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Montgomery Appraisal Districts Raises Commercial Values 13.7% in 2021

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.

Montgomery Appraisal District raised the overall taxable value of commercial properties by 13.7%, for the 19,220 commercial properties with 2021 values available. The 2021 increase in Montgomery Appraisal District taxable values is summarized below:

Office                   22.75%

Land                     23.6%

Retail                   25.2%

Warehouse         18.9%

Apartment          18.9%

Hotels                 35.09%

Taxable values were increased for 810 of 1,339 office buildings.  The total assessed value increased to $40.08 billion in 2021 from $32.59 billion in 2020.  The increases are surprising considering the impact of COVID on office occupancy.

Land values soared 23.6%.  The taxable value of vacant land rose from $12.46 billion last year to $16.15 billion in 2021.  More than 39.9% of land owners saw higher taxable value; land assessments were increased for 741 of 1,856 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 192 of 233 retail properties with new values available.   The total taxable value rose to $14.10 billion from $11.20 billion in 2020.

Warehouse properties saw the largest increase for improved commercial properties in Montgomery County, with values increasing a whopping 18.9%.  The 2021 taxable value was increased for over half of properties with new values available.; 867 of 1,739 warehouses were increased.  The total taxable value spiked to $16.72 billion from $13.95 billion in 2020.

Taxable values were increased for 193 of 230 apartments.  The total assessed value increased to $31.33 billion in 2021 from $25.98 billion in 2020.  The increases are surprising considering the impact of COVID on apartment occupancy.

Taxable values were increased for 42 of 51 hotels.  The total assessed value increased to $4.726 billion in 2021 from $3.498 billion in 2020.  The increases are surprising considering the impact of COVID on Hotel occupancy.

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

Blog Author

Patrick O’Connor, MAI, Owner and President
Patrick O’Connor has been active in reducing property taxes, providing expert witness testimony and appraising commercial real estate property since 1983. Pat is active in publishing analyses and data with respect to the real estate market, while being a highly regarded media spokesperson for the real estate community. He holds a MAI, the highest achievable designation from the Appraisal Institute, and is a licensed senior property tax consultant. Pat earned a Master of Business Administration from Harvard University. In 2001, he authored the first definitive consumer guide to Texas property taxes, Cut Your Texas Property Taxes.

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