Cantrell McCulloch: Property Tax Update
Property tax rates are finally flattening out or slightly declining, says Cantrell McCulloch co-founder Mark Cantrell (here with wife Kelli, rooting for their Baylor Bears). He also says that properties are exchanging at historically high values, so appraisal districts are trying to keep up, which puts a lot of pressure on owners' bottom lines. Property taxes for multifamily are an owner’s biggest expense item so recent significant assessment increases take directly from the bottom line. Mark adds that we’re in the slow period of the property tax season since the protest period takes place in the summer. In the fall, his company starts ramping up for settlement conferences with the various appraisal districts to finalize lawsuits. Everybody is chasing returns and multifamily seems to be the preferred product as he continues to see a heavy volume of sales occurring. For more information on our Bisnow partner, click here.
