We recently received our tax estimate for a small duplex we own in Jacksonville.
It seems the CCAD is changing the way it taxes ‘multi-family property’. They are now using the ‘income approach’. Our taxes jumped 23.95% this year.
Since 2007 the taxes on this property have doubled – literally!
I was told by Ashley Wirzberg, Deputy Chief Appraiser, that there are three ways to appraise property: cost approach, market value approach, and income approach.
The CCAD now chooses the third one in evaluating our tax burden. Somehow, this comes across to me as double taxation.
I pay taxes on my income – that is ‘my work’.
The property should be evaluated by the surrounding properties and the condition of the property (not ‘my work’).
I have had income property appraised in the past, and no appraiser ever used ‘income approach’ in the evaluation.
I would like to know if there are other landlords out there whose taxes have also jumped considerably because of this new approach by the CCAD.
I am protesting, with my hearing scheduled for July 23. I hope others will join me.
If you feel like we, as a group, can do something, please email me at firstname.lastname@example.org.
Today, the change is for multi-family property. In the future it could affect other small businesses.
If you own a business and the property it is on, did you receive a survey last year from CCAD asking details of your income and expenses?
Like you, I threw mine away, because I didn’t think it was any of their business.
You may be next in line to see your taxes jump 20% or more if your property is evaluated on the income approach.
It seems like socialism is infiltrating East Texas.
This won’t be redistribution of wealth; just higher rent for those who cannot afford it.
Carol Stanfill Green