By: Associate Attorney, Kathlyn Jones
Not every property is valued the same way
what the district states.
Solution: Be sure to get information on how the district arrived at your value and what method was used.
The districts typically won’t accept a purchase price if it helps your case
(and hurts theirs) by broadly disputing the “transparency” of the sale.
Solution: Be sure to understand what documents support the purchase/sales price and most importantly separating intangible value from tangible value.
District keeps pointing to their “pro-forma” – what is that? Pro-formas are
projections the District uses to say what or how your property should be performing.
Solution: Your property should be valued based on the actual income it receives – not what the District projects or believes it should receive.
Remember! Always consult with an attorney prior to producing any financial information.
Issue #4: As a property owner who is handling their own ARB hearing, you may find yourself in a position where your hearing is scheduled for a date and time that you cannot make.
Solution: As a property owner, the Texas Tax Code entitles you to reschedule your hearing ONE time without showing any good cause.
Remember! You must reschedule your hearing prior to your original hearing date. Also, if you cannot attend your hearing and cannot have it rescheduled, you can file an affidavit stating your opinion of value for the property. While it is likely that your value will not be reduced by submitting an affidavit, it will preserve your right to file a lawsuit and allow you to continue to fight your value.
Districts classify property and put them into different categories based on how
they are built, when they were built, the type of property, etc.
Solution: Make sure you understand how your property is classified and that your property is not in a class solely because of the neighborhood it is located in. A neighborhood drives the rents your property will receive not its classification.
Disclaimer: This article does not constitute legal advice and does not establish an attorney-client relationship.