Understanding Smith County Property Tax and Commercial Market Growth

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New Construction Trends in Smith County Property Tax (2023–2024)

  • In 2024, the total value of new construction reached $763.9 million, showing steady year-over-year growth compared to $762 million in 2023.
  • The region issued 608 residential building permits in early 2024, reflecting ongoing demand for housing, though slightly lower than previous years.
  • While residential construction remains consistent, new commercial development continues to diversify across property types, contributing to a balanced real estate landscape.

It’s new construction shows steady residential demand and growth in diverse commercial sectors.

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Harris County Property Tax
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Office Market Trends in Smith County (2023–2024)

  • In 2024, commercial office property values increased by approximately 18% by Smith County CAD, reflecting renewed interest and rising demand in the business sector.
  • While detailed square footage data isn’t publicly reported, permit activity and property appraisal records show continued office construction and renovations across Tyler and surrounding areas.
  • Local economic indicators—including job growth and business expansion—suggest stable occupancy rates, with new office space supporting healthcare, finance, and service industries.

The office property values in the area rose sharply in 2024, reflecting new construction and shifting demand post-pandemic. If your workspace was reassessed, now’s the time to act.

Smith County Apartment Market Update – 2024

  • Vacancy rates have climbed to 10.2%, up from 7.3% last year, signaling increased rental availability and a slightly cooler multifamily market.
  • Average monthly rents are holding steady around $1,144, showing stability despite shifting occupancy trends.
  • Roughly 840 new apartment units are under construction, meeting ongoing demand while giving renters and investors more options in a growing market.

The apartment market closed 2023 with positive unit absorption, indicating steady demand alongside new construction activity. While rental rates remained stable, rising vacancy levels suggest a more balanced market, giving renters more options and landlords more reason to reassess Smith County’s property valuations.

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Retail Market Snapshot – Smith County (2023–2024)

  • New retail projects slowed, with permit numbers and new development activity lagging behind previous years.
  • Leasing remains solid, as local businesses continue occupying space, helping to maintain stable occupancy rates despite fewer deliveries.
  • Rental rates are holding steady, reflecting the region’s resilient demand even amid broader economic uncertainties.

This steady performance shows the retail sector remains a reliable component of Smith County CAD‘s portfolio. It’s important for property owners and investors to monitor these trends—especially when preparing for property tax protest reviews or considering protests.

Smith County Warehouse Market (2023–2024)

  • New warehouse development showed signs of slowing, with fewer projects underway compared to the previous year—though local permit activity suggests cautious growth.
  • Leasing demand remained strong, helping maintain occupancy levels even as supply eased—demonstrating steady economic confidence among local businesses.
  • Quoted lease rates climbed by 10–12%, reflecting rising investor interest and healthy demand for warehouse space in the region.

Although new construction has slowed, stable absorption and rising rental rates indicate Smith County’s warehouse market remains resilient and appealing for owners and investors.

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