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.
El Paso Appraisal District raised the overall taxable value of commercial properties by 1.44%, for the 17,355 commercial properties with 2021 values available. The 2021 increase in El Paso Appraisal District taxable values is summarized below:
Taxable values were increased for 140 of 1,600 office buildings. The total assessed value increased to $14.265 billion in 2021 from $13.659 billion in 2020. The increases are surprising considering the impact of COVID
Taxable values were increased for 1,021 of 2,448 apartments. The total assessed value increased to $23.238 billion in 2021 from $22.407 billion in 2020. The increases are surprising considering the impact of COVID on apartment occupancy.
Hotel properties saw an increase in El Paso County, with values increasing by 9.96%. The 2021 taxable value was increased for over half of properties with new values available; 6 of 116 hotels were increased. The total taxable value increased to $4.22 billion in 2021 from $4.64 billion in 2020.
The property tax protest deadline is May 17th. El Paso 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.