While a number of factors can affect the appraised value of your property, commercial property owners need to be aware of two provisions.
Appraisal districts are charged with appraising each property at its “Market Value” as of January 1st of each year. In addition, there is a provision in the Code that requires respective districts to appraise each property on a “Uniformed and Equal” basis.
Now many property owners only appeal the “market value” issue, and thus, are barred from introducing any data under the “uniformed and equal” provision at a hearing. So where do the courts stand?
They have concluded that the lesser of the two values (Market vs. Uniformed/Equal) shall prevail for the taxable value. Remarkably, it’s the uniform/equal value of property that is often less than the property’s market value, and presents a “second bite of the apple.”
Many appraisal districts have argued that this provision creates inequities. They claim it is “unfair” to other property owners whose commercial property is being taxed at market value, and are actively trying to change the law, or modify it through the Texas legislature.
At this time, Southland Property Tax Consultants employs both provisions to further reduce our client’s appraised value, when applicable.
Reminder: the deadline to protest your commercial property valuation is May 15, 2018. If we can be of service, please give us a call at 817-335-7377.