Property Case Study #3
The Property
The subject property is located within a newly built retail power center. The initial assessed value was $36,152,444. Harris County Appraisal District attempted to raise the property’s appraised value by $2,587,503.
Approach Taken
Upon reviewing the county’s evidence, reviewing the subjects I/E and rent roll, and taking a closer look at the market for applicable sales comparables in the area, TCPTC was able to present compelling evidence supporting a lower market value.
Direct Results
After a review of all pertinent information, the property value was reduced to $31,742,086, A value reduction of $4,410,358. The reduction in value directly resulted in a property tax savings of $114,468 for our client. As a result, the taxable appraised value experienced a year-over-year decline.
