Summary: LPTA decreased the assessed value almost 30% for the client’s multi-tenant office building at 10448 Westoffice Drive.
Initial assessed value: $736,778
Client Profile: Edmister, Hinshaw, Russ and Associates is a civil engineering, surveying, land planning, construction management services and landscaping design firm. Founded in 1936, they are the second oldest engineering firm in Houston.
Problem: This property was suffering low occupancy at 50% and was excessively over valued by the appraisal district.
Solution: We reviewed the income and operating expenses and then we prepared an income analysis and a uniform and equal comparable analysis. We presented our findings to the appraisal review board and achieved a $183,122 reduction in value resulting in a $5,559 tax saving to our client.
Final value: $553,656