Portfolio Case Study #2
The Property
The subject is a large multi-family client that has 8 Class A properties spread throughout Harris County. The initial assessed value for the portfolio was $467,914,826. The average appraised value per property was $51,990,536.22. Harris County Appraisal District attempted to raise the portfolio’s taxable value by $65,788,660.00 or 16.4%.
Approach Taken
Upon a review of 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 evidence supporting the claim that the proposed increase was in fact unjustified.
Direct Results
After a review of all pertinent information, the portfolio’s taxable value was reduced to $430,096,867 (a reduction of $55,664,826), which resulted in a YoY increase of 2.52% compared to the initial 16.4% YoY increase. The reduction in taxable value resulted in property tax savings of $1,347,089 for our client.
