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Awhile back the Statesman ran a story about the city considering paying much more for a downtown property than the TCAD assessment. I was hoping it was an isolated case and that most property owners, whether business or residential, were paying something close to a market value rate. Just happened to bring up 1900 E. Cesar Chavez on TCAD cause I say an ad for that property. The ad lists the property for sale at $995K which may be a bit optimistic.......but TCAD is still nowhere near it coming in at $146k. There is no way that the land value could be that low given the number of vehicles that pass by there every day and also due to the current commercial zoning. The tire shop there actually does a pretty brisk business. That land value at $97k, given the square feet, is what a residential lot in that area normally would be. So what gives?
Awhile back the Statesman ran a story about the city considering paying much more for a downtown property than the TCAD assessment. I was hoping it was an isolated case and that most property owners, whether business or residential, were paying something close to a market value rate. Just happened to bring up 1900 E. Cesar Chavez on TCAD cause I say an ad for that property. The ad lists the property for sale at $995K which may be a bit optimistic.......but TCAD is still nowhere near it coming in at $146k. There is no way that the land value could be that low given the number of vehicles that pass by there every day and also due to the current commercial zoning. The tire shop there actually does a pretty brisk business. That land value at $97k, given the square feet, is what a residential lot in that area normally would be. So what gives?
Sounds like TCAD is simply way off. Their appraisal is way off market value on this particular parcel.
Chronic corruption in the appraisal district that benefits corporate and business landowners. Basically at some point the City determined that if property was appraised at its actual value that it would hurt business development. So basically there are two tax rates one for you or I with our ridiculous property tax on our home and another tax rate for friends of City hall, corporations, businesses, and people with expensive mansions. Its Texas politics at its worst and keeps businesses and the rich happy and ensures that the debate about sky high property tax doesnt happen. Believe me if corporations and the rich paid the same rate of property tax as you or I there would be changes to the tax system in Texas immediately.
Amazing that every time there is a big discrepancy in values of commercial real estate the landowner is always the beneficiary. TCAD is in bed with a very small, but rich segment of the population and the end result is that the rest of us with residential real estate get shafted by having to make up the difference.
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