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.

Guadalupe Appraisal District raised the overall taxable value of commercial properties by 15.7%, for the 5,979 commercial properties with 2021 values available. The 2021 increase in Guadalupe Appraisal District taxable values is summarized below:

Office                   16.86%

Land                     6.03%

Retail                   15.88%

Warehouse         19.24%

Apartment          13.07%

Taxable values were increased for 165 of 216 office buildings.  The total assessed value increased to $1.530 billion in 2021 from $1.248 billion in 2020.  The increases are surprising considering the impact of COVID on office occupancy.

Land values soared 6.03%.  The taxable value of vacant land rose from $24.21 million last year to $26.74 million in 2021.  More than 52.6% of land owners saw higher taxable value; land assessments were increased for 40 of 76 tracts of land with 2021 values available.  Demand for land for develop fell in 2020 due to uncertainty caused by COVID.

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 51 of 65 retail properties with new values available.   The total taxable value rose to $1.418 billion from $1.204 billion in 2020.

Warehouse properties saw the largest increase for improved commercial properties in Guadalupe County, with values increasing a whopping 83.87%.  The 2021 taxable value was increased for over half of properties with new values available.; 208 of 348 warehouses were increased.  The total taxable value spiked to $2.891 billion from $2.395 billion in 2020.

Taxable values were increased for 42 of 60 apartments.  The total assessed value increased to $26.47 million in 2021 from $23.41 million in 2020.  The increases are surprising considering the impact of COVID on apartment occupancy.

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

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