REOC San Antonio
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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Bexar property values rise

increase_valueProperty values in Bexar County are up, with commercial real estate posting some of the biggest increases.  Overall, values in Bexar County — with about 648,000 properties — will rise about 5 percent.

Commercial properties will see the biggest spike, with about a 12 percent rise in values. Residential properties will see an approximately 2 percent bump.  That means many property owners will pay more in taxes, which means local school districts and governments will collect more from ad valorem taxes.

Still, even though the real estate market is rebounding, a number of areas are still seeing foreclosures — a factor the appraisal district uses to set property values — while other communities go mostly unscathed.

The double-digit jump for the commercial market was an expected outcome as it continues its rebound. Apartment buildings are at the top of the sector with values increasing about 20 percent.

“There’s still a significant amount of challenge in the market, especially in some pockets,” said Kim Gatley, a vice president at commercial real estate firm REOC San Antonio. “And definitely, property by property, there are issues that would mitigate the appraised increase. But overall, as the economy improves and leasing continues, the natural outcome is that it increases value.”

Across the county, there’s been a healthy wave of construction projects adding value to the tax rolls. For example, there were about 8,000 home starts last year, according to data from Metrostudy, a residential real estate research firm. That figure is expected to grow by about 11 percent in 2013 to more than 9,000 starts.

Click to read entire article: Bexar property values rise (San Antonio Express-News, 4-18-13).

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