Some major appraisal districts across the state have already sent notices of appraised value, but we have not yet seen any from Dallas. Last week, Ken Nolan, Chief Appraiser of Dallas Central Appraisal District, participated in a panel discussion at the State Bar of Texas Property Tax Section Annual Meeting in Austin. While most of the conversation dealt with other issues facing appraisal districts, Mr. Nolan did address, in very general terms, the values we will see on notices of appraised value coming out this week.
On the residential side, he stated that southern Dallas County has been hardest hit by foreclosures, and noticed values in that sector will be down. In North Dallas, values will remain flat, but values will actually go up slightly in northwest Dallas County. The appraisal district has much available data for residential properties, and he noted that these changes are supported by the data from these zones.
For commercial property, he anticipates a one-to-two percent increase, but he stressed that commercial property has the biggest potential for heavy decreases as a result of protests. A recent sale for an amount lower than the 2008 appraised value indicates that the market value of office buildings has gone down, and lower values may also result from the financial documentation that property owners will provide to support their requests for lower values. For commercial property owners, this year's protest will be critical because the lack of information available to the appraisal district will mean potential savings are greater than ever.
As always, please do not hesitate to call or email me with questions or comments.
Josh Estes
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