News
$10M Errors?
May 18, 2015
The Harris County Appraisal District increased multifamily property appraisals by 22% from 2015 and 2014. That's already a tough pill to swallow, but Deal Sikes has also noticed massive errors in HCAD's appraisals across property types—principal Matt Deal has ID'd numerous values overstated by more than $10M. He and principal Mark Sikes say the problem is that HCAD uses mass appraisal techniques, which use broad statistical analyses that often don't reflect market value. HCAD's office building valuations rose 12% over the past year, retail is up 21%, and commercial land increased 23%. Mark says the Texas legislature is considering creating new property tax laws, which he believes would result in a more equitable system.
