Property tax protests in 2023 have resulted in savings of more than $31.3 million for property owners in Ellis County. The annual task of estimating the market value of both real and personal property in Ellis County is handled by the Ellis Appraisal District. Regardless of whether the value is increased or not, property owners have the right to challenge these values on a yearly basis. O’Connor has gathered this information by analyzing the preliminary and present tax records provided by the Ellis Appraisal District.
Ellis County’s residential owners began with a total noticed value of $2.4 billion, which as of June 2023, had decreased by $363 million to the noticed value of $2 billion. For 2023, they will save roughly $9 million in property tax appeals. Based on a tax rate of 2.7%, the average tax savings come to $1,422 and the average assessment decrease comes to $52,655. Homestead exemptions have not been taken into account for these calculations. For the 2023 tax appeal, Ellis Appraisal District has decreased the valuations of 6,906 residential properties.
Following the end result gathered from the hearings for 41 complexes in 2023, the average tax decrease for multifamily complexes in Ellis County will be 10.3%, saving $32,886 in property taxes for each appealed property. Currently resolved apartment accounts in 2023 started with a beginning value of $485 million which has changed to a revised value of $436 million, resulting in a $49 million tax assessment reduction. Based on a tax rate of 2.7%, the total property tax savings for apartment buildings thus far equal $1.3 million.
The second most significant percentage assessment decrease for land and other commercial property tax appeals is 32.8%. In 2023, 3,749 tax appeals overall were successfully challenged. Considering the $1.5 billion initial valuation that was lowered to $1 billion, the final tax savings for the property owners totaled 13.4 million dollars based on a 2.7% tax rate, or $3,597 per tax unit in Ellis County.
Ellis County’s hotel properties were successful in getting their assessed value down from $31 million to $24 million. This led to a tax assessment decrease of $6.9 million and a $187,913 tax savings at a tax rate of 2.7%. Taking into account the conclusions of property tax hearings for 8 hotels, which resulted in average savings of $23,489 in property taxes for each hearing that was concluded by June 2023 with reductions. The typical yearly decrease for protests with a reduction in the hotel tax or property tax is 21.9%.
The office building real estate had the biggest percentage assessment decrease for Ellis County commercial property tax appeals, at 37.2%. With 106 office building tax appeals successfully resolved each year in Ellis County, owners of office commercial properties have saved a total of $1.36 million in property taxes. The initial $136 million valuation has been decreased to $85 million, resulting in a $50 million tax assessment reduction. Based on a 2.7% tax rate, the average amount saved on property taxes was $477,569.
Tax appeals made by Ellis County property owners brought about reductions for 11,223 properties in 2023, bringing the very first assessed value down from $5.3 billion to $4.2 billion, a 21.54% average drop. Covered in the average tax savings per property appealed are objections for residential as well as commercial structures, totaling $2,790.
Apartments with the largest 2023 property tax assessment reduction include the following:
- The owner of the Lakeside Villa apartment complex in Midlothian, Texas, at 2991 Lakeside Dr., was able to lower their property tax assessments from $29.8 million to $23.3 million. a massive 21% cut, or $6.5 million. Based on a 2.7% tax rate, the assessment decrease lowers the property taxes by $176,605.
- Due to a $4.3 million drop in their original property tax assessment from $30.3 million to $26 million, the owner of Bridgepoint Apartments will save $116,429 in 2023. This Waxahachie, Texas apartment complex received a 14% property tax cut.
- This proprietor was actually successful in reducing apartment property taxes by 12%, saving a significant $106, 895. The initial $30 million property tax assessment for 2023 was successfully lowered to $26 million, representing a significant $3.9 million drop. 200 Washington St. in Red Oak, Texas 75154 is where you’ll find the Arabella of Red Oaks apartments.
A team of experts from the Ellis Appraisal District appraise homes in Ellis County. The instances mentioned above do, however, highlight the significant potential for property tax savings offered by the property tax appeal procedure.
In Ellis County, a normal year can result in significant victory for property tax challenges. Property owners are urged to evaluate and contest their annual property tax assessments because of this.
