Houston Building Owners Criticize HCAD For 2013 Property Valuations
HOUSTON, July 5, 2013 /PRNewswire-iReach/ -- The Houston Building Owners and Managers Association (BOMA) today criticized the Harris County Appraisal District (HCAD) for unrealistically high valuations on commercial real estate for 2013.
"Properties in the central business district were hit especially hard with an overall 58% increase in noticed property valuations this year," said Tammy Betancourt, Houston BOMA's executive vice president and chief operating officer, representing the views of Houston BOMA's membership. "That HCAD is capable of arbitrarily raising the values of Houston commercial properties by such incredible percentages in one year is absurd, and more than a little disturbing."
High rise office properties seem to have been specifically targeted for the valuation increases showing a 48% increase over 2012 settled values. Low rise office buildings fared somewhat better with a 23% increase.
Houston BOMA members are extremely concerned about the negative impact these appraisals will have on businesses. Property taxes are nearly always passed on to tenants as operating expenses. With escalating property valuations, every company leasing space in Harris County will potentially see a significant increase in operating expense billings.
"Valuation increases of this magnitude will have an extremely negative impact on business owners county-wide, said Betancourt. "HCAD has sent a clear message with these exorbitant assessments and the resulting increased costs of doing business in Houston and Harris County, that they are not concerned with preserving the environment of business growth or economic development."
The Houston Building Owners and Managers Association (BOMA) is a premier network of over 600 commercial real estate professionals representing over 250 million square feet of commercial real estate in the Houston area and a tax base of $17 billion.
Media Contact: Tammy Betancourt, Houston Building Owners and Managers Association, 713-266-5691, firstname.lastname@example.org
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SOURCE Houston Building Owners and Managers Association