Low Assessed Value for Multifamily Properties in Dallas

[Hai G.]

I'm looking to acquire and am doing research on a few multifamily properties in Dallas, Texas (~10 units). I came across much lower than expected historical property taxes for them and was surprised. When digging deeper the county assessed values are just much lower than market value (based on NOI/CAP Rate), sometimes 60%+ lower. My question is, how are commercial multifamily properties assessed by the county for purposes of property taxes?

Thanks in advance.