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• CTN is the only property tax consulting firm in 18 counties and over 6,000 companies to win
the Houston Better Business Bureau Award for Excellence Winner of Distinction in 2006 and 2007!
 2010 PROTEST DEADLINES
For homestead properties, the early protest deadline is April 30th or 30 days after
the date the appraisal district sends a notice of appraised value, whichever is later.
NEWS FLASH
2008 Forecast by Harris County Appraisal District...
More...
On March 25, 2008, during the 2008 Annual Meeting at the Harris County
Appraisal District (HCAD), the county revealed that property
tax values will be increased an average of 25% on approximately 68%
of all commercial accounts! In light of this new information,
it is essential that commercial property owners appeal their property
tax valuations in 2008.
• Cost Segregation is one of the most valuable tax-deferral strategies. It allows taxpayers to write off a greater percentage of their commercial improvements over a shorter period of time.
More...
• The deadline for filing business personal property renditions
is April 15, 2010. All business owners must file
or they will face penalties.
More...
The Texas Property Tax Code states that there will be penalties imposed
from 10 to 50% of the taxes that are owed and possible lawsuits filed
for any businesses that do not file the required annual rendition by
the deadline of April 15, 2009.
Have you been served a penalty tax statement from the appraisal
district for not filing a Business Personal Property Rendition?
If you have received a penalty statement from the appraisal district, it is
due to the new law in Texas stating that all business personal property accounts
must have renditions filed annually. We may be able to get the penalty waived and
file the 2007 and 2008 renditions for you, just give us a call!
• Property Value Notices will be coming out in the end of
April. Your property may be over assessed, so fill out our free evaluation
form and we will see what we can do for you!
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1 year and 98 days ago |
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Apartment Case Study 1
CTN saved Newco Management Company $82,092 in Taxes for Willowick Apartment Complex in Just 2 Years
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CLIENT PROFILE
Newco Management Company has been a client of ours since 1996. We
contacted them as a result of market research done in the area surrounding
their property indicating that their property was over assessed. They
allowed us to correct an excessive valuation on this property, Willowick
Apartment Complex. As a result of our success, Newco entered the rest of
their entire portfolio of properties into our contract, including properties
in California, Florida, Georgia, Virginia, Texas, Colorado, North
Carolina, and South Carolina.
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PROBLEM
This apartment complex is located near an exclusive residential area of
Houston. Prior to our representation of the project, the value had always
been overstated. It was split into two smaller accounts for only one
project and its classification was incorrect. In addition, the average
unit size is considerably larger than any other similar properties which
resulted in the appraisal district overstating the effective rental rates
and expenses.
SOLUTION
First we combined the two separate accounts into one account with a
total value of $8,093,600. We protested the value using the actual income,
physical information concerning functional problems, and used tax
comparables evaluating the subject against property classified comps.
We successfully reduced the value to $6,368,880 for a tax savings of
$47,653.
During the years, we have kept their values low with the exception of
the 2001 tax year. We were forced to recommend litigation to receive a fair
value. During the course of the lawsuit we included the 2002 tax year. The
actual tax savings for those years are as follows:
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| 2001 |
| Noticed Preliminary Value |
$12,112,400 |
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| Final Value in Appeal |
$11,180,000 |
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Tax savings of |
$27,080 |
| Lawsuit Final Value |
$10,175,000 |
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Tax savings of |
$29,774 |
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Total Yearly Savings |
$56,854 |
| 2002 |
| Noticed Preliminary Value |
$11,651,900 |
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| Final Value in Appeal |
$11,651,900 |
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Tax savings of |
$0 |
| Lawsuit Final Value |
$10,800,000 |
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Tax savings of |
$25,238 |
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Total Yearly Savings |
$25,238 |
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Total 2 Year Savings |
$82,092 |
The success of the lawsuit was a combination of Actual Income calculations
and Uniform and Equal calculations per the Texas Property Tax Code. According to
Newco's internal appraisal, the actual market value is significantly higher than
our successful efforts arriving at the above assessed values.
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