Property values are set by the Tarrant Appraisal District (TAD) and may decrease, increase or remain the same from year to year. Property values are based on a number of factors including current housing market conditions. Overall, existing property values decreased from 2009 to 2011 and it was not until 2014 that they returned to pre-recession levels. There was essentially no increase in existing home values in 2015. While property values have increased since 2016, it is important to note that the taxable value has not increased as much as the market value due to state mandated limitations on value increases for residential homesteads and exemptions offered by the city. While senior and disabled residents may see their property values increase, their tax bill will not increase above the amount they paid in the year that they qualified for the tax ceiling, unless they buy a new home or add to on to their home. The chart below shows the change in both the average taxable value and average market value for single family homes in North Richland Hills.