Property Case Study #6
The Property
The subject property is a 4-star midrise multifamily apartment complex. The initial assessed value was $19,639,370. Montgomery County Appraisal District attempted to raise the property’s taxable appraised value by 11.5% to $19,639,370.
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 that increase in taxable appraised value was in-fact unjustified.
Direct Results
After a review of all pertinent information, the property’s taxable appraised value was reduced to $17,619,000, a value reduction of $2,020,370. The reduction in value directly resulted in property tax savings of $48,476 for our client.
