Williamson Appraisal Districts Raises Commercial Values 17.7% In 2021
Author : Derick james | Published On : 22 Sep 2021
Williamson Appraisal District raised the overall taxable value of commercial properties by 17.7%, for the 19,906 commercial properties with 2021 values available. The 2021 increase in Williamson Appraisal District taxable values is summarized below:
Taxable values were increased for 658 of 686 office buildings. The total assessed value increased to $3.289 billion in 2021 from $2.814 billion in 2020. The increases are surprising considering the impact of COVID on office occupancy.
Land values soared 29.3%. The taxable value of vacant land rose from $1.013 billion last year to $1.457 billion in 2021. More than 87.4% of landowners saw higher taxable value; land assessments were increased for 1,405 of 1,607 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 526 of 584 retail properties with new values available. The total taxable value rose to $3.529 billion from $2.509 billion in 2020.
Warehouse properties saw the largest increase for improved commercial properties in Williamson County, with values increasing a whopping 24.7%. The 2021 taxable value was increased for over half of the properties with new values available.; 169 of 213 warehouses were increased. The total taxable value spiked to $1.217 billion from $0.930 billion in 2020.
The property tax protest deadline is May 17th. Williamson 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.