The COVID-19 pandemic has affected virtually every business, big or small, good or bad. With news changing every single day, our heads are spinning. At Property Consulting Group, we want to arm you now for next year’s property tax season.  Taking the proper steps now will help during a potential valuation appeal if changes are not accurately reflected in your January 2021 commercial property valuation. Read this quick list of tips so you can track and save the proper information for your property throughout this uncertain time. Keep precise and careful accounts of your expenses and incom ..read more

What do you get when a pandemic hits a growing economy right after property values are assessed? A record number of propery owners protesting their property taxes. Terrible Timing for Property Owners The unfortunate timing (not that there would ever be a good time for a pandemic) of the onset of the COVID-19 pandemic has left property owners startled at their increased property values. State law dictates that property assessments are to be based on how the property stood on January 1st of the year in question. On January 1, 2020, nearly 75% of Harris County properties were assessed at a higher ..read more

UPDATE June 2, 2020: Mayor Pro Tem Dave Martin announces that federal coronavirus relief funds will bridge the budget gap, allowing the city to keep 2021 cadet classes and avoid furloughing 3,000 city employees. Few industries haven’t experienced challenges due to the coronavirus pandemic. While restaurants, hair salons, and the entertainment industry are top of mind, city and municipal budgets almost immediately took a hit too. Lost sales tax, especially in a state where we don’t have income tax, will be a hurdle for keeping the city running smoothly and safely, all while preparing for the ..read more

Did you know you could protest your commercial property valuation? If you think your assessment came in too high, appealing your property valuation could save you a lot of money. Like everything related to taxes and the government, the idea of going through the steps to appeal your property taxes can be daunting. As business owners often think in terms of ROI, you might wonder, “will the effort be worth the gains?” To help you sort through that answer, we have seven excellent reasons to go ahead with filing your Houston commercial property tax appeal. (Don’t wait! The deadline is May 15th) Cou ..read more

Due to the overwhelming damage and loss of property in the Houston area after Hurricane Harvey, some property owners received a break on their property tax bill. The law provides 15-100% in property tax exemptions for properties damaged in a natural disaster, depending on the extent of the damage. COVID-19 Does Not Qualify for Disaster Relief for Property Taxes However, despite a declared disaster in the state, due to COVID-19, there will not be tax exemption property tax relief. Many believe, including Governor Abbott, that the largest form of relief may come in the form of reduced property t ..read more

The Houston Chronicle reports that the Houston office market will likely face another tough year. With the energy industry shrinking due to the low price of oil, the local office sector is feeling the pain. Increased Vacancy Rates The tough reality for landlords leasing out office space in Houston is that vacancy rates are up to 17% – the highest since 1992. Commercial property owners generally need an 85-90% lease rate to be profitable. Right now there is a large number of square feet available for lease (85 buildings with at least 100,000 square feet available), making it a great mark ..read more

Houston’s Affordability is the Current Driver of the Influx of People, Business, and Economic Growth. What Factors Drive that Affordability? In a recent story, Houston’s well-recognized affordability comes under question as the writer speculates maybe it is not all that affordable. Texas Monthly claims Houston is less affordable than New York City. However, Reason cites the article and questions it’s logic. While we certainly can’t claim expertise in how affordable Houston is versus other major metropolitan areas, we can share with you a few of the reasons we’ve attracted 1.1 millio ..read more

House Bill 492 has taken effect as of January 1, 2020. The bill was co-authored by Rep. Gary VanDeaver and provides temporary tax relief for home and property owners in declared disaster areas. To qualify: A property has to be at least 15% damaged. Has to be in areas declared a disaster by the Governor. And the local taxing unit has to adopt the exemption. The bill provides four levels of tax relief, based on the percentage of damage to the property. Those levels are the following: At least 15% of the property is damaged, but not more than 30%. Usually, the property can c ..read more

For business owners, budgeting and financial strategy are a top activity at the beginning of the year, and often every quarter. As part of this process, it is important to include the cost of taxes in your budget planning. When it comes to commercial property, many are looking for a good way to project what their property tax liability will be for the next year. It is tricky to estimate property taxes without knowing what might impact your property in the upcoming year, and while there is no silver bullet or crystal ball, we have a few tips for you to keep in mind as you escrow internally for ..read more

In Houston and all of Texas, property taxes are high compared to other states. The reason for our high property taxes is that it is the main source of funding for local services such as schools, emergency services, and municipal utilities. Without a state income tax, revenue has to be higher from other sources. To calculate commercial property taxes there is a step-by-step process that must take place first: The county appraisal district determines the current value of each property every year. Exemptions are subtracted. (Exemptions are offered to charities and for solar or wind ene ..read more