In 2024, the Nueces County Appraisal District reported a 7.9% rise in the assessed value of single-family homes. Homes valued over $1.5 million saw the most significant increase, with market values jumping 24.2%. However, most homes in Nueces County experienced only minimal changes this year, with residences priced between $250,000 and $500,000 seeing the smallest increase at 6.3%.
In 2024, the total value of properties surged from $27.3 billion to $29.5 billion, marking a 7.9% increase. Larger homes, between 4,000 and 5,999 square feet, saw a substantial 19.3% rise. However, single-family homes under 2,000 square feet in Nueces County experienced only a modest 7% increase.
Nueces County Assessments Show Modest Growth as San Antonio Metro Single-Family Property Values Decline
In the 2024 property tax reassessment, Nueces County saw a 7.9% increase in residential values. In contrast, the San Antonio Board of Realtors (SABOR) reported a 19.3% decrease in property values in the San Antonio Metro area from January 2023 to January 2024.
One Category of Homes Outpaces All Others in Assessment Increases
In the 2024 property tax reappraisals by the Nueces Central Appraisal District, properties built between 1981 and 2000 had the least increase, with a modest 3.9% rise. Conversely, properties categorized as “others,” which lack a specific construction year, experienced the most dramatic jump in assessed value, soaring from $179 million to $499 million—an astonishing 178.6% increase.
The analysis compares 2023 home sales prices with their 2024 property tax reassessment values. In 2024, the Nueces County Appraisal District overvalued 67% of homes. In contrast, 33% of the residences sold in 2023 had sales prices lower than their 2024 assessed values.
Nueces County Commercial Property Taxes Rise as Values Remain Modest in 2024
Throughout the 2024 property tax assessments, several business property owners in Nueces County chose to challenge their taxes. Some properties saw substantial increases in value from the previous year. Notably, the value of hotel buildings soared from $629 million to $772 million, marking a significant 22.6% rise. In contrast, landowners faced a slight reduction, with property values declining by just 1% compared to the previous year.
All categories of commercial properties with listed construction years, as appraised by the Nueces County Appraisal District, saw a noticeable increase in assessments in 2024. However, properties categorized as “others” experienced a 3% decline in market value. The most significant rise was observed in properties constructed in 2001 and later, which saw a 11.4% increase in assessments.
Nueces CAD Commercial Valuations Increased by 3.2% compared to WSJ Article
Green Street Real Estate, a prominent Wall Street firm, has conducted research that reveals a notable contrast with the 2024 commercial property tax reassessment carried out by the Nueces County Appraisal District. While the district reports a 3.2% increase in commercial property values compared to the previous year, Green Street’s latest analysis suggests a significant 21% decline in U.S. property values since March 2022.
Two Property Categories Saw the Largest Increase in 2024
In the 2024 tax year, most commercial property assessment categories and price ranges in Nueces County experienced increases. Notably, properties priced between $500K and $1 million, as well as those priced from $1 million to $5 million, both saw a significant 10.8% rise. Other assessed value categories saw increases of 7.4% and 0.7% in comparison.
Nueces County Apartment Property Values Soared By 16%
In 2024, property tax assessments for apartment buildings in Nueces County saw a significant increase of around 16%. Remarkably, apartment buildings with unspecified construction years experienced a tremendous boost, with their value skyrocketing from $58 million to $135 million or a staggering 131% rise. Additionally, buildings constructed before 1960 had the second-largest increase, appreciating by 23.5%.
Office Buildings Without a Listed Construction Year See Highest Increases in Nueces County
For office buildings built before 1960, the Nueces County Appraisal District recorded a 3% increase in property tax assessments. This is a striking contrast to the “others” category, which saw a dramatic 76.3% increase, the highest of all categories. Overall, office buildings across all construction years experienced a cumulative increase of about 5%.
Retail Buildings Built Before 1960 Experience a Decline in 2024
Retail property values in Nueces County rose by an average of 3.3% in 2024. Notably, retail buildings categorized as “others,” with unspecified construction years, experienced the most significant growth, with their value skyrocketing from $4 million in 2023 to $11.8 million in 2024, an impressive 193.5% increase. In contrast, retail buildings constructed before 1960 saw a decline of 2.6% from the previous year.
From 2023 to 2024, property tax assessments for warehouse buildings in Nueces County saw a modest increase of 6%. Notably, warehouse buildings categorized as “others” experienced the largest surge, with values climbing from $810 thousand to $1 million, a nearly 27% gain. Information about the construction year for these properties is not available.
Low Office Buildings Skyrocket with 8.7% Increase in 2024 Reassessment
In 2024, property tax evaluations for office buildings in Nueces County showed a notable increase in one specific category. Low office buildings saw a significant growth of 8.7%, while medical office buildings experienced a modest 1.4% gain. Overall, the total assessment for office buildings rose by nearly 5%, climbing from around $1.5 billion to over $1.6 billion.
Apartment Buildings Lead with 17% Growth
In 2024, property tax assessments for two types of apartment buildings in Nueces County saw the highest increases. The overall apartment building category experienced a dramatic 17% rise, growing from $1.6 billion to $1.9 billion. Meanwhile, garden apartments saw a 16% increase, climbing from $1.2 billion to $1 billion.
Single-Tenant Retail Building in Nueces County Sees 6.9% Property Tax Hike>/b>
In 2024, single-tenant retail buildings in Nueces County saw a substantial property tax increase, rising by $25.3 million, an impressive 6.9% from 2023. The second-largest increase was for strip centers, which experienced a 3.6% rise in property taxes.
Good Warehouse Revaluations Drive the Biggest Increases for Warehouse Types in Nueces County
Market values for various warehouse types in the Nueces County Appraisal District increased by 6% overall in 2024. Notably, “good” warehouse buildings saw a significant 12% rise, climbing from $76 million to $85 million. In comparison, “low” warehouse facilities experienced a more moderate increase of approximately 10.6%.
Nueces County Appraisal District 2024 Property Tax Revaluation Recap
Property owners in Nueces County are facing moderate increases in residential property prices, while commercial properties are experiencing more modest gains. Interestingly, Nueces County is witnessing more pronounced growth compared to the San Antonio metropolitan area.
Profits in the commercial real estate sector have been substantial, but market trends have posed challenges for some and proved disadvantageous for others. In private discussions, several homeowners have acknowledged a decline in their residential property values in recent years. This drop is likely linked to rising interest rates, which climbed from 1.71% in January 2022 to 4.05% in January 2024. Additionally, steady revenue patterns, coupled with significant and ongoing increases in casualty insurance and other operational costs, have contributed to this issue.
Appeal Property Values Annually for Optimal Savings
In Texas, especially in Nueces County, property owners should consider challenging their assessed property values. Both residential and commercial property owners can present evidence to contest excessive assessments. Seeking assistance from a property tax consulting firm, like O’Connor, can be advantageous, as most appeals result in favorable outcomes. With over 50 years of experience, O’Connor specializes in reducing taxes fairly and effectively, enhancing property owners’ financial well-being.
