The top three apartments for 2023 property tax assessment reductions are as follows: Averaging both residential and commercial buildings, property owners who decided to contest their taxes were able to save an average of $134,353 per property. This amounts to a loss of 17.65% on average. The assessed value of 31,175 properties has decreased from $17.6 billion to $14.5 billion as a result. Using the most recent figures as of September 2023, property owners in Galveston County have successfully finished filing their tax appeals for the calendar year 2023. Considering the tax rate of 2.7%, this reduction equates to an average savings of $11,563 per account. This reduction of $109 million translates to a 25.9% decrease in property taxes. The assessed value of office properties has also been adjusted, decreasing from $421 million to $312 million for the 2023 tax year. In the year 2023, a total of 255 appeals were completed, resulting in a combined savings of $2.9 million. Hotel properties will enjoy the sixth-highest average percentage decrease in property tax protests for the tax year with reductions, at 21.2%.Īppeals for commercial office spaces in Galveston County have led to substantial savings in property taxes. The current noticed value is $298 million with an initial value of $379 million and a subsequent decline of $80 million. The completed 2023 hotel property tax savings include 56 hotels with an average final property tax savings of $38,737 per hotel for hearings that ended in 2023 and led to reductions. This works out to $1,505 for each tax parcel. These commercial property owners have saved $6.1 million in taxes when taking a 2.7% tax rate into account. With this reduction, it is now the commercial property type with the largest percent reduction for 2023 at 34.2%. In Galveston County 4,116 hearings comprise the land/other property type that have been resolved for 2023, with the initial value currently being reduced from $671 million to $442 million. This reduction translates to approximately $48,429 in property tax savings per settled apartment property in 2023. With 284 apartment complex property owners having successfully appealed, the revised average for Galveston County indicates a 22.4% decrease in final valuations. Taking into account an estimated tax rate of 2.7%, apartment owners in Galveston County can expect to save a total of $13.7 million in property taxes. As a result, tax assessments have decreased by $509 million. These complexes saw their worth decline to $1.7 billion following the resolution of challenges related to their assessment. O’Connor collected this data based on the original and current tax records provided by Galveston Central Appraisal District.īased on the latest data from September 2023, apartment complex proprietors in Galveston County started with an initial appraised value of $2.2 billion. Every year, Galveston Central Appraisal District provides market values for real estate and business personal property to the residents of Galveston County, regardless of whether the values have increased or decreased. Galveston County property owners have the legal right to challenge the assessment values set by the county. This substantial sum exemplifies the advantages experienced by individuals who opted to contest their property assessment for 2023. HOUSTON, TEXAS, UNITED STATES, Novem/ / - Based on the latest data from September 2023, property in Galveston County has successfully accumulated nearly $84 million in savings as a result of resolving property tax disagreements. Galveston County now has new hearing results, and O'Connor gives more information on why people should challenge county estimates. A Report on the Hearings Held by the Galveston Central Appraisal District

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