The Texas Real Estate Research Center announced that Dr. Lynn Krebs has joined the staff of the TRERC, specializing in rural land and property taxes.
This announcement is a homecoming for Krebs, who began his career as a graduate assistant at the TRERC in 1992 while attending Texas A&M University — the location of the TRERC.
He acquired his Ph.D. from Georgia State University. From 1994 to 2003, he was director of education and certification programs for the Institute of Professionals in Taxation.
Krebs, who did both his undergraduate and master’s studies at Texas A&M, said “a lot has changed” but he has always been proud of the work and quality of resources the group puts out.
“Lynn brings extensive experience in commercial real estate,” said Center Executive Director Gary Maler in a news release. “He has led a large real estate tax consulting firm, and he has a deep understanding of the fundamentals of real estate markets as well as the valuation of real estate.”
Krebs worked in property tax consulting from 2007 to 2022. Most recently, he served as CEO of Tax Advisors Group.
In this role, Krebs will be conducting research, writing articles, and providing public presentations to those in the real estate industry. His primary focus will be on rural land markets and pricing trends and forecasts.
He said that “we’re living in interesting times,” and the economy has never experienced the dynamics that have occurred since coming out of the COVID-19 pandemic.
And while saying it is impossible to know what the future holds, if history has taught the industry anything, it is that rural land has been a good hedge against inflation.
He said the TRERC has found that rural land in Texas acts much like an investment vehicle, as opposed to agriculture production in other states.
In relation to property taxes, he said, on average, the revenue from property taxes continues to grow as the population grows. However, legislation passed by the Texas Legislature in 2019 is having an impact on keeping property taxes in check — a relief for homeowners.
The Texas Legislature passed Senate Bill 2 in 2019, which slows the growth of future property tax bills by lowering the rollback rate from 8 percent to 3.5 percent for cities and counties with a population over 30,000.
Krebs said homeowners will be “pleasantly surprised” in October when tax rates will be cut as a result of higher valuation.
“That’s really how the system is supposed to work,” he said.
