This story was originally published with RECON, Texas Real Estate Center Online News – Texas A&M
The City of Austin last week filed a suit against the state comptroller’s office, arguing the state’s property appraisal system is unconstitutional because it provides no “equal and uniform” property value taxation.
The lawsuit follows a city petition in June that alleged commercial and vacant property in Travis County was valued at more than $30 billion below market value.
The ten-page suit says the current system allows property values to be set well under market value, including for homeowners who can escape otherwise heavy tax burdens.
Among other things, the suit seeks to make disclosing sales prices mandatory. Texas currently is one of few states not requiring property sales price disclosure.
This story was originally published with RECON, Texas Real Estate Center Online News – Texas A&M
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