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.

Collin Appraisal District raised the overall taxable value of commercial properties by 13.26%, for the 16,780 commercial properties with 2021 values available. The 2021 increase in Collin Appraisal District taxable values is summarized below:

Office                  6.87%

Land                    9.25%

Warehouse        19.97%

Apartment          15.41%

Retail                 5.91%

Taxable values were increased for 2,357 of 2,962 office buildings.  The total assessed value increased to $17.49 billion in 2021 from $15.64 billion in 2020.  The increases are surprising considering the impact of COVID on office occupancy.

Land values soared 9.25%. The taxable value of vacant land rose from $1.93 billion last year to $2.30 billion in 2021.  More than 48% of land owners saw higher taxable value; land assessments were increased for 825 of 1.714 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 Collin County, with values increasing a whopping 19.97%.  The 2021 taxable value was increased for over half of properties with new values available.; 1,395 of 1,523 warehouses were increased.  The total taxable value spiked to $3.49 billion from $2.86 billion in 2020.

Taxable values were increased for 583 of 599 apartments.  The total assessed value increased to $16.35 billion in 2021 from $13.90 billion in 2020.  The increases are surprising considering the impact of COVID on apartment occupancy.

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 694 of 952 retail properties with new values available.   The total taxable value rose to $6.46 billion from $6.01 billion in 2020.

The property tax protest deadline is May 17th. Collin 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.