Apartment/Multifamily buildings are structures subdivided into individual apartments or residential living spaces which are rented out to individuals, couples, or families.
The county appraisal district (CAD) will determine the Apartment/Multifamily building types above based on their highest and best use. A CAD will derive two different values when appraising a property: Market Value and Equity Value.
The most common strategies used to determine Market Value for Apartment buildings are Income Approach and Cost Approach if there is evidence of new construction or remodeling.
Nursing Homes, Retirement Homes, Dormitories, and smaller complexes are valued on the Cost Approach and the Sales Approach.
The Equity Value, also known as Uniform and Equal, is based on the CAD’s valuation of Comparable Properties and can also be used to fight for a lower value.
Contact Bettencourt Tax Advisors, LLC to learn more about how BTA’s experienced team of property tax consultants can lower your property tax values.