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.
Bexar Appraisal District raised the overall taxable value of commercial properties by 4.2%, for the 44,751 commercial properties with 2021 values available. The 2021 increase in Bexar Appraisal District taxable values is summarized below:
Office 8.58%
Land 5.79%
Warehouse 15.66%
Apartment 6.63%
Hotel 2.68%
Taxable values were increased for 2,118 of 2,409 office buildings. The total assessed value increased to $7.27 billion in 2021 from $6.61 billion in 2020. The increases are surprising considering the impact of COVID on office occupancy.
Land values soared 5.79%. The taxable value of vacant land rose from $2.709 billion last year to $2.946 billion in 2021. More than 60.96% of landowners saw higher taxable value; land assessments were increased for 5,417 of 8,885 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 Bexar County, with values increasing a whopping 15.66%. The 2021 taxable value was increased for over half of the properties with new values available.; 259 of 279 warehouses were increased. The total taxable value spiked to $2.14 billion from $1.82 billion in 2020.
Taxable values were increased for 1,241 of 1,467 apartments. The total assessed value increased to $17.93 billion in 2021 from $16.70 billion in 2020. The increases are surprising considering the impact of COVID on apartment occupancy.
Hotel properties saw an increase in Bexar County, with values increasing by 2.68%. The 2021 taxable value was increased for over half of properties with new values available.; 29 of 465 hotels were increased. The total taxable value increased to $3.80 billion in 2021 from $3.68 billion in 2020.
The property tax protest deadline is May 17th. Bexar 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.
