Webb County homes are valued consistently with recent property sales. The median 2023 tax assessment is $205,688 versus a median time adjusted sales price of $201,450. The median level of assessment is 101.7% Stated differently, the typical home tax assessment exceeds the typical sales price by $4,238. The property taxes for $4,238 at 2.7% without exemptions would be $114.
While it appears the Webb County Appraisal District is slightly high, the typical large Texas appraisal district that overshot market value, valued homes 8.7% higher than relevant home sales, based on an analysis by O’Connor of 1,640 Webb County home sales during January 2022 to March 2023.
Tax assessments exceed market value for 55% of Webb County homes and are at or below market value for 45%, based on O’Connor’s analysis of Webb County homes sales and tax assessments.
According to reports on home sale prices for the greater Laredo metro area, there is an increase of 2.4% from January 2022 to January 2023. However, when looking at home prices specifically in Webb County, these declined by 4.1% from January 2022 to January 2023. At the same time, Webb County home tax assessments rose by 17.5%. Webb County home prices increased during 2022 but were less volatile than many counties.
Most Webb County homeowners have received an increase, but property valued over $1.5M has taken the brunt of the assessment increases, seeing an unbelievable surge of over 500%. Residential property owners with homes in the $1M to $1.5M range are also shocked with spikes of 84.1%.
As one might expect, property in the higher value ranges is frequently larger in size. This is consistent with O’Connor’s findings that properties over 8,000 sq. ft. have taken the greatest jump in assessment value at 192.8% increase, with homes between 6,000 to 7,999 sq. ft. also seeing a 50.5% increase.
Assessment increases are up across all age ranges of residential properties in Webb County, although homes built in 2001 and later have the greatest growth in assessed value.
Webb County Commercial Tax Assessments Up 31.2%
| Webb County Commercial Property 2023 Assessment % Increase by Property Type | ||||||
| Property Type | 2022 Final Market Value | 2023 Notice Market Value | Increase% | |||
| Apartment | $920,500,616 | $1,220,407,818 | 32.6% | |||
| Office | $817,068,918 | $1,071,060,043 | 31.1% | |||
| Retail | $641,419,355 | $880,330,813 | 37.2% | |||
| Warehouse | $1,934,571,178 | $2,501,665,440 | 29.3% | |||
| Hotel | $141,945,755 | $171,525,700 | 20.8% | |||
| Total | $4,455,505,822 | $5,844,989,814 | 31.2% | |||
Commercial Tax Assessment Soar While Commercial Values Plummet
Appraisal districts across Texas are raising commercial property tax assessments by about 28% on average. However, this is inconsistent with trends in commercial property values. Just considering the increase in capitalization rates, effected by higher interest rates (Jan 2022 1.75%; Jan 2023 3.55%), commercial values are down 20 to 30%. Sales activity is down 70 to 80% due to a chasm in seller expectations and what buyers are willing to pay.
There is a gap of over 45% between the Webb County commercial property value increases and the Green Street Commercial Price Index, published April 6, 2023.
Webb County commercial property assessment increases are up between 25 and nearly 35% when property is analyzed by year built.
Commercial property owners of higher value properties, specifically those valued over $5M are seeing the sharpest ascent in taxable value at 41.6%.
Web County apartment properties with the most significant growth in assessed value are those built between 1961 and 1980 with a 39.2% increase, followed by property constructed since 2001 with a 35.3% jump in value.
Owners of Webb County office property seeing the highest upswing in assessed value are those with property built in 2001 or later.
Webb County commercial retail real estate built between 1961 and 1980 has escalated 59.2% in assessed value for 2023.
Warehouse property in Webb County with the greatest growth in assessed value is found in property built in 2001 and later, with a 34.2% increase.
Owners of both medical and other office buildings in Webb County have experienced substantial assessed value increases of 29.7% and 31.3%, respectively.
Tier 2 apartment owners in Webb County are looking at assessed values up by over 37% for 2023.
Commercial retail property owners all have found their values to increase, but mall owners have won the dubious award for greatest percent increase among retail property sub-types with alarming values up 94.3% for 2023.
Webb County warehouses of all sub-types have increased in assessed value at between 28.9% to as high as 31.9% in 2023.
Property Tax Protest Deadline May 15th
Protest all Texas tax parcels based on the large increases in both residential and commercial. In addition to the large increases for homes, about 65% of Texas home owners are assessed in 2023 at more than market value. About two-thirds of property tax protests are successful.
Webb County property owners don’t have to accept this. If your assessment has increased, 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.
