Property Case Study #5
The Property
The subject property is a 4-star multifamily garden apartment. The initial assessed value was $60,393,535. Harris County Appraisal District attempted to raise the property’s taxable appraised value by $11,118,146 or 23%.
Approach Taken
Upon a review of the county’s evidence and taking a closer look at the market for applicable sales comparables in the area, TCPTC was able to present evidence supporting that the proposed increase was in-fact unjustified.
Direct Results
After a review of all pertinent information, the property’s taxable appraised value was reduced to $51,200,000, a value reduction of $9,193,535. The reduction in value directly resulted in property tax savings of $220,589 for our client. The initial 23% increase in assessed value was ultimately mitigated to a mere 3% year over year.
