Dallas County, which has about 100,000 property tax protests annually, has a commercial base of $83.5 billion. Tarrant County, with roughly 70,000 protests annually, has $31.8 billion of commercial properties, excluding commercial land.
"Because of the lag in the appraisal and assessment process, there will be some delay in the effects," says Dr. Ray Perryman, one of the state's leading economists. "It is nothing like the national situation, but does have the potential to impact appraised values and tax collections on a temporary basis." The founder of Waco, TX-based Perryman Group adds that "it shouldn't last long," given the relatively strong multifamily and commercial markets.
Because there are so few sales these days, experts are having a difficult time measuring or even projecting the impact. According to CB Richard Ellis, office sales are averaging $168 per square foot; industrial, $57 per square foot; and retail, $133 per square foot. The multifamily market's average is $57,400 per unit in the region.
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