Most apartment investors believe values declined between January 1 2020 and January 1 2021. Factors negatively affecting apartments include:
- Massive layoffs due to COVID
- No or limited childcare available for residents
- Eviction freeze with some residents not paying for over one year
- Higher move-outs due to apartment dwellers buying homes
- Excess new construction leading to higher vacancy and higher free rent concessions.
While the revenue proration of income and expense has increased, operating expenses have increased for a variety of factors including responding to COVID. However, Harris County Appraisal District has send apartment owners notice of huge increases in property tax assessments.
Hence, owners of smaller apartment complexes are puzzled, frustrated and upset over increases in assessment regularly over 10%. Despite the difficult operating environment, Harris County Appraisal District has raised the assessed value (taxable value) of Harris County apartments with a value of $1 million or less. Only 280 apartment owners (about 10%) with a property valued under $1 Million did not have their property tax assessment increased. Hence 90% of apartments in Harris County incurred a higher property tax assessment despite lower revenue and higher operating expenses.
The total value of apartments valued by Harris County Appraisal District was $47.4 billion in 2020 and increased to $50.9 billion in 2021. Fully 866 apartments had an assessment increase of $1 million or more in 2021.
Following is analysis for Harris County Apartments with a 2021 noticed value of $1 million or less. Ten apartments had an assessment increase of 100% or higher. A total of 54 had an assessment increase of 50 to 99.9%. Another 540 had an assessment increase by Harris County Appraisal District of 20 to 49.9% Yet another 749 apartments had an assessment increase of 10 to 19.9%, during a period when rents were falling and expenses were increasing.
Few accounts had no increase or a reduction. For Harris County apartments valued at less than $1 million, only 6 of 2614 had no change in value. Sixty-three apartments had a reduction in value. Only 5 had a reduction greater than 10% by Harris County Appraisal District. The others had a reduction in value of 0.1 to 9.9%. The reductions is value were small but the increases in value were large.
For Harris County apartments valued at $1 million or less, the following apartments had the largest percentage increase in assessed value in 2021 versus 2020:
| Property Address | Property City | Property Zip | 2020_Certified Market Value | 2021_Noticed Market Value | Percentage Increase in Value |
| 12000 Sandrock Dr 116 | Houston | 77048 | $142,002 | $420,870 | 196.40% |
| 5601 Patrick St 16 | Houston | 77076 | $305,831 | $726,880 | 137.70% |
| 2942 Altoona St | Houston | 77026 | $302,918 | $710,057 | 134.40% |
| 6414 Sloan St 8 | Houston | 77087 | $245,526 | $574,917 | 134.20% |
| 512 N Jones St 6 | Baytown | 77520 | $118,586 | $260,706 | 119.80% |
| 207 N Poplar St 4 | Tomball | 77375 | $155,708 | $340,240 | 118.50% |
| 107 Altic St 6 | Houston | 77011 | $147,500 | $318,945 | 116.20% |
| 4901 Denmark St 20 | Houston | 77016 | $388,690 | $829,786 | 113.50% |
| 5107 Delano St 5 | Houston | 77004 | $367,918 | $748,715 | 103.50% |
| 2415 Mcgowen St 4 | Houston | 77004 | $161,205 | $325,235 | 101.80% |
| 6726 Burkett St 4 | Houston | 77021 | $192,599 | $373,931 | 94.20% |
| 5331 Bell St 7 | Houston | 77023 | $205,847 | $397,969 | 93.30% |
| 4102 Darwin St 4 | Houston | 77093 | $36,882 | $69,438 | 88.30% |
| 4431 Gunter St 8 | Houston | 77020 | $197,500 | $369,038 | 86.90% |
| 5101 Bell St 11 | Houston | 77023 | $406,346 | $753,063 | 85.30% |
| 710 Memorial Mews St 4 | Houston | 77079 | $243,262 | $444,980 | 82.90% |
| 7012 Sherman St 6 | Houston | 77011 | $152,744 | $276,251 | 80.90% |
| 6716 Lawndale St 4 | Houston | 77023 | $154,800 | $279,227 | 80.40% |
| 6724 Lawndale St 8 | Houston | 77023 | $313,148 | $549,107 | 75.40% |
| 4220 Lamar St 4 | Houston | 77023 | $237,201 | $413,623 | 74.40% |
| 319 Eastwood St 8 | Houston | 77011 | $143,561 | $249,557 | 73.80% |
| 12092 Beechnut St 4 | Houston | 77072 | $144,604 | $251,033 | 73.60% |
| 3609 Rebecca St 4 | Houston | 77021 | $159,732 | $277,101 | 73.50% |
| 6734 Burkett St 4 | Houston | 77021 | $180,486 | $311,830 | 72.80% |
| 5726 Pickfair St 10 | Houston | 77026 | $231,990 | $400,460 | 72.60% |
| 3257 Winbern St 5 | Houston | 77004 | $159,457 | $271,314 | 70.10% |
| 302 Rhode Island St 4 | Houston | 77029 | $153,627 | $256,807 | 67.20% |
| 3707 Rosalie St 8 | Houston | 77004 | $136,828 | $227,630 | 66.40% |
| 3019 Prospect St 4 | Houston | 77004 | $236,181 | $391,005 | 65.60% |
| 1403 70Th St 4 | Houston | 77011 | $73,071 | $119,981 | 64.20% |
| 7436 Navigation Blvd 8 | Houston | 77011 | $102,242 | $167,178 | 63.50% |
| 5304 Arapahoe St 4 | Houston | 77020 | $83,857 | $136,588 | 62.90% |
| 3420 Michigan St 6 | Baytown | 77520 | $247,015 | $401,660 | 62.60% |
| 909 Knight St 10 | Houston | 77022 | $251,993 | $407,926 | 61.90% |
| 5919 Brady St 4 | Houston | 77011 | $152,162 | $245,968 | 61.60% |
| 7304 Edna St 5 | Houston | 77087 | $150,148 | $240,253 | 60.00% |
| 4611 Brinkley St | Houston | 77051 | $375,368 | $598,566 | 59.50% |
| 3614 Tuam St 8 | Houston | 77004 | $200,770 | $319,464 | 59.10% |
| 3610 Tuam St 8 | Houston | 77004 | $200,770 | $319,464 | 59.10% |
| 8109 Joplin St 4 | Houston | 77017 | $133,454 | $211,967 | 58.80% |
| 8016 Meadowbrook Dr 18 | Houston | 77017 | $372,752 | $588,481 | 57.90% |
| 7200 W T C Jester Blvd 35 | Houston | 77088 | $134,266 | $211,832 | 57.80% |
| 7200 W T C Jester Blvd 38 | Houston | 77088 | $135,056 | $212,622 | 57.40% |
| 4305 La Branch St 6 | Houston | 77004 | $426,792 | $667,523 | 56.40% |
| 5435 Margarita St 4 | Houston | 77020 | $65,434 | $102,144 | 56.10% |
| 4102 Lamar St 4 | Houston | 77023 | $171,630 | $267,828 | 56.00% |
| 7200 W T C Jester Blvd 21 | Houston | 77088 | $139,756 | $217,322 | 55.50% |
| 116 Marian St 6 | Baytown | 77520 | $263,393 | $408,995 | 55.30% |
| 7200 W T C Jester Blvd 4 | Houston | 77088 | $140,491 | $218,057 | 55.20% |
| 2504 Saltus St 8 | Houston | 77003 | $504,825 | $783,220 | 55.10% |
| 2811 Iola St 10 | Houston | 77017 | $356,998 | $551,884 | 54.60% |
| 7200 W T C Jester Blvd 27 | Houston | 77088 | $142,426 | $219,992 | 54.50% |
| 7200 W T C Jester Blvd 29 | Houston | 77088 | $144,091 | $221,657 | 53.80% |
| 7200 W T C Jester Blvd 22 | Houston | 77088 | $144,111 | $221,677 | 53.80% |
| 791 Fortune St 4 | Houston | 77088 | $108,200 | $166,097 | 53.50% |
| 7200 W T C Jester Blvd 7 | Houston | 77088 | $146,341 | $223,907 | 53.00% |
| 6739 Fairway Dr 16 | Houston | 77087 | $442,236 | $674,436 | 52.50% |
| 7200 W T C Jester Blvd 5 | Houston | 77088 | $148,121 | $225,687 | 52.40% |
| 7200 W T C Jester Blvd 15 | Houston | 77088 | $148,466 | $226,032 | 52.20% |
| 6103 Saxon Dr 8 | Houston | 77092 | $169,828 | $258,427 | 52.20% |
| 10941 Village Bend Ln 14 | Houston | 77072 | $277,994 | $421,467 | 51.60% |
| 225 N Everton St 4 | Houston | 77003 | $267,761 | $405,638 | 51.50% |
| 1002 Carolyn Ct 4 | Humble | 77338 | $183,876 | $277,668 | 51.00% |
| 9307 E Erath St 10 | Houston | 77012 | $334,644 | $505,182 | 51.00% |
| 4514 Terry St 4 | Houston | 77009 | $92,423 | $138,314 | 49.70% |
| 2501 Delano St 16 | Houston | 77004 | $651,118 | $973,733 | 49.50% |
| 6524 Canal St 4 | Houston | 77011 | $92,662 | $138,480 | 49.40% |
| 5821 Clarewood Dr 36 | Houston | 77081 | $668,471 | $993,717 | 48.70% |
| 7801 Avenue E 6 | Houston | 77012 | $179,275 | $266,177 | 48.50% |
| 1609 Stevens St 4 | Houston | 77026 | $168,620 | $249,724 | 48.10% |
| 6301 Calhoun Rd 12 | Houston | 77021 | $362,532 | $534,696 | 47.50% |
| 4950 Polk St 4 | Houston | 77023 | $179,141 | $263,366 | 47.00% |
| 1006 Memorial Glen Dr 4 | Humble | 77338 | $221,140 | $324,822 | 46.90% |
| 1018 Memorial Glen Dr 4 | Humble | 77338 | $221,140 | $324,822 | 46.90% |
| 1302 Brenda Ln 4 | Humble | 77338 | $221,584 | $325,377 | 46.80% |
| 1314 Brenda Ln 4 | Humble | 77338 | $221,584 | $325,377 | 46.80% |
| 1316 Brenda Ln 4 | Humble | 77338 | $221,584 | $325,377 | 46.80% |
| 1318 Brenda Ln 4 | Humble | 77338 | $221,584 | $325,377 | 46.80% |
| 1306 Brenda Ln 4 | Humble | 77338 | $220,947 | $324,374 | 46.80% |
| 4609 Market St 16 | Houston | 77020 | $276,869 | $406,124 | 46.70% |
| 1611 Stevens St 4 | Houston | 77026 | $169,259 | $247,903 | 46.50% |
| 7109 Avenue E 12 | Houston | 77011 | $154,725 | $225,962 | 46.00% |
| 3511 Maury St 4 | Houston | 77009 | $101,379 | $147,725 | 45.70% |
| 4948 Polk St 18 | Houston | 77023 | $295,565 | $430,276 | 45.60% |
| 3402 Hadley St 4 | Houston | 77004 | $124,627 | $181,281 | 45.50% |
| 12108 Neff St 20 | Houston | 77072 | $523,000 | $758,024 | 44.90% |
| 14006 Brownsville St 4 | Houston | 77015 | $79,848 | $115,677 | 44.90% |
| 6403 Sloan St 18 | Houston | 77087 | $620,658 | $897,600 | 44.60% |
| 14002 Brownsville St 4 | Houston | 77015 | $78,468 | $113,413 | 44.50% |
| 1434 Lawson St 4 | Houston | 77023 | $176,388 | $254,512 | 44.30% |
| 4304 Crane St 7 | Houston | 77026 | $80,710 | $116,415 | 44.20% |
| 6905 Sherman St 5 | Houston | 77011 | $193,403 | $278,920 | 44.20% |
| 508 N Main St 6 | Galena Park | 77547 | $160,680 | $231,713 | 44.20% |
| 7817 Detroit St 12 | Houston | 77017 | $267,177 | $384,268 | 43.80% |
| 10300 E Hardy Rd 8 | Houston | 77093 | $496,256 | $711,595 | 43.40% |
| 8561 Glenview Dr 10 | Houston | 77017 | $279,516 | $400,621 | 43.30% |
| 3014 Florida St 4 | Houston | 77026 | $119,581 | $170,746 | 42.80% |
| 2010 Dumble St 14 | Houston | 77023 | $409,583 | $583,081 | 42.40% |
| 1734 Egypt St 4 | Houston | 77009 | $156,349 | $222,233 | 42.10% |
| 4409 Hershe St 4 | Houston | 77020 | $156,230 | $221,201 | 41.60% |
