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Harris County Appraisal District Over-Values Many Apartments by Over 50%

21st May 2014

Harris County Appraisal District (HCAD) has over valued about 7% of apartment complexes in Harris County by 50% or more.  HCAD uses a process called mass appraisal to estimate values for all real and personal property in Harris County.  The weakness of mass appraisal is it depends on having accurate data regarding the property being valued and market trends.  Given the volume of real property HCAD must appraise, mass appraisal is the only practical option.  However, property owners need to be aware that mass appraisal is only within 10% of market value for about 50% of houses, and is less reliable for commercial property.

O’Connor & Associates has compiled information on almost 780 recent apartment sales.  Apartments valued at 50% higher than the recent sales price totaled 53.  (See table below.)  These include sales in 2012 and 2013, so it is possible that some of the properties were renovated or improved after purchase.  However, a random sample indicates that many of the properties currently have low occupancy, which is consistent with a low value.

The assessment ratio is the 2014 HCAD market value divided by the sales price.  Hence, an assessment ratio of 298% means the property will be taxed on a value about 3 times the recent sales price, unless the owner protests.

“HCAD has a difficult task in valuing about 1.7 million tax parcels.  However, property owners need to be aware that with mass appraisal come massive errors for some properties.  Texas law requires that property owners file a property tax protest to obtain the appraisal district’s evidence, to determine if they are over-taxed”, according to Patrick O’Connor, President of O’Connor & Associates.  O’Connor & Associates is Texas largest property tax consultant, representing over 100,000 clients.

The deadline to file a protest is Monday June 2.  Property owners are responsible for timing filing a protest to determine if they are accurately and fairly assessed.  While HCAD has a difficult task in valuing so many properties, tax payers need to remember than at least 200,000 properties in Harris County are over-taxed by 10% or more.

For more information, contact Patrick O’Connor at 713 822 8613 or poconnor@poconnor.com.

 

Property Address

SaleDate

 GBA

2014 Assessment Ratio

2406 TRUXILLO ST # 6

2/15/2012

         3,792

298%

3511 NAPOLEON ST # 4

4/30/2012

         3,016

294%

1000 NORTHWOOD DR # 88

3/15/2012

       92,690

271%

7200 W T C JESTER BLVD # 4

1/9/2012

         3,793

266%

3826 SEABROOK ST # 7

9/3/2013

         4,656

254%

6300 W BELLFORT ST

2/14/2012

      288,007

239%

400 GREENS RD # 286

9/12/2012

      255,475

231%

501 GREENS RD # 179

9/12/2012

      161,616

228%

904 HERBERT AVE # 4

1/18/2012

         1,578

223%

17630 WAYFOREST DR # 268

9/12/2012

      233,334

222%

3120 DECKER DR # 250

7/6/2012

      261,760

219%

1100 LANGWICK DR # 282

9/12/2012

      248,120

217%

3120 DECKER DR # 250

3/30/2012

      261,760

213%

17103 CLAY RD # 161

9/13/2013

      135,986

211%

7200 W T C JESTER BLVD # 4

11/27/2012

         3,793

204%

3314 N MACGREGOR WAY # 24

9/6/2012

       17,568

202%

2816 WICHITA ST # 4

5/25/2012

         2,656

202%

206 JACKSON AVE # 5

5/15/2012

         7,440

198%

5601 HAMILL RD # 128

12/14/2012

      111,700

194%

2820 BLODGETT ST # 6

5/7/2013

         1,584

194%

6120 BELLAIRE BLVD # 206

8/3/2012

      200,697

189%

6060 BELARBOR ST # 50

4/3/2012

       33,030

189%

10222 FORUM WEST DR # 384

5/29/2013

      257,455

187%

4102 MANGUM RD # 68

8/20/2012

       43,580

183%

7200 W T C JESTER BLVD # 4

10/25/2012

         3,793

178%

2608 STANFORD ST # 4

3/4/2013

         4,314

178%

9303 WOODFAIR DR # 248

12/28/2012

      183,362

177%

12801 ROYDON DR # 244

8/1/2013

      194,075

176%

990 CYPRESS STATION DR # 358

2/7/2012

      310,723

175%

12603 NORTHBOROUGH DR # 300

3/27/2012

      247,553

174%

1320 W PIERCE ST # 4

2/6/2012

         2,614

168%

9447 CONCOURSE DR # 268

1/1/2013

      173,576

167%

1010 CAROLYN CT # 4

1/4/2013

         4,200

167%

11411 GREEN PLAZA DR # 280

8/30/2012

      197,688

166%

3927 ARLINGTON SQUARE DR # 439

4/10/2012

      342,025

164%

6103 W MOUNT HOUSTON RD # 4

6/18/2013

         4,008

164%

6905 SHERMAN ST # 5

6/26/2012

         3,284

163%

7250 W GREENS RD # 260

2/7/2012

      217,594

160%

950 VILLA DE MATEL RD # 241

6/27/2013

      199,866

160%

3600 S SHAVER ST # 75

2/20/2013

       63,063

160%

5050 YALE ST # 250

2/20/2013

      200,511

157%

6320 WINDSWEPT LN # 145

3/14/2012

      101,232

157%

910 FAIR OAKS RD # 122

4/23/2013

       90,632

157%

100 HOLLOW TREE LN # 252

1/3/2012

      250,065

155%

3200 N MACGREGOR WAY # 52

12/7/2012

       36,704

155%

15116 MESA DR # 114

7/8/2013

      131,345

155%

13609 RAVENSWAY DR # 4

8/24/2012

         4,386

155%

1114 N CESAR CHAVEZ BLVD # 4

7/16/2012

         2,976

155%

670 MAXEY RD # 211

6/17/2013

      173,674

153%

215 LINWOOD ST # 5

4/5/2012

       10,202

152%

13455 WOODFOREST BLVD # 160

7/9/2012

      130,544

152%

219 W ALABAMA ST

5/23/2012

       14,770

151%

13210 OLD RICHMOND RD # 100

3/26/2013

      105,060

150%

 


Posted in: Protest Property Taxes
Keywords: Property Tax Protest, Property Tax Deadline, Property Tax Reduce



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