CORPUS CHRISTI, Texas — 3NEWS set out Wednesday to answer the question of whether certain property owners on Padre Island are not having to pay the same tax rate as other residents?
There are plenty of residents on Padre Island who aren't happy about their rising property taxes.
One viewer sent 3NEWS a question about why Axys Capital Credit was still paying the same amount in property taxes on nearly all of the lots the company had bought several years ago out on the Island.
Nueces County Chief Appraiser Ronnie Canales did confirm to 3NEWS that Axys is one of the largest property owners on the Island. He also said that there's a reason why they were given a discount on their property taxes.
"The answer to that is those properties, once they are developed well, of course carry it's price, but in the meantime, though the majority of the properties that we are making a reference to is submerged land, undeveloped land," he said.
The property owned by Axys sits off of Sea Pine Drive, which is the last street on Padre Island. The property currently isn't developed, which is why developers were able to get a discounted property tax rate from the appraisal district.
"Typically when a developer has a large inventory like that we do offer an inventory rate, there's a set of criteria that has to be met," said Nueces County Appraisal District Residential Real Estate Manager Debra Morin.
That criteria includes having to be a developer who has the property in their portfolio for development and is listed for sale on the open market. Also, no improvements can be made.
"It may be a quarter, it may be a third, something like that. Maybe half again it just depends," she said.
The appraisal district did confirm the property tax break, which is available to any developer in the city if they meet the criteria.
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