The City of Dallas has long wanted a hotel adjacent to its convention center. Plans are in the works for such and the city has an option to buy a piece of property for $41.3 million after two private appraisers estimated the value at more than $40 million. Want to know what the Dallas Central Appraisal District has the land valued at for tax purposes? $7.5 million.
Texas is one of only a handful of states that do not require property sales prices to be disclosed. For residential owners, the Multiple Listing Service reports prices keeping home appraisals close to market value. This doesn't occur with commercial property sales. The Texas Association of Appraisal Districts released a study saying commercial property is undervalued by 40 percent.
Texas does not have a state income tax and most likely never will. This leaves property tax to be a vital source of revenue. State Rep. Michael Villarreal, D-San Antonio, and state Sen. Jeff Wentworth, R-San Antonio, have tried in the last two legislative sessions to make sales disclosures mandatory. Despite broad support from state and local elected officials, both efforts failed. It's time for commercial property owners to carry their fair share of the load. Ask the stance of those that represent you in Austin.
Stymie
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