2024 Low Income Housing Apartment Capitalization Rate Pursuant to Sec. 11.1825(r) of the Texas Property Tax Code, the Hays Central Appraisal District gives public notice of the capitalization rate to be used for tax year 2024 to value properties receiving exemptions under this section. Rent restricted properties vary widely. These variations can have an influence on the valuation of the property. A base capitalization rate of 8%-10% will be used to value these properties, although adjustments may be made based on the individual property characteristics and the information provided to the chief appraiser as required under Sections 11.182 (d) and (g), Property Tax Code.