TCAD buys northeast Austin building for $8.5M to handle increase in appraisal protests

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AUSTIN (Austin Business Journal) — Travis Central Appraisal District has acquired a building in Northeast Austin to relocate its headquarters, prompted by an increase in appraisal protests.

TCAD purchased the four-story, 72,720-square-foot former National Western Life Insurance Co. building at 850 E. Anderson Lane, Jones Lang LaSalle Inc. — the seller’s brokerage firm — announced on July 15. The purchase price was $8.5 million, according to TCAD.

The district received approval from the Travis County Commissioners Court on April 23 to spend $10 million on the purchase and renovation of the building because it has outgrown its current location at 8314 Cross Park Drive, which it has occupied since 1985, according to a memo submitted to commissioners from Jessica Rio, Travis County executive over planning and budget.

The increased number of appraisal protests from property owners and decreased availability of short-term leases for hearings convinced TCAD it needed to purchase an existing facility, according to information submitted to the Travis County Commissioners Court. Since 2005, the number of protests filed has increased by more than 200 percent from 46,495 to 142,812, according to TCAD.

Read the full story on the Austin Business Journal website.

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