Hospitality Real Estate Revenue Increases

The major hotels in or near downtown Dallas had an increase in revenue for December 2011.  Eight hotels had increased sales and two hotels with declines from the month prior.  Hilton-Anatole, Hyatt Regency and Sheraton Dallas posted that room sales are up per the State Comptroller’s Office.  The new Omni Hotel in downtown Dallas just opened for its first month of operation November 11, 2011.  It had room sales of $1.4M for its first full month in December 2011 which does not include food or beverage sales.  It remains to be seen what kind of impact it might bring to downtown and our economy.  We are waiting to see this May if appraisal districts will revalue hotels for the 2012 property tax year.

Large hotel owners have been focusing on their own website to channel web surfers who are looking to book reservations.   The new website is called roomkey.com.   This would hopefully tap into these third party websites or online travel agents which contribute to 45% of their actual room sales.

Wade Carlson

Senior Property Tax Consultant



Wade C. Carlson
Managing Partner
DFWProperty Tax Reductions
P.O. Box 794006
Dallas, Texas 75379
972-591-4747 Fax: 972-591-4748
www.DFWPTR.com
http://Twitter.com/DFWPTR

Will Commercial Property Tax Valuations Increase?

Some commercial property types rebounded after three years of declines.  Apartment leasing was up compared to last year.  In fact a record high was hit as renters paid almost 5% more in 2011.  This was mainly due to the new apartments that came online this past year.   As of the 4^th quarter in the DFW Market there were 1,726 unit completions and 8,000 units under construction.  The biggest demand is for new product.  The average rent was $804 and the occupancy averaged 93.1%.  This up 2% from last year and DFW was second to Houston in apartment renting nationally.

Research has indicated occupancy rates increasing and rental rates going up from last year.  Will the appraisal district revalue properties this year? The number of property tax protests has been down the last couple of years due to the market and economy.  This property tax protest year for 2012 could be an exception should the appraisal districts choose to increase values.

Let me assist in arguing to reduce your property taxes.

Sincerely,

Wade Carlson
Senior Property Tax Consultant

Managing Partner
DFW Property Tax Reductions
P.O. Box 794006
Dallas, Texas 75379
972-591-4747 Fax: 972-591-4748
www.DFWPTR.com
http://Twitter.com/DFWPTR

Property Tax Protests & Foreclosure Sales

There has been a decline in foreclosure sales in North Texas and this will most likely continue through 2012.  Filings are down about 26% for January 2012 in the DFW Metroplex from one year ago.  This is the biggest decline in more than 2 years.

So how do foreclosure sales effect market value and a property tax protest?

Per the Texas Property Tax Code the appraisal must meet 100% of market value.  If the majority are foreclosure sales, one would use these in arriving at market value of the subject property.  Appraisal districts typically do not want to use foreclosure sales but the code does state that they must be considered.  This is vague and open to interpretation.  In my opinion for a property tax protest, one should use foreclosure sales when it meets the requirements covered prior.

Sincerely,

Wade Carlson
Senior Property Tax Consultant

DFW Property Tax Reductions
P.O. Box 794006
Dallas, Texas 75379
972-591-4747 Fax: 972-591-4748
 www.DFWPTR.com
http://Twitter.com/DFWPTR

DFW Office Leasing Goes Up

After a 3 year drop in office leasing, some areas are fairing well.  An additional 1.6 million square feet of space in the Metroplex has been leased.  This is the first of positive net leasing since year 2007 according to Cushman Wakefield of Texas Inc.  The office leasing in 2011 compared to last year is up almost 400,000 square feet.  Experts state that they feel good about the future.

The biggest increase is in West Plano and Frisco where current business expansion and relocations have increased office space leasing to almost 1 million feet.  The Uptown and Turtle Creek markets had a plus of 500,000 square feet signed.  Business along LBJ construction lost tenants in 2011.  It is expected overall in DFW that construction starts will increase.

Sinerely,

Wade Carlson
Senior Property Tax Consultant

Wade C. Carlson

Managing Partner

DFW Property Tax Reductions
P.O. Box 794006
Dallas, Texas 75379
972-591-4747    Fax: 972-591-4748
http://www.dfwptr.com/
http://Twitter.com/DFWPTR

Residential Property Tax Protests for 2012

DFW area home sales as of late 2011 were down less than 1% from a year ago in an estimate done by the S&P Home Price Index.  This is a broad brush for residential sales prices but it suggests that assessment values can continue to be reduced in a property tax protest.  An analysis of sales comparables in your neighborhood of like kind with property adjustments must be utilized to obtain a indication of fair market value.

In a property tax appeal a second protest which is different from fair market value can be filed also named a "Fair and Equal" argument.  This is a sample of like property tax assessments appropriately adjusted to the subject to indicate a median level of value.  Should a conflict between the "Fair and Equal" value and market value take place, the "Fair and Equal" valuation should preside.

Feel free to contact us and let us help you with your property tax protest.

Sincerely,

Wade Carlson
State Licensed Senior Property Tax Consultant

Wade C. Carlson

Managing Partner

dfw Property Tax Reductions

P.O. Box 794006

Dallas, Texas 75379

972-591-4747    Fax: 972-591-4748

www.DFWPTR.com

http://Twitter.com/DFWPTR

Dallas County Residential Tax Appraisals do not Increase but Commercial Properties do

According to the 2011 Dallas County property tax proposed appraisal roll, fewer homes lost value.  Of the residential property values this year, only 12% will have an increase in market value.  This is similar to last year.  For 2011 only 23% of residential property tax values will go down versus 34% for 2010.  88% of all residential properties will have no change in value or go down but many will still pursue a property tax protest.  However for commercial properties this year, a jump in increased value has taken place which is more than last year.  About 22,135 commercial properties will receive a increase in value this year which is up approximately 20% from last year.

Need help this year with your property tax protest? 

Feel free to contact me for your commercial or residential property tax help.

Wade C. Carlson

Managing Partner

dfw Property Tax Reductions

P.O. Box 794006

Dallas, Texas 75379

972-591-4747    Fax: 972-591-4748

www.DFWPTR.com

http://Twitter.com/DFWPTR

Appraisal Districts File to Supreme Court on Oil & Gas Storage Taxability

Collin, Tarrant, Dallas are a few of the appraisal districts which have filed a brief to the U.S. Supreme Court concerning the taxability of tank farms or underground storage tanks taxability of oil & gas.  There are two cases pertaining to this issue and in both cases the Texas Appeals courts concluded that the oil & gas were exempt from taxation due to the dormant commerce clause and a product of interestate transit.  The Texas Supreme Court declined to rehear these cases.  A writ of certiorari have been petitioned to the U.S. Supreme Court.  The court will decide in April whether to hear them or not.

Should you need additional property tax help, feel free to contact us.

Wade C. Carlson

Managing Partner

dfw Property Tax Reductions

P.O. Box 794006

Dallas, Texas 75379

972-591-4747    Fax: 972-591-4748

www.DFWPTR.com

http://Twitter.com/DFWPTR

Dallas County Notices of Business Personal Property Values

Dallas County Property Taxes

Starting May 17th, 2011 the Dallas Central Appraisal District will start sending notices of appraised value for Business Personal Property and Leased Equipment.  This will be the first of two mailings of personal property and leased equipment.  The second mailing will take place May 24th, 2011.  Thus, there will be two different protest deadlines.

The deadlines to file a property tax protest on your Personal Property and Leased Equipment in for Dallas County taxes will be June 16th, 2011 if you were mailed a notice from the May 17th or 1st mailing.  The deadline for a property tax protest from the second mailing will be June 23rd for notices mailed on May 24th.

The Texas Property Code states that a owner of personal property or Leased Equipment shall render a rendition of value by April 15th of each year.  If an extesion is not granted or a rendition is not filed at all, a penalty of 10% of the taxes imposed on the property for the present year shall be applied to your tax bill.

Feel free to visit my website http://www.dfwptr.com/ and to follow us on Twitter at http://twitter.com/#!/DFWPTR  or contact me directly at 972-591-4747 ext. 201should you need property tax help or need to hire my property tax service.

Sincerely,



Wade C. Carlson
Senior Property Tax Consultant



Dallas County Notice of Appraised Values for Real Estate

Dallas County Property Tax

The Dallas Central Apppraisal District will be mailing appraised values for commercial and residential real estate on Friday April 29, 2011.  If your value changes in a increase, the Dallas Central Appraisal District will notify the owner of record with a notice of appraised value.  Should the assessment remain the same as last year,  no notice will be mailed to the owner and thus no reminder of the property tax protest deadline.  The property tax protest deadline for this tax year 2011 is May 31st.  One can visit the Dallas Central Appraisal District website to protest their property online or send a letter post marked by May 31, 2011to be accepted.

Feel free to call me for a discussion on a property tax protest at 972-591-4747 ext. 201

Sincerely,

Wade Carlson
Senior Property Tax Consultant

Wade C. Carlson

Managing Partner

dfw Property Tax Reductions

P.O. Box 794006

Dallas, Texas 75379

972-591-4747    Fax: 972-591-4748

www.DFWPTR.com

http://Twitter.com/DFWPTR

John Flay Joins DFW Property Tax Reductions

Property Tax Service

John Flay has joined DFW Property Tax Reductions and will be managing residential, commercial, and oil and gas property tax protests in Dallas County, Collin County, Denton County, and other North Texas counties.

John has over five years of experience working land leases and title searches for the oil & gas industry.  He is a registered Property Tax Consultant with two years of residential & personal property tax experience in North Texas.

His experience includes working as a law clerk for the Kiley Law Firm, P.C. in the residential transactions division and as a law clerk for the State of Kansas Board of Tax Appeals primarily involved with researching and processing personal and ad valorem  tax exemption applications.  Additionally, he has worked as a Petroleum Landman on projects in New York, Texas, Oklahoma, Wyoming, and North Dakota. He holds a B. A. in Political Science from Nazareth College of Rochester and a Juris Doctorate from the Washburn University School of Law.

John can be contacted at DFW Property Tax Reductions at 972-591-4747 or you may visit the company website at http://www.dfwptr.com

Property Tax Appraisal notices May Not be mailed this year

Wade Carlson of DFW Property Tax Reductions, www.dfwptr.com, points out that the Appraisal District may not mail you a notice of the appraised value of your home this year.  


Normally each appraisal district mails new property tax notice of the appraised value around May 1st of each year. However, if the value is not increased, then no notice is mailed.


This means that many homeowners will miss the "trigger" provided by the normal notice letter and forget to file a property tax protest.


Even if your appraised value is the same as 2010, you may still be over-appraised compared to the current market and what similar homes are selling for at this time.  The market and home values seems to continue to decline in many markets, and we do not feel that the appraisal district values truly reflect this disappointing trend.  Many appraisal districts will likely leave values unchanged even in light of this decreasing market, and homeowner should be cognizant of this gap in values that could result in reduced taxes if they take appropriate action and do a property tax protest.


Call Wade Carlson at 972-591-4747 or at http://www.dfwptr.com/ for more information and questions.  Follow us on Twitter at http://Twitter.com/DFWPTR