In 2024, the Smith County Appraisal District noted an 11.1% increase in single-family home assessments. The most notable rise was for homes valued under $250,000, which saw a 15.6% boost. Conversely, most properties experienced minimal changes, with homes priced between $750,000 and $1 million experiencing the smallest increase at just 4%.
In 2024, the total value of properties rose by 11%. Homes over 8,000 square feet saw a significant 22.3% increase, while single-family homes between 6,000 and 7,999 square feet experienced a more average 6.2% rise in Smith County.
Smith County Assessments Shows Larger Growth Than the Dallas Fort Worth Metro Single-Family Property Values
In the 2024 property tax reassessment, Smith County experienced an 11% increase in residential values. In contrast, the Dallas Board of Realtors reported only a 1.9% rise in property values in the Dallas-Fort Worth Metro area from January 2023 to January 2024.
One Category of Homes Surges Ahead in Assessment Increases
In the 2024 Smith County property tax reappraisals, properties built between 1981 and 2000 saw the smallest increase at just 1.2%. In contrast, properties labeled as “others” (without a specific construction year) experienced the most dramatic rise, with assessed values leaping from $33.6 million to $49 million—an extraordinary 46.5% jump.
The analysis compares 2023 home sales prices with their 2024 property tax reassessment values. In 2024, the Smith County Appraisal District overvalued 50% of homes, while the remaining 50% of residences sold in 2023 had sales prices below their 2024 assessed values.
Smith County Commercial Property Taxes Rise By 18% in 2024
During the 2024 property tax assessments, numerous business property owners in Smith County decided to challenge their taxes. Most properties saw significant value increases from the previous year. Notably, hotel building values surged by 46.7%, while landowners experienced a more modest 4.4% increase in property values.
Most categories of commercial properties with listed construction years, as appraised by the Smith County Appraisal District, experienced a notable 18% increase in assessments in 2024. Properties built between 1961 and 1980 saw the highest rise, with market values increasing by 33.9%.
Smith County Appraisal District Commercial Valuations Increased by 18% Compared to WSJ Article
Green Street Real Estate’s research highlights a notable contrast with the 2024 commercial property tax reassessment by the Smith County Appraisal District. While the district reports an 18% increase in commercial property values from the previous year, Green Street’s latest analysis indicates a significant 21% decline in U.S. property values since March 2022.
Larger Homes Experienced the Largest Increase in Property Values in 2024
In the 2024 tax year, properties valued at over $5 million experienced a notable 35.7% increase, whereas homes priced below $500,000 saw the smallest rise at just 5%.
Smith County Apartment Property Values Soared By 38%
Remarkably, buildings constructed before 1960 saw their values surge from $19 million to $28.9 million, representing a remarkable 52% increase. Additionally, properties built in 2001 or later experienced a significant rise, with values appreciating by 41.4%.
Office Buildings Built Between 1961 to 1980 Saw Highest Increases in Smith County
For office buildings constructed between 1961 and 1980, the Smith County Appraisal District recorded a 25.3% increase in property tax assessments. This sharply contrasts with the “others” category, which experienced the smallest increase of just 11%, the lowest among all categories.
Retail Buildings Built Before 1960 Experience the Highest Increase in 2024
In 2024, retail property values in Smith County rose by an average of 41.7%. Notably, retail buildings categorized as “others,” with unspecified construction years, saw the smallest increase at just 3.3%. Conversely, retail buildings built before 1960 experienced the largest gain, with a substantial 55.3% rise from the previous year.
From 2023 to 2024, warehouse property tax assessments in Smith County saw a robust 20% increase. Among these, warehouse buildings classified as “others” experienced the most striking rise, with values jumping from $13 million to $16.8 million—a nearly 24.8% gain. Notably, the construction year for these properties remains unspecified.
Low Office Buildings Skyrocket with 22.5% Increase in 2024 Reassessment
In 2024, Smith County’s property tax assessments for office buildings revealed significant growth in two main categories. Low office buildings saw an impressive 22.5% increase, while high-rise offices experienced a notable 20.4% rise. Overall, the total valuation for office properties grew by nearly 18%, climbing from about $929 million to more than $1.09 billion.
All Apartment Buildings Lead with Increases
In 2024, Smith County saw substantial property tax increases across all three types of apartment buildings. High-rise apartments led with a dramatic 59.3% rise, escalating from $6 million to $11 million. Mid-rise apartments followed with a 40.6% increase, while low-rise apartments experienced a 38.2% boost.
Single-Tenant Retail Building in Smith County Sees 6.9% Property Tax Hike
In 2024, Smith County’s neighborhood shopping center retail buildings saw a dramatic property tax surge of 105.6%, doubling their previous values. Strip centers also saw a significant boost, with taxes rising by 70.3%.
Office Warehouse Revaluations Drive the Biggest Increases for Warehouse Types in Smith County
In 2024, Smith County’s warehouse market surged with an impressive 20% overall increase. Office warehouse buildings stole the spotlight with a dramatic 23.3% boost, jumping from $342 million to $239 million. In contrast, other warehouse types saw a steadier rise of 13.7%, adding a steady growth to the overall trend.
Smith County Appraisal District 2024 Property Tax Revaluation Summary
Smith County is seeing moderate rises in residential property values, while commercial properties are experiencing more significant gains. Notably, growth in Smith County outpaces that of the Dallas Fort Worth metro area. Despite substantial profits in commercial real estate, some property owners face challenges. Many homeowners have reported declines in residential values, likely due to rising interest rates—from 1.71% in January 2022 to 4.05% in January 2024—and persistent increases in casualty insurance and other operational costs.
Appeal Your Property Values Annually for Maximum Savings
In Smith County, Texas, property owners are encouraged to contest their assessed property values. Both residential and commercial owners can provide evidence to challenge inflated assessments. Partnering with a property tax consulting firm such as O’Connor can be highly beneficial, with a track record of successful appeals. With more than 50 years of expertise, O’Connor is adept at lowering taxes fairly and effectively, helping to enhance property owners’ financial health.
