Before you develop, you might want to keep this in mind: Appraisals are skyrocketing. The latest data from Deal Sikes & Associates (pictured, Matt Deal and Mark Sikes) shows that the Harris County Appraisal District has increased appraisals by more than 20% on many commercial properties in Houston in the last year. (You don’t need us to tell you this; you already had your heart attack when you got your tax bill.) Multifamily was hit the hardest—initial appraised values went up 22% over 2013 levels. Land rose 21.4%, retail increased 18.5%, and office valuations leapt only (is our sarcastic intonation coming across?) 17.8%.
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