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.
Wise Appraisal District raised the overall taxable value of commercial properties by 10.2%, for the 8,143 commercial properties with 2021 values available. The 2021 increase in Wise Appraisal District taxable values is summarized below:
Taxable values were increased for 6 of 12 office buildings. The total assessed value increased to $0.0014 billion in 2021 from $0.0013 billion in 2020. The increases are surprising considering the impact of COVID on office occupancy.
Land values soared 6.30%. The taxable value of vacant land rose from $0.045 billion last year to $0.048 billion in 2021. More than 33.1% of landowners saw higher taxable value; land assessments were increased for 52 of 157 tracts of land with 2021 values available. Demand for land for develop fell in 2020 due to uncertainty caused by COVID.
Taxable values were increased for 78 of 79 apartments. The total assessed value increased to $0.026 billion in 2021 from $0.017 billion in 2020. The increases are surprising considering the impact of COVID on apartment occupancy.
The property tax protest deadline is May 17th. Wise 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.