Loading...
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