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Survey Shows Dallas CBD Hardest Hit in 2002 Assessments

DALLAS-One analyst, based on preliminary feedback from the appeals circuit, reports success by protesting building owners. The Dallas Central Appraisal District's working through appeals as a result of an average 6.2% assessment hike in 10 submarkets.

By Connie Gore | Updated on July 15, 2002

DALLAS-A 6.2% average increase in 2002 proposed assessments has the Dallas Central Appraisal District busy with hearings. A survey of 113 buildings in 10 Dallas County submarkets shows the CBD got hit the hardest with a 10.2% increase in assessed valuations, according to Stephen T. Crosson, chairman and CEO of Crosson Dannis Inc. in Dallas. The smallest hike, 1.48%, was leveled in Preston Center.

Crosson says the brouhaha is winding down as the appraisal district works with building owners to right size increases in light of the depressed office market–based on preliminary feedback that he’s getting from the appeals circuit. The DCAD office did not return telephone calls by press time to ascertain the number of hearings that have been held or are yet to come as a result of the flood of appeals reportedly lodged by commercial building owners.

The 10-submarket survey showed assessments up 6.2% on the average despite a 4.2% drop in occupancy and 3.2% dip in quoted lease rates. Crosson tells GlobeSt.com that the across-the-board jumps are tantamount to “a de facto tax increase.” Texas, as elsewhere, will use assessments to skirt raising taxes so there is more revenue for the coffers but the onus isn’t resting on politicians’ shoulders. In Texas, the assessed value equates to 100% of market value.

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