Commercial Property Tax Protest
Looking for some advice on commercial property taxes, from those who own similar investments in commercial space. Warehouses, storage, etc. What direction would you come from in your Protest?
Bought an 80 unit self storage in DFW last year. Sits on 2 arcres.
Tax value at time of purchase: $390k
Proposed taxable value 6 months later: $859k (exact number from listing brokers website. I bought it well below asking)
They valued the land at $270k and the Improvements at nearly $600k
Additional info:
My insurance has the 4 buildings replacement value at $320k. (that's 80k for each)
If the appraisal board used income approach, I could argue that based on the many expenses not shown in the brokers Pro Forma, but not sure which approach the board used.
Look forward to hearing everyone's approach.