Expert witness testimony is a subset of litigation support services. The expert witness’ primary responsibility is to develop and support a credible opinion of value. The standard of care for expert witness assignments is written to appropriate standards for courtroom use. Both opposing counsel and the expert witness representing the other party will likely carefully review and scrutinize the expert’s underlying data, analysis and final report. Read the rest of this entry »
Leasing Retail Space - Defaulting on the Lease
Many retail space leases provide the landlord the option of relocating the tenant at the landlord\’s expense. For example, consider a local retailer leasing 2000 square feet of retail space in a regional mall. The landlord is attempting to lease 10,000 square feet of space to a national retailer. However, to consummate the lease they need the 2000 square feet of space occupied by the smaller, local tenant. You Lose Even if the landlord pays 100% of the cost to move your store, you will incur a loss. Read the rest of this entry »
The Home Appraisal Process
The Appraisal Foundation - USPAP (Uniform Standards of Professional Appraisal Practice) defines an appraisal as “The act or process of developing an opinion of value.” This valuation is a determination of your property’s market value - what it will likely sell for on the open market. So how is this “valuation” determined? Read the rest of this entry »
Harris County Appraisal District’s i-Settle Program
Overview Harris County Appraisal District’s i-Settle program is worth considering. However, for most property owners it is a poor choice. O’Connor & Associates’ experience with i-Settle yielded three conclusions: The settlement rate was very low (about seven percent). Read the rest of this entry »
New Home Construction Affects Home Tax Values
Most people see new home construction in their neighborhood as a good thing. New homes typically help increase the market value of properties, so when someone in an older home goes to sell, they often can ask a higher price than areas without new construction. But too often the county takes that a step too far and assumes the assessed value of the older homes is the same for the new homes. Most of the times, this isn’t the case. Read the rest of this entry »
Property Income Tax Reduction in Texas
The Texas Property Tax Code for many years had required owners of business personal property (BPP) to annually render those assets used in a business. Rendering is summarizing to the central appraisal district the ownership and value of the assets. Historically, however, over half of all owners of business personal property have not rendered. Read the rest of this entry »
Accelerated Depreciation Deductions - Tax Deduction Ideas for Businesses
“Collecting more taxes than is absolutely necessary is legalized robbery.” - Calvin Coolidge, 13th President of the United States.
In addition to the numerous tax deductions the Internal Revenue Service (IRS) allows, research indicates that most U.S. taxpayers do not claim all deductions to which they are entitled. Read the rest of this entry »
Real Estate Cost Segregation
Taxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Alas, business deductions act as a salve to cool the burning and itching of your bank account. Business taxes can be summarized simply as calculating your total revenue, reducing this amount by as many tax deductions as you can and then paying tax on the remaining amount. Read the rest of this entry »
Assessment Evaluation of Restaurants
Many restaurant owners have been shocked to learn that they are unable to sell or lease their restaurant property for an amount equal to its tax assessment value. The market value of a recently built restaurant is usually less than its construction cost. When an owner attempts to set a sale price or lease rate, he is unable to recoup his costs. Excess property taxes result from improper use of the cost approach to market value. Read the rest of this entry »