A FBCAD release stated the rise in commercial market values was caused by increased construction costs attributable to pandemic-related supply chain issues. Rising land values and a slew of new developments also contributed, the release states.
Similar factors contributed to the overall 21% increase in commercial values in Harris County.
FBCAD sent out notices of appraised values to residents in early April. The deadline to file an appeal is May 15, or 30 days after receiving an appraised value notice, whichever comes later.
Property owners can apply for exemptions through the FBCAD exemptions portal at www.fbcad.org/exemption-application. Additional information on 2023 appraised values can be found here.
