More than half of the residential properties in Williamson County dropped in value last year, the county appraisal district said last week.

The Williamson Central Appraisal District said the average residential property in the county north of Austin saw a 2.5% decrease in value.

The district said values were up for 36% of the 167,500 notices sent to taxpayers, while 13% were within $1,000 of the 2011 assessment.

The average home market value was set by the appraisal district at $187,451, which is up less than 1% from 2011's $186,416.

However, the $29 million decline in existing property values was more than offset by $650 million in taxable property from 165 new commercial developments.

The $36 billion of property assessments on the county's current tax roll include 7,000 commercial properties and 120,000 residences.

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