Collin County over-shot valuing houses at 100% of market value, with a typical level of 101.9% of market value. This means the typical Collin County home is over-valued by $8,759, or 1.9%, based on a study of Collin County home sales by O’Connor. The excess property taxes would be $236 per homeowner, before tax protests, exemptions, or tax rate compression.

Collin County Houses Market Value
The appraisal district over-valued 58% of houses and valued 42% at market or below, based on a study by O’Connor.

Dallas Metro Single vs Collin Assessment Increase

Collin Central Appraisal District raised home values by a whopping 17.4% versus the 3.9% level of increase reported by the North Texas Association of Realtors®. It is surprising only 58% of houses are over-valued given the disparity between the increase in tax assessments and the increase in value reported by area Realtors.

Collin County Single Family Median Sale Price

The median sale price of single-family homes in Collin County are slightly higher in January 2023 than in January 2022, but they have come down significantly since the peak in May/June of 2022.

Collin County Single Family Increase by Value range

Collin County homes under $250K received the highest assessment percent increase at over 27% when compared with all residential property value ranges.

Collin County Single Family Assessment Increase

Larger homes, specifically residential property over 8,000 sq. ft. increased in assessed value by over 22%, the most among all home sizes.

Collin County Single Family Assessment Increase

Collin County assessment increases are most pronounced for homes built in 2001 or more recently at an increase of 19.2%. The next highest increase is seen in homes constructed prior to 1960, where the increase is over 17%.

Commercial Values in Collin up Shocking 31.7%

The 17.4% increase in tax assessments for houses is certainly noteworthy, but it pales in comparison to the 31.7% increase for commercial property. Hotel owners are shocked at the close to 50% increase in assessments and apartment owners are apoplectic regarding a more than 45% increase in tax assessments for 2023.

Collin County Commercial Property Assessment

Higher Assessments Contra Market Trends

Commercial Property Value Trends Green Street

The 31.7% increase in commercial property assessments inconsistent with the 15 to 30% reduction in value of commercial properties in 2022. Higher interest rates led to higher cap rates which caused values and transactions to tank. Commercial property sales are off 70 to 80% and concentrated on distressed property sales with no other options.

Office property assessments increased by 15%, but office owners are in a long-term adjustment to demand for office usage due to COVID. Most lenders are shunning new loans for office.

Collin County Commercial Property Assessment
Commercial property built after 2001 has assessments increases north of 33% for 2023.

Collin County Commercial Property Taxable Value

Substantial increases are evident across all commercial property value ranges in Collin County, with the heftiest elevation in taxable value for property over $5M, at a massive 32% increase.

Collin County Apartment Assessed Value
Collin County owners of apartments built since 2001 are feeling the most pain with increases in assessed value over 51%.

Collin County Office Assessed Value
Collin County office buildings constructed since 2001 suffer the most severe increases in assessed value for 2023 at 15.7%.

Collin County Retail Assessed Value
Similarly, retail commercial property is also heavily hit with assessed value increases over 25%.

Collin County Warehouse Assessed Value

Both older and newer warehouse owners are agonizing over increases with a more than 46% jump in assessed value for property built prior to 1960 and a still harrowing rise of nearly 40% for warehouse property constructed 2001 and after.

Collin County Office Assessed Value by Sub-Type

High rise properties show the sharpest increase among Collin County offices in 2023, with assessment values going up almost 20%.

Collin County Apartment Assessed Value by Sub-Type

Both multi-family and subsidized apartment assessed values in Collin County shot up by 45.7% and 39.4%, respectively for 2023.

Collin County Retail Assessed Value by Sub-Type

Collin County strip centers and neighborhood shopping centers are the sub-types of retail commercial property with the largest increase in assessed value percentage for 2023.

Collin County Warehouse Assessed Value by Sub-Type

All Collin County sub-types of warehouse owners are feeling distress with assessed values increasing, with multi-tenant warehouses up a stunning 47.1%

If you are a property owner in Collin County and your assessment has increased, you do not have to accept the new appraisal value, it is your right to appeal. Don’t pay more than your fair share. Record levels of property tax protest are expected to follow. The deadline to file a property tax protest is May 15th.

About O’Connor:

O’Connor is among the largest property tax consulting firms in the United States, providing residential property tax reduction services in Texas, Illinois, and Georgia, as well as commercial property tax reduction services across the United States. O’Connor’s team of professionals possess the resources and market expertise in the areas of property tax, cost segregation, commercial and residential real estate appraisals. The firm was founded in 1974 and employs more than 600 professionals worldwide. O’Connor’s core focus is enriching the lives of property owners through cost effective tax reduction.

Property owners interested in assistance appealing their assessment can enroll in O’Connor’s Property Tax Protection Program ™ . There is no upfront fee, or any fee unless we reduce your property taxes, and easy online enrollment only takes 2 to 3 minutes.

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