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Tarrant Appraisal Districts Raises Commercial Values 6% 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.

Tarrant Appraisal District raised the overall taxable value of commercial properties by 6%, for the 17,104 commercial properties with 2021 values available. Values are not available for most hotels and apartments.  The 2021 increase in Tarrant Appraisal District taxable values in summarized below:

Office                   3.0%

Land                     14.5

Retail                    7.3

Warehouse          8.9

Taxable values were increased for 847 of 3,631 office buildings. The total assessed value increased to $6.349 billion in 2021 from $6.156 billion in 2020. The increases are surprising considering the impact of COVID on office occupancy.

Land values soared 14.5%. The taxable value of vacant land rose from $1.878 billion last year to $2.152 billion in 2021. More than 25% of land owners saw higher taxable value; land assessments were increased for 847 of 3,631 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 2,078 of 2,945 retail properties with new values available. The total taxable value rose to $5.378 billion from $5.943 billion in 2020.

Warehouse properties saw the largest increase for improved commercial properties in Tarrant County, with values increasing a whopping 8.9%. The 2021 taxable value was increased for over half of properties with new values available.; 852 of 1,674 warehouses were increased. The total taxable value spiked to $2.110 billion from $1.937 billion in 2020.

The property tax protest deadline is May 17th. Tarrant 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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