2022 was a momentous year of change in the Texas markets of real estate and business. With a great migration of corporate America making its way to the Lone Star State, innovative developments throughout Austin, and new business opportunities around every corner, we can only expect even greater things to come.

While the great influx of company relocations was, in part, due to the pandemic and the rising popularity of work-from-home and hybrid workplaces. In 2022, things have stabilized and returned to a more consistent pattern. According to a recent study (YTexas) noted in Austin Business Journal’s analysis of the business boom, “at least 23 businesses moved to the state in 2022. That was down 63% from a record 62 that made the move in 2021.”

However, this “return to normalcy” trend doesn’t mean that Texas is losing its standing as one of the biggest business states. Texas has consistently been named the number one state for business, with 2022 being no different, as it received that ranking for the 18th year in a row! The CEO of YTexas, Ed Curtis, comments that “2021 was the biggest year for relocation in the history of Texas…It was all the buildup from Covid and then 2021 is when they made the move. It is still happening.”

2023 is lining up to be a record-setting year in Austin’s continued development and the overall growth of Texas. Businesses continue to flock to the state. Austin’s growing diversity in business and leisure, as well as its remarkable city-wide projects, mark it as a noteworthy place to start a business, relocate a company, and position corporate headquarters. 

Keep an eye out for more Tesla gigafactory news, updates on commercial projects, and Texas developments by following my blog or reaching out here!

September has been an eventful month – with a long-awaited change in season, the beginnings of countless thrilling fall events, and the highly-anticipated news of the soon-to-be tallest tower in Texas, Waterline Tower. While construction began on this project in mid-June of this year, its completion is not anticipated for three to four more years. 

Upon completion, the 74-story skyscraper will surpass the state’s tallest building record of 1,002 feet, currently held by the JPMorgan Chase Tower in Houston. The Waterline Tower will be co-developed by two companies operating out of Texas, Lincoln Property Co. and Kairoi Residential LLC.

The Space Inside The Waterline

While a large portion of the retail space on the first two floors remains unclaimed due to the longer timeline of this project, the following 13 floors have already been booked with 1 Hotel Austin, a luxury hotel featuring a ballroom and rooftop pool.

The next 27 stories will contain roughly 700,000 square feet of office space. Spectacularly, this office space will only take up one-third of Waterline’s entire height. To further entice the Austin workforce, the office space will be created with large corporations and smaller technology companies alike in mind. 

Lincoln Property Co.’s Seth Johnston remarked “In Austin, Texas, you don’t go only corporate or only tech…Big corporations and tech companies intermingle every day, so what we tried to design is a building that can suit both and be as flexible as possible.”

Residing above the impressive office space will be 33 floors consisting of 352 luxury apartments, with many details still to be determined.

What This Means For Austin

Downtown Austin has been booming, drawing attention from across the country. Now, with not only a new record-setting skyscraper but with additional office, retail, and residential space, the Waterline Tower will be an incredible contribution to the city. 

Katie Keenan, CEO of Blackstone Mortgage Trust, who provided the construction loan for this property, commented on the mission of the Waterline Tower: “We continue to see strong demand for new, best-in-class residential, office and hospitality assets in high growth markets like Austin and are excited to support this trophy, mixed use development that will make a meaningful contribution to the community as well as the Austin skyline.”

As we learn more about this fascinating development, feel free to reach out. I always welcome discussions about this incredible community and what the future holds for us. 

What is a homestead exemption?
A homestead exemption allows you, the homeowner, to remove a portion of your home’s value from taxation – therefore lowering your property taxes. For example, if your home is appraised at $200,000 and you qualify for a $25,000 exemption, you will only pay taxes on a home worth $175,000.

How do I know if I qualify?
First and foremost, the property must be your primary residence – the address needs to match the one on your driver’s license. In Texas, you can also claim the land you maintain for residential purposes – not to exceed 20 acres.
Second, you must have bought the home before January 1^st of the current tax year. For example, if you purchased a home on December 24, 2019, you are eligible to apply for the homestead exemption this year. But, if you didn’t purchase your home until January 2, 2020, you are not eligible to file until the next tax year.

How does it work?
To receive the homestead exemption, you must apply with your local county tax appraisal office – either in-person, by mail or online. Once you have filed, you do not have to submit an application for the same property again as it remains on the property until it is sold or you take up primary residence at another property.

Where to file?
As the homestead exemption is filed by county, below we have provided links to the county website resources in and around our area:

• Williamson County
• Travis County

When to file?
The homestead exemption must be filed between January 1^st and April 30^th of the tax year.

Why does the homestead exemption matter to you?
As filing is free and it lowers your property taxes, the homestead exemption can only benefit you as a homeowner!

Have a question? Reach out to us anytime:

Phone: (970) 627-7392

Email: tmcneil@kw.com