News

8.15.10

P.E. Pennington Value Reductions for Tax Year 2010

 

P.E. Pennington & Co. Inc. Value Reductions for Tax Year 2010
COUNTY	PROPOSED VALUE	FINAL VALUE	PERCENT REDUCED
DALLAS	$1,579,874,130	$1,464,736,960	7.29%
DENTON	$249,734,584	$179,463,776	28.14%
COLLIN	$548,164,968	$466,362,510	14.92%
TARRANT	$748,375,877	$664,027,916	11.27%
HARRIS	$181,097,612	$163,529,756	9.70%
BEXAR	$71,449,765	$63,876,581	10.60%
TRAVIS	$123,254,942	$115,082,344	6.63%
LUBBOCK	$47,824,315	$41,432,336	13.37%
BRAZOS	$36,328,477	$31,228,257	14.04%
WICHITA	$13,888,540	$10,012,925	27.91%
TOTALS	$3,599,993,210	$3,199,753,361	12.51%

 

 

 

 

 

 

 

 

This includes all Commercial and Residential Real Estate, as well as, Business Personal Property.

 

4.14.10

P.E. Pennington Appraises the Appraisers

The process for eliciting a favorable tax assessment on commercial property may be tougher than ever.

CEOs with commercial buildings beware: Negotiating a favorable property tax assessment could be more troublesome than ever this year, thanks to the effect of commercial real estate foreclosures on declining tax rolls. That’s the opinion, at least, of property tax expert Paul Pennington, president of Carrollton-based P.E. Pennington & Co. and a member of Texas’ Property Tax Advisory Board.

Exacerbating the problem, Pennington contends, the deck is unfairly stacked in the appraisal districts’ favor: The districts hire and train the appraisal review board—the group of “private citizens” charged with resolving disputes between property owners and the appraisal district. Even so, P. E. Pennington & Co. was able to average a more than 10 percent reduction in commercial property tax assessments last year for the Dallas County properties they represented, he says.

So what’s his secret? Knowing how to pick your battles. “You have the right to be assessed at market value,” Pennington says. “You also have the right to be assessed ‘fairly and equitably’ in comparison to like properties. That is a little tougher. When you get to the informal level and the appraisal review board level, it’s tough to get relief.”

Taking the “fair and equitable” approach means property owners provide evidence on the value of properties near them and then use it to argue for a reduced assessment.

Pennington says the appraisal districts aren’t equipped to compare properties on an individual basis because they use mass appraisal techniques to assess value. He believes that’s why many Dallas County commercial property owners get frustrated and end up choosing the legally binding arbitration of the judicial review process; if property owners don’t receive the reduction they’re looking for, they can go to court and present evidence in a more objective setting.

But change could be on the horizon for the appraisal review process. The Texas Legislature passed a bill in 2009 requiring a local administrative judge in Harris and Fort Bend counties to appoint appraisal review board members. Pennington says it’s a step in the right direction.

“Board members should not be picked by anyone affiliated with the appraisal district,” he says. “I think any reasonable person would look at that and say, ‘That’s not fair.’ ”

2.12.10
P.E. Pennington Value Reductions for Tax Year 2009

P.E. Pennington & Co. Inc. Value Reductions for Tax Year 2009
YEAR	PROPOSED VALUE	FINAL VALUE	REDUCTION	# OF IMPROVED PROPERTIES	PERCENT REDUCED	AVERAGE SAVING PER PROPERTY
DALLAS	$1,696,248,256	$1,513,130,816	$183,117,440	510	10.80%	$359,053.80
DENTON	$318,937,503	$208,348,035	$110,589,468	86	34.67%	$1,285,924.05
COLLIN	$488,235,177	$447,415,279	$40,819,898	144	8.36%	$283,471.51
TARRANT	$906,261,217	$779,029,956	$127,231,261	258	14.04%	$493,144.42
HARRIS	$208,907,731	$164,111,116	$44,796,615	46	21.44%	$973,839.46
BEXAR	$35,815,730	$31,390,090	$4,425,640	13	12.36%	$340,433.85
TRAVIS	$92,521,331	$83,192,208	$9,329,123	12	10.08%	$777,426.92
LUBBOCK	$48,548,638	$37,636,043	$10,912,595	14	22.48%	$779,471.07
WICHITA	$9,548,554	$7,878,301	$1,670,253	9	17.49%	$185,583.67
TOTALS	$3,805,024,137	$3,272,131,844	$532,892,293	1,092	14.00%	$487,996.61

 

 

 

 

 

 

 

 

This includes all Commercial and Residential Real Estate, as well as, Business Personal Property.

2.08.10
P.E. Pennington Announcement
P.E. Pennington & Company, Inc. announced today that in tax year 2009 they represented $1,548,551,710 in commercial real estate value in Dallas County. During the 2009 Administrative Remedy these valuations were reduced to $1,325,990,460 or 14.37% in adjusted valuations. These figures do not take into consideration further reductions achieved through 2009 litigation.

1.28.10
More indications of loss of Texas property tax value in 2009
The Dallas Morning News reported that the number of DFW foreclosures was up in 2009.

• Apartments up 16%
• Office up 121%
• Retail up 90%
• Industrial up 10%
• Land up 71%

This is yet more evidence that 2010 Texas property tax values will be down in comparison to tax year 2009.

8.28.09
2009 Legislative Updates

4.3.08
Paul Pennington has been reappointed by the Texas Department of Regulation and Licensing to the Property Tax Consultants Advisory Board for a three year term ending February 1, 2011.

3.12.08
Texas-Property-Rendition forms.
The Texas Comptroller of Public Accounts has adopted an amendment to the administrative rule concerning rendition forms, effective March 10, 2008. 

click here for more detail

2.25.08
More property tax reform needed in Texas - Gov. Rick Perry addresses the need for lasting property tax relief for property owners in Texas. 

1.25.08
Darrell Hallmark became a Senior Property Tax Consultant on 1/25/08 and
Grant Pennington also became a Senior Property Tax Consultant on 1/9/08 which is based on professional experience, education and successfully passing the examination administered by The Texas Department of Licensing and Regulations.

12.4.2007
Chris Stanton Vice President of P.E.Pennington & Company, Inc. has recently earned the CMI designation from Institute for Professionals in Taxation (IPT). The CMI is the highest level of professional achievement offered by the IPT and is recognized as a nationally as an achievement of expertise in the property tax field.

7.26.2007
Recent Attorney General Opinion - Re: Whether communications about leagl matters between a tax appraisal review board and in-house counsel to a tax appraisal district violate section 41.66 or 6.411 of the Tax Code

3.28.2007
2007 Dallas County Appraisal Review Board Calendar

3.08.2007
Opinion Court of Appeals of Texas, Houston (1st Dist) Hartman REIT v.Waller County Appraisal District

3.12.2007
Paul Pennington will participate on a tax consultants panel August 27th at the TAAO (Texas Association of Assessing Officers) State Conference in Austin, TX.

1.24.2007
Texas Task Force on Appraisal Reform - Findings And Recomendations
Tom Pauken of Dallas along with fourteen other members of the Texas Task Force on Appraisal Reform presented the final report.

10.10.2006
Texas Apartment Association - Appraisal Reform Recommendations

10.8.2006
House Committee on Local Government Ways & Means - Texas House of Representatives Interim Report 2004

10.4.2006
Pennington's Open Letter to the Legislature.

8.21.2006
Rick Perry Creates Texas Task Force on Appraisal Reform
DALLAS - Gov. Rick Perry announced today that he is creating the Texas Task Force on Appraisal Reform (TFAR) to study and make recommendations on how to address Texans' continuing concerns over skyrocketing property appraisals. He appointed Tom Pauken of Dallas to chair the advisory group.

7.26.2006
Paul Pennington will moderate a panel (Working With Consultants - Appraisal District Viewpoint) at the 19th Annual Texas Association of Property Tax Professionals Annual Conference September 20 -22, 2006, at the Omni Mandalay Hotel - Las Colinas, TX.   

4.21.2006
Recent Case from the Court of Appeals

3.28.2006
Property Tax Case Law Update  August 2005 - March 2006 The Marshal Firm

3.16.2006
Paul Pennington to speak on Thursday, March 23, 2006 to the Apartment Association of Greater Dallas Independent Rental Owners Council (I.R.O.C.).   The council is made up of AAGD members who own or manage less than 100 units.
See www.aagd.org for more information.

1.5.2006
Paul Pennington has been to appointed by the Texas Department of Regulation and Licensing to the Property Tax Consultants Advisory Board effective 1/5/06.  The board makes recommendations to the commission standards of practice, conduct, and ethics for registrants to be adopted; setting fees; contents for the senior property tax consultant registration examination and standards of acceptable performance; and assist and advise the commission in recognizing continuing education programs and educational courses for registrants, and in establishing educational requirements for initial applicants.  The Council is composed of six members, appointed by the presiding officer of the commission, with the commission's approval.

8.23.2005
Paul Pennington teaches the class "Real Estate Damages, an Analysis of Detrimental Conditions",
Dallas, Texas, August 24, 2005
See www.taptp.org for more information.

8.22.2005
Paul Pennington teaches the class "Valuation of Office Buildings",
Dallas, Texas, August 22, 2005
See www.taptp.org for more information.

3.14.2005
Paul Pennington teaches the TAPTP Fundamentals of Personal Property Valuation, Houston, Texas
See www.taptp.org for more information.

2.1.2005
Proposed Property Tax Legislation - 2005 - House Ways & Means Report
This report by the Texas Ways & Means Committee details the unintended negative consequences of instituting Appraisal Caps.

1.14.2005
Proposed Property Tax Legislation - 2005
Summaries of some recent property tax bills which were filed at the Texas Legislature.

1.12.2005
Senate Unveils New School Finance Plan
Property taxes reduced by a third and franchise tax broadened.

1.11.2005
Paul Pennington scheduled to teach a Personal Property course 1.11.2005
This class qualifies for CE credits. See www.taptp.org for more information.

1.06.2005
Dewhurst School Finance Proposal Circulating In Capitol

1.04.2005
Dewhurst Calls Meetings with Senators on School Finance Strategy for Session

12.01.2004
Joshua Barnes joins P.E. Pennington & Co., Inc.

12.2004
Hill Opposed to Property Tax Appraisal Caps
Read the full story on www.quorumreport.com

Recent A.G. Opinion
Taxpayers win appraisal bout.

Proposed Property Tax Legislation-2005
Summaries of property tax bills which have been pre-filed, so far, for the upcoming
legislative session.

Texas 'tax climate' Holds Fourth Spot
From the Dallas Morning News.

Appraisal limits: A Wrong Turn on The Road to Property Tax Relief
Read the report to the Texas Association of Property Tax Professionals.

Unintended Consequences
By Mark S Hutchenson

Business Personal Property Taxpayers in Texas should read this important time sensitive message!