission on March 5, Stephens County Chief Appraiser Will Thompson revealed significant shifts in the county’s property values over the past five years, with the city experiencing a 58% increase in taxable value despite a dramatic decline in mineral property values.

“(Breckenridge has) been on the rise for five years. In fact, we saw a 58% increase over the last five years in value, taxable value,” Thompson told Mayor Bob Sims and the commissioners. “… You were flat for about seven years; from 2014 to 2021 the value stayed real flat, and then it took off.”

The composition of property values has dramatically changed across the county. “If you go back one more year, 2013, 71% was mineral value. And if you look at mineral value today in the county, it’s about 11%,” Thompson said. “I still have people tell me, ‘We’re driven by oil and gas. Oil and Gas drives our values.’ Those days are over.”

For the city of Breckenridge specifically (as opposed to the entire county), mineral values represent just 2% of the city’s tax base, with real property making up nearly 80% of values.

The appraisal district reported a significant decrease in total parcels, particularly in mineral properties, which fell from over 37,000 in 2020 to roughly 21,000 in 2024. “That ought to tell you what’s happened to our mineral properties in Stephens County in the last five years,” he said.

Thompson highlighted the city’s progress in addressing vacant lots. “In ’23 there was 1,024 empty city lots, and that dropped to 930 in 2024,” he said. “I can’t prove it, but my gut tells me that’s (due to) your housing initiatives, pushing for houses to be built on vacant lots and selling vacant lots for that purpose.”

City Manager Cynthia Northrop added context: “Twenty-five percent of our housing is vacant and 30% is substandard or dangerous, so … it will help. And that’s why the city has … had a push to address this so you could do infill development.”

Land values throughout the county have also seen dramatic increases. “You take a 20-acre tract out in the county, and it’s moved from about $4,000 an acre to about $10,000 an acre in the last five years,” Thompson said. “Even large acre tracts have seen a significant increase… from roughly 1,800 (dollars per acre)… and now a 1,000-acre tract might sell for $4,200 an acre, plus.”

Thompson expressed particular satisfaction that the district passed both state audits this year for the first time since 2019. “We passed (the Property Value Study) this year. We’re at 95.33%,” he said, explaining that being below the required 95% threshold previously resulted in state funding being withheld from the school district.

Looking ahead, Thompson predicted a stabilizing market. “I think this year, values are going to stay pretty flat. … I don’t see any justification for an increase,” he said. “… We’re at a very stable market. But … there’s just not a lot of sales going on.”

The City Commission unanimously approved the Stephens County Appraisal District’s annual report following Thompson’s presentation.

Cutline, top photo: Stephens County Chief Appraiser Will Thompson addresses the Breckenridge City Commission, presenting the Appraisal District’s annual report. (Photo by Tony Pilkington/Breckenridge Texan)