Austin

Austin

Austin

No Comments on Austin

While most homeowners pay taxes on the real value of their property, many large commercial property owners routinely use appeals and lawsuits to avoid paying their fair share.

Texas’s flawed property tax system unfairly burdens homeowners who have to pay more when large commercial properties pay less.

Over the last five years, homeowners have carried the burden of approximately $759.7 million more in property taxes because of Austin’s  largest commercial property owners’ manipulation of the property tax system. When large commercial property owners shirk their responsibility, ordinary homeowners pay more property taxes to make up the difference. It leads to frustration among homeowners and erodes support for our schools and other public services

So who is benefiting at our expense?

Large commercial property owners like these have been enormously successful in driving down their property tax bill.

  • The Burleson Business Park was acquired in 2012 for $26.1 million.[1] In 2013, it was appraised for $12.7 million, just 49% of the purchase price.
  • The Renaissance-Arboretum hotel was acquired in March 2012 for $103 million.[2] In 2013, it was appraised for $64.8 million, just 63% of the purchase price.
  • The Raceway Crossing Industrial Center was acquired in October 2012 for $18.68 million.[3] In 2013, it was appraised for $10.6 million, just 57% of the purchase price.
  • The Courtyard-Austin hotel was acquired in November 2010 for $20 million.[4] The final 2011 appraisal was only $8.9 million, less than half (44%) of the purchase price.

Homeowners and local communities across Texas are shouldering an unfair burden when large commercial property owners manipulate the property tax system to drive down their property values and property tax bills.

It is time for a fair property tax system that does not burden homeowners nor deprives communities of vital public services.

It’s time for Real Values for Texas.

RECENT PRESS

 

 

Tags:

Leave a comment

Back to Top