Multifamily property tax strategies

[Sanjoy V.]

Hi Everyone, I am considering this property which is valued at 3.8 million by the local county in Dallas Tarrant county area. Current taxation for that is close to hundred thousand and the seller at this point is trying to protest the property tax. Last year I think they paid close to 75,000 property tax. This property may sell close to 5.3 million or so and I’m trying to get an estimate on what the new taxation might be if it’s close to 120 thousand at the full price then it just becomes too much increase in the price point. Before committing to this property how do I make sure the actual tax maybe. How local counties find out the sale price of the property for a new taxation. Do they go by 80% of the value or the full value? Are there any other strategies to lower your tax? Might need to utilize attorney for that, any suggestions and thoughts on the success of this. Any recommendations for attorneys who are good at this will be appreciated. Thanks in advance!