Increased demand in a given neighborhood is the key factor in rising appraisal values. When a building sells for a certain price, that price will be used as a comparative value when an appraiser is evaluating a similar building nearby. The higher a neighborhood’s commercial properties are selling for, the higher the appraisal values on other buildings in the neighborhood will be.
When you need to consult with a commercial real estate attorney in Austin, TX, the Bukowski Law Firm, P.C. is here for you. If you feel that you are dealing with an unfair or inaccurate appraisal value, you do have the ability to contest it.
For buyers, however, this can be a more troubling issue. Especially if the building in question requires repairs or modifications, the appraisal value may not accurately reflect what a fair price for that property should be.
Alternatively, an owner may feel that a given appraisal undervalues a commercial property. Either way, an experienced commercial real estate lawyer can help. In Texas, you have the right to protest a value before the Appraisal Review Board (ARB). If you believe their determination is still inaccurate, your commercial property attorney can appeal the matter before the district court.
