HomeMy WebLinkAboutResolution No. 06-19 Real Estate Sales Prices
RESOLUTION NO. 06-19
WHEREAS, with the passage of the Property Tax Code by the Texas Legislature in 1979, all
property is to be valued at fair market value; and
WHEREAS, the Property Tax Code requires the application of generally accepted appraisal
methods and techniques; and.
WHEREAS, appraisal districts in Texas must apply the techniques in compliance with the
Uniform Standards of Professional Appraisal Practice; and
WHEREAS, the Uniform Standards of Professional Appraisal Practice and the Property Tax
Code require the use of three methods of appraisal; the cost approach, the income approach, and
the market data approach; and
WHEREAS, these three approaches to value require the use of real property sales data; and
WHEREAS, this data is mostly unavailable to appraisal districts in Texas; and
WHEREAS, the unavailability of sales data causes the inequitable undervaluation of
commercial properties; and
WHEREAS, this inequitable undervaluation of commercial property unfairly shifts the burden
of taxation to homeowners; and
WHEREAS, the State of Texas and all taxing entities are losing billions of dollars in potential
revenue due to the undervaluation of commercial properties; and
WHEREAS, Texas is one of only five states that does not require mandatory sales price.
NOW, THEREFORE BE IT RESOLVED that the City of University Park calls on the
Governor of the State of Texas and our representatives in the Texas Legislature to adopt
legislation requiring the mandatory disclosure of real property sales prices to appraisal districts
to ensure the fair and equitable valuation and taxation of all real property in the State of Texas.
DULY PASSED BY THE CITY COUNCIL OF THE CITY OF UNIVERITY PARK,
TEXAS, on the 14th of November, 2006.
Gt~t~tr
CITY ATTORNEY