Perhaps commercial property owners will soon be paying their fair share of property taxes if this news from the Dallas Central Appraisal District is any indication.
Last June, I reported that HEB owned a block of Lemmon Avenue between Reagan and Throckmorton Streets that was to have been a new Central Market. Those plans shifted to a more ambitious project at Lemmon and McKinney Avenues. However, DCAD had already planned on the Reagan/Throckmorton block being developed and had gutted the block’s assessed values (as they routinely do prior to development).
Each of the four townhouses was valued at $1,000, while rating as “very good” or “excellent.” The land the four sat on was also not reflective of market rates. Net-net, each of the four had three years where they were valued at less than half their 2015 market rate. While you and I likely got walloped with large increases, multi-billion dollar HEB benefitted from DCAD’s shoddy benevolence.
It’s nice to know DCAD reads CandysDirt.com, because things changed for 2019’s proposed valuations.
In 2015, 3929 Bowser was valued at $331,220 before spending the next three years assessed at $141,950. The property’s 2019 proposed valuation is $427,140. For 3520 Throckmorton, 2019’s proposed valuation is $456,750. Neighboring 3516 Throckmorton sees a 2019 proposed valuation of $464,100. Rounding out the four townhouses, 3512 Throckmorton’s proposed 2019 value is $388,920.