HOUSTON, Dec. 15, 2016 /PRNewswire/ -- The Texas Building Owners and Managers Association (Texas BOMA) announced today their full support of the Senate Select Committee on Property Tax Reform & Relief Senate Bill 2 (SB 2), the Texas Property Tax Reform and Relief Act of 2017. Via "Taxed Out of Town", a statewide initiative advocating for Texas property tax and appraisal reform, Texas BOMA once again joined the fight against unpredictable and uncontrolled property valuation increases.
"Texas has enjoyed economic growth and prosperity, but unpredictable and uncontrolled commercial property valuations, and the current property appraisal process, are burdening Texas' businesses and putting a damper on our local economies. Businesses and commercial property owners need relief in the form of repealing, replacing and reducing the current tax rollback process and rate; simplifying the Property Tax Code; and holding appraisal districts and their officials accountable," said Brett Williams, President of Texas BOMA. "We commend the tireless work of State Senator Paul Bettencourt, R-Houston, and the Senate Select Committee on Property Tax Reform & Relief over the last year, and strongly support their recommendations laid out in SB 2. Texans deserve meaningful tax relief and property appraisal reform."
Commercial properties across the state have experienced a sharp increase in valuations over the past five years, making it difficult for Texas' small businesses to accurately plan for the future and putting economic growth and jobs at risk.
- In 2014 alone, Dallas commercial properties experienced an 8.7 percent increase in valuations in the central business district and a 16.6 percent increase in Uptown Turtle Creek.
- Commercial property valuations in Travis County and the City of Austin saw an average increase of 16.2 percent and 17.6 percent in 2015, respectively.
- Houston commercial property valuations increased 12 percent in 2015, while some areas in the Houston –Gulf Coast region experienced a staggering 100 percent increase in commercial property values in just three years.
- In 2016 alone, San Antonio commercial properties have seen an increase of 15.9 percent.
Texas property appraisal reform and tax relief are expected to be key issues in the 85th Legislature, as evident from Senator Bettencourt's filing of SB2. Texans can count on "Taxed Out of Town" to advocate for property tax relief and actively work with legislators to identify property appraisal solutions that will improve the process and keep businesses and the Texas economy growing.
"Taxed Out of Town" urges Texans to contact their state legislator and demand fair and uniform property appraisal reform. For more information or to contact your legislator, visit www.TaxedOutOfTown.com.
About the Texas Building Owners and Managers Association
Texas Building Owners and Managers Association (Texas BOMA) represents the interest of owners and commercial real estate in the state of Texas and is a federated organization of BOMA International, the industry leader in promoting energy efficiency and sustainability initiatives such as Green Lease.
About "Taxed Out of Town"
"Taxed Out of Town" is committed to finding solutions on Texas property taxation that do not place unnecessary burden on commercial property owners, their tenants, small businesses and residents. "Taxed Out of Town" is an initiative established by members of the Texas Building Owners and Managers Association (Texas BOMA).
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SOURCE Building Owners and Managers Association (BOMA)