Homeowners aren’t the only ones seeing higher property tax assessments. So are owners of hotels, apartments and office buildings, despite values falling.
Nationwide, commercial property values were down 9% year-over-year in major metro areas in March, according to the latest study by MSCI Inc. The biggest decline – 10.3% - was in apartment properties. Office values across the country were down about 6%.Commercial property tax appraisals in Collin County are up 32%, according to O’Connor & Associates. Denton County commercial real estate assessments rose 60%.
Commercial property owners are gearing up to fight the appraisals that will cause their tax bills to jump. Dallas property broker Mike Turner thinks the increases are out of step with what’s happening in the commercial property market.
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