Property Case Study #4
The Property
The subject property is an industrial distribution center. The initial assessed value was $53,263,460. Harris County Appraisal District attempted to raise the property’s taxable appraised value by 19%.
Approach Taken
After reviewing the subject’s income proforma and relevant sales comparables for the subject’s direct area, TCPTC was able to present evidence supporting that the proposed increase was unjustified.
Direct Results
After a review of all pertinent information, the property value was reduced to $48,300,000, a value reduction of $4,963,460.00. The reduction in value produced property tax savings of $120,115 for our client. The property benefited from a 5.5% decline in taxable appraised value from year to year.
