Harris Appraisal Districts Raises Commercial Values 7.6% In 2021

 Most property owners believe appraisal districts should cut taxable values in 2021. 93% of Texas property owners surveyed by O’Connor thought appraisal districts should reduce values in 2021 due to the impact of COVID.

Harris Appraisal District raised the overall taxable value of commercial properties by 7.6%, for the 76,819 commercial properties with 2021 values available. The 2021 increase in Harris Appraisal District taxable values in summarized below:

Office                    6.57%

Land                      13.07%

Retail                     5.4%

Warehouse           11.45%

Apartment            7.11%

Taxable values were increased for 3,128 of 4,000 office buildings.  The total assessed value increased to $40.142 billion in 2021 from $37.448 billion in 2020.  The increases are surprising considering the impact of COVID on office occupancy.

Land values soared 13.07%.  The taxable value of vacant land rose from $76.71 billion last year to $88.51 billion in 2021.  More than 30.8% of land owners saw higher taxable value; land assessments were increased for 3501 of 11,331 tracts of land with 2021 values available.  Demand for land for develop fell in 2020 due to uncertainty caused by COVID.

Increases in retail properties were the biggest surprise.  Scores of national retailers have filed for bankruptcy.  Thousands of local tenants have abandoned leases due to COVID.  Yet the taxable value of retail properties were increased for 2,530 of 3,442 retail properties with new values available.   The total taxable value rose to $19.911 billion from $18.787 billion in 2020.

Warehouse properties saw the largest increase for improved commercial properties in Harris County, with values increasing a whopping 11.45%.  The 2021 taxable value was increased for over half of properties with new values available.; 12,613 of 13,370 warehouses were increased.  The total taxable value spiked to $18.58 billion from $16.56 billion in 2020.

Taxable values were increased for 1,976 of 2,367 apartments.  The total assessed value increased to $50.241 billion in 2021 from $46.608 billion in 2020.  The increases are surprising considering the impact of COVID on apartment occupancy.

The property tax protest deadline is May 17th. Harris County commercial property owners are encouraged to appeal regardless of whether their value increased.  There is a strong argument commercial values are lower in 2021 compared to a year ago due to COVID.  Many if not most commercial properties are expected to have a lower taxable value compared to last year, but ONLY if the 2021 value is appealed.

There are no flat fees or upfront costs with O’Connor, and never a fee unless we reduce your property taxes.  Simple and fast enrollment is free at:  https://www.poconnor.com/commercial1 or call 713 290 9700.  Fast and free.

Comments

Popular posts from this blog

El Paso County Residential Values Increase 16.5%

STREAMLINE YOUR APPRAISAL PROCESS WITH COMMERCIAL REAL ESTATE APPRAISAL SOFTWARE

5 Key Things You Need To Know Before Buying A House