Travis Appraisal Districts Raises Commercial Values 8.51% In 2021
Author : Derick james | Published On : 15 Sep 2021
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:
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.