Travis Appraisal Districts Raises Commercial Values 8.51% 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.

Travis Appraisal District raised the overall taxable value of commercial properties by 8.51%, for the 33,231 commercial properties with 2021 values available. The 2021 increase in Travis Appraisal District taxable values is summarized below:

Office                   7.72%

Land                    0.72%

Warehouse         10.9%

Apartment         12.73%

Hotel                   1.83%

Taxable values were increased for 2,320 of 2,908 office buildings.  The total assessed value increased to $35.527 billion in 2021 from $32.536 billion in 2020.  The increases are surprising considering the impact of COVID on office occupancy.

Land values soared 0.72%.  The taxable value of vacant land rose from $2.691 billion last year to $2.718 billion in 2021.  More than 27.4% of landowners saw higher taxable value; land assessments were increased for 146 of 532 tracts of land with 2021 values available.  Demand for land for develop fell in 2020 due to uncertainty caused by COVID.

Warehouse properties saw the largest increase for improved commercial properties in Travis County, with values increasing a whopping 10.9%.  The 2021 taxable value was increased for over half of the properties with new values available.; 2,390 of 2,959 warehouses were increased.  The total taxable value spiked to $10.085 billion from $8.85 billion in 2020.

Taxable values were increased for 3,862 of 4,755 apartments.  The total assessed value increased to $38.026 billion in 2021 from $33.639 billion in 2020.  The increases are surprising considering the impact of COVID on apartment occupancy.

Hotel properties saw an increase in Travis County, with values increasing by 1.83%. The 2021 taxable value was increased for over half of properties with new values available.; 67 of 231 hotels were increased. The total taxable value increased to $5.096 billion in 2021 from $4.917 billion in 2020.

The property tax protest deadline is May 17th. Travis 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

Post a Comment

Popular posts from this blog

El Paso County Residential Values Increase 16.5%

  Property tax assessments for homes were increased by 16.5% for the tax year 2021, based on a review of 11,690 homes valued by the El Paso Appraisal District. Homes valued at $1 million or higher had the largest increases, average 21% higher than 2020. Review of 11,690 homes valued at $300,000 or indicates an increase in assessed value of $4.07 billion, up 10.9% from 4.52 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $129.2 million, based on a 2.7% tax rate before considering homestead exemptions. El Paso has 157 homes valued at $1 million or higher.  They are valued at $0.21 billion in 2021, up from $0.19 billion in 2020.  Values were increased for 140 homes, reduced for 16 homes, and remained flat for 1 home. Homes valued at $300,000 to 500,000 increased from 3.00 billion in 2020 to 3.34 billion in 2021, an 11.1% increase. Of the 9,928 in this price range, values were increased for 8,604, reduced for 1,323, and remained flat ...
Read more

STREAMLINE YOUR APPRAISAL PROCESS WITH COMMERCIAL REAL ESTATE APPRAISAL SOFTWARE

Image
  Commercial real estate assessment report writing software (CARS) allows you to streamline your appraisal process. CARS is connected to National data, which can automatically pre fill your appraisal forms with the property data, advanced AI algorithms which recommend comps and comparable maps so on. It helps appraisers to pull market data, analyze comps, and generate different types of customized reports. What you can do with CARS 4 - minute commercial property evaluations; 40 - minute commercial narrative appraisals; and 1 - appraiser can complete 800+ appraisals in one year.  Commercial Assessment Reporting System (CARS) can reduce report prep time by 80%+, Third party data subscriptions are not needed, data and comps are included within the applications. ACCURACY OF CARS: Increases the profit margin of your appraisal firm from 10% to 30% or higher. Licenced appraisers with 25+ years of experience. Reduces report preparation time by 80%. No third party data subscriptions ar...
Read more

5 Key Things You Need To Know Before Buying A House

Image
  If you are new to home buying, don’t worry we have lots of ideas to help your business. Here are five key things you should know before buying a property. Understand the home value Research and repeat Look into future prospects Find good real estate agents Ask neighbors about a builder's reputation Understand the home value                    Before buying a new house, you should understand the value of the property. The best way to understand the value is, have a look at similar properties in the area. You will get an idea in home buying. Choosing the house is an easy process if you know how much you are willing to spend on it. After choosing the house, you should analyze the property then determine the value with help of real estate agents.  Research and repeat     Do research about the area where you are about to buy your property. Check whether it has all amenities, and y...
Read more