I N S T R U C T I O N S

Pay special attention to the I-Settle portion on this page, the Tips we’veprovided on the 2nd page, specifically Sections 1 & 2, the 3rd page, and theAdditional Resources on the very last page. The additional resources arethe laws and standards that are on your side.

File your protest if you have not already done so, and if you’re not past the deadline of May 31, 2013, or if 30 days after your notice of1.value, whichever is later. You may file by either sending in only your protest forms that we’ve included in this evidence package to HarrisCounty Appraisal District at PO Box 920975, Houston, TX 77040. Or you may file using your (8 digit) I-File number located on yourNotice of Value. You will also need your (13 digit) property’s tax id number. If you do not have your I-File number, you may call HCAD at(713) 957-7800 to obtain information on how you may receive another copy.

Be sure to indicate the reason(s) for your protest. We strongly urge you to choose both the “Value is unequal compared with2.other properties” and “Value is over market value”.

Do not use the I-Settle system designed by Harris County Appraisal District. This is not truly an interactive system. This feature does not3.consider additional information added; it simply analyzes the value you input and accepts it, or not. If you choose this option, it serves asyour informal hearing. This means that if the system rejects your offer, or you reject its offer in return, that you will then need to attend yourformal hearing in order to present your evidence – this is your last chance. You will not receive an informal hearing, thus you lose 50% ofyour negotiating power.

When you attend the informal hearing, bring two copies of your evidence that we’ve provided. You will hand one of the copies over to the4.appraiser when you meet with him/her. The other you keep for yourself.

Hand to your appraiser your evidence package beginning with your coversheet which is page 5 of this5.evidence package.

We encourage all users to take part in the informal hearing process. Most owners come to an agreement if their evidence supports their6.suggested value through the informal hearing process. Other cases are resolved through the I-Settle program, although the reductions seenthrough that system are often much less than reductions received through the Informal or Formal Hearing Process.

If you attend your Informal Hearing but do not come to an agreement with the Harris County Appraisal District employee that you meet7.with, you may then attend your formal hearing. The formal hearing is done between you, the Appraisal Review Board (ARB) panel, and anemployee of Harris County Appraisal District. The ARB panel consists of three (paid) citizens who are employed to make a final ruling onyour appeal. At this hearing, you will submit both your opinion of value along with supporting evidence, if you have that evidence. Yourpresentation should last only 10-20 minutes, however, be prepared to do it in 5 minutes. The more you know and understand yourevidence, the better. The panel will review the evidence and briefly discuss the proposed values at which time a final determination will bemade.

Take 5 copies of your evidence package to your Formal Hearing. One for you, one for the appraiser, and one for each member of the ARB8.panel.

If the final determination is unsatisfactory, you have 60 days to file an appeal with the Harris County District Court, or request arbitration9.within 45 days.

Prepared by Jubally Solutions on behalf of 05/17/2013

T I P S

Be sure to read the Additional Resources page at the end of this document.

Important!1.Know your evidence. We’ll provide the evidence for you, but you’re the one who needs to know what it means, be able to explain it, andbe able to present it. It is crucial to be able to present it. While you should be able to just lay it out for the appraisers, reality is you’ll needto be able to explain why your home’s value should be lower using the comps we’ve provided.

See the page “Understanding The Chart”, and the “Notes for Appraiser” page.2.The main sections on the charts to pay attention to are the “Noticed Imp $/Sqft”, “Grade”, “Net Adjustments” and “Adjusted Imp $/Sqft”.Use common sense here. We make the adjustments when adjustments are needed, and we do this based on the HCAD CAMA ResidentialModel. The evidence holds up much better if adjustments aren’t used, though. We are only arguing your Improvement Value, so wecalculate that out and adjust, then add back in your land and extra features, if you have them. When looking at the sales comparison chart,understand that when an owner contributes money to the sale, that lowers the actual sale price and gives you a realized sales price. If yousold your home for $200,000, and also gave $5,000 at closing, you’ve actually sold it for $195,000. This is allowed under Sec 7.2 of theIAAO Standard of Sales Verification from the Texas Comptroller of Public Accounts. Occasionally our system uses foreclosures ascomparable sales. This is allowed per Sec 23.01 (c) (1) of the Texas Property Tax Code. Do not let them tell you differently for either one ofthe above items. Presenting your evidence as facts without emotion will help your case. Use common sense. We know you have it, you’veused us!

When you meet with your HCAD representative for your informal hearing, and/or for the formal hearing, know that they meet with3.argumentative people all day long during the protest season. They are no different than you in the fact that they want to get along withothers, and be more than a “judge” to you. Briefly try to engage in some conversation and develop a comfortable relationship. Rememberthe old saying “You’ll catch more flies with honey than with vinegar”.

When you attend your informal hearing, or your formal hearing, do not make it emotional or personal. Simply state your case, use the4.evidence we’ve provided to back up the opinion of value that you’ve stated. You need to provide the basis for them to adjust your value.They are willing to do so; they just do not want to get into trouble for making an adjustment that isn’t valid. Stick to the facts. Do not talkabout your high taxes and the issues those bring. Speak strictly about your home and how it has been overvalued –if, in fact, it has.

Take pictures of your own home, and note what, if anything is wrong with it. If you have structural issues with your home, you need to5.document this as it will help your case in lowering the value of your home with the county. Obtain quotes for repairs if you choose, andbring these with you to your hearing/s. They will help!

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Page 3

U N D E R S T A N D I N G T H E C H A R T S

Uniform and Equal

If your suggested value is derived from the Uniform and Equal analysis, then you have a Uniform and Equal Chart. The Uniform and EqualAnalysis (Equity Analysis) analyzes similar properties in your neighborhood using the County’s own values. By law, if there are enoughsimilar properties in your neighborhood that have a lower $/sqft than yours, then your value needs to be brought down to be equalizedacross the board according to those comps. We are only arguing Improvement $/sqft, not land or extra features value.

The columns to pay very close attention to on this chart are the Noticed Imp $/Sqft, Year Built, Grade, Living Area, and Adjusted Imp $/Sqft.Occasionally we have to go outside the subject’s Grade. If we do this, we apply the standard HCAD CAMA model for these adjustments. Theadjustment percentage is located in the “Grade” column, along with the actual adjusted dollars. If we are forced outside your Grade (Gradesare subjective) take a look at the Noticed Imp $/Sqft and see how close this value is to your subject’s value. Please note that if a comp has aGrade that is of higher quality than yours, make sure the unadjusted Imp $/sqft is not lower than what we have listed for your subjectproperty. If it is, this is a good thing and an easy argument. We cap Grade adjustments at a maximum of 23% so as to not make unrealisticadjustments between Grades. We also do this for year built/condition, and living area. The comparable attributes section of the Note toAppraisers page explains this in further detail.

The main formulas for Uniform and Equal are as follows:

Imp $/sqft = (Market Value – Land Value - Extra Features Value)/ Living Area

Take this value (Imp $/sqft) and adjust based on year built, condition, grade, size, and possibly remodel level. This gives us our adjusted Imp $/sqft. We do

this for all comparable properties and then list them out. We take the median (middle) value of these as our Suggested Imp $/sqft. Using the Suggested

Imp$/sqft, our final suggested value is determined. The formula for this is found below.

Suggested Value = (Suggested Imp $/sqft * Subject’s Living Area) + Subject’s Land Value + Subject’s Extra Features Value.

Comparable Market Analysis

If your suggested value is derived from the Comparable Market Analysis (CMA), then you have a Comparable Market Analysis Chart. TheCMA analyzes similar properties in your neighborhood that have recently sold. We are only arguing market Improvement price for thismethod by removing and not arguing what the County has your property and the comparable property’s land and extra features value on for.

Most of the same methods apply for the CMA that applied for the U&E. The difference is that we are taking the actual sold price, andsubtracting the seller contributions from that sales price in order to determine an actual sales price. The same types of adjustments are appliedand are noted in the chart.

The formula for determining the Final Suggested Value is as follows:

Final Suggested Value = (Adjusted Imp $/Sqft * Subject’s Living Area) + Subject’s County Land Value + Subject’s County Extra Features Value

Prepared by Jubally Solutions on behalf of 05/17/2013

Harris County Appraisal DistrictInformation & Assistance DivisionP.O. Box 922013Houston TX 77292-2013FORM 41.44 (03/13)

PROPERTY TAX NOTICE OF PROTEST

HCAD Account Number: Tax Year:

Owner Name

Mailing Address

City State Zip

INSTRUCTIONS: If you want the appraisal review board (ARB) to hearand decide your case, you must file a written notice of protest with theARB for the appraisal district that took the action you want to protest. Tobe valid, a notice of protest must identify the owner and the property, andmust indicate the nature of the protest. For this reason, it is important thatthe notice of protest form be fully completed. If you are leasing theproperty subject to the protest, you must have a contract requiring you topay the property taxes.

The deadline for filing your protest is May 31. If you mail the notice,it must be postmarked on or before this date. If you drop it off inperson or file online, you must do so on or before this date.

You may file this form in person or by mail. If you have internetaccess, you can file your protest online. You will need your accountnumber and the iFile number. Go to www.hcad.org/iFile forinstructions for online protests.

Save a Stamp!File Online at www.hcad.org/iFile

This space is reserved for HCAD use only

*NEWPT611*Step 1: Phone Number

Telephone (area code and number)

Step 2: DescribeProperty underProtest

Mobile Homes: (Give make, model, and identificationnumber)

Failure to check a box may result in your inability to protest an issue. If you check “value is over market value,” you are indicating that themarket value is excessive and your property would not sell for the amount determined by the appraisal district. If you check “value is unequalas compared to other properties,” you are indicating that your property is not appraised at the same level as a representative sample ofcomparable properties, appropriately adjusted for condition, size, location, and other factors. Your property may be appraised at its marketvalue, but be unequally appraised. An appraisal review board may adjust your value to equalize it with other comparable properties. Pleasecheck all boxes that apply in order to preserve your rights so that the appraisal review board may consider your protest according to law.

Give street address and city if different from above, or legal description if no street address

Step 3: CheckReason(s) for Protest

Value is over market value.

Property should not be taxed in(name of taxing unit)

Failure to send required notice (type)

Change in use of land appraised as ag-use,open-space, or timber land.

Ag-use, open-space, timber, or other special valuation denied, modified, cancelled.

Owner's name incorrect.

Property description incorrect. Improvement (structures, etc.) Land (attach copy of deed)

Property should not be taxed in this appraisal district.

Value is unequal compared with other properties.

Exemption denied, modified, or cancelled.

OtherStep 4: Give facts thatmay help resolveyour case Continue on additional pages as needed

What do you think your property's value is? (Optional) $

Step 5: ARB HearingProcedures

I want the ARB to send me a copy of its hearing procedures. Yes No **If your protest goes to a hearing, you will automatically receive a copy of the ARB's hearing procedures.

Step 6: Sign theApplication

Signature of Owner Agent Agent Code # ______________ Date:(Sign here)

ADDITIONAL INFORMATION ON BACK

2013

Houston Tx

X

X

X

X

Page 1

Harris, Texas

2 0 1 3

Total Noticed Market Value: $333,638.00

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Page 2

N O T E F O R A P P R A I S E R S

This system utilizes the HCAD Residential CAMA Model in full on improvements only. We do not argue land value or extra feature values. Wewould like to prevent the need to list out the entire model for HCAD’s sake, but understand that HCAD Appraisers need proof that properadjustments are being made. To document this we have decided to show how a comp is adjusted for grade and for age/condition.Additionally, we show the percentage and dollars adjusted on our charts.

Academic example:

If our subject property has a grade of A- (1.56), and a comp has a grade of B+ (1.41), we adjust the comp upward 15 pts (1.41 to 1.56).

If our subject property is 9 to 10 years old and has a CDU rating of Very Good (.96), and a comp is 7-8 years old and has CDU rating ofAverage (.92), then we adjust the comp upward 4 pts (.92 to .96).

We do cap adjustments for Grade at .23 pts in order to try to prevent unrealistic adjustments for A through X+ grades.

Example from this report

Adjustment Type Subject Property Comparable Property 1 Adjustment Value

Grade / Value C+ / 1.03 C+ / 1.03 x 1

Condition / Age / Value Excellent / 52 / 0.65 Good / 54 / 0.55 x 1.1

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P R O P O S E D V A L U E S U M M A R Y

Subject Property Details

Subject Address

Tax Id Number

Land Use CodeA1

Neighborhood

Year Built / Remodeled1961 / 2010

GradeC+

SqFt2,136

Total Noticed Market Value$333,638.00

Land Value$91,800.00

Extra Features Value$4,968.00

Noticed Improvement Value$236,870.00

Noticed Improvement $/SqFt$110.89 / SqFt

Unequal Summary $264,969.22

A uniform and equal analysis of the property located at , and having a tax ID number of was performed. The

results suggested the market value of this property is $264,969.22, a difference of-$68,668.78 from the actual noticed market value of $333,638.00. This value is basedon 10 comparable properties located within neighborhood . Any adjustments thatwere made were calculated in accordance to HCAD's CAMA residential model and areaccounted for in-full within the Uniform & Equal Chart. Section 41.43(b)(3) of the TexasProperty Tax Code - Protest of Determination of Value or Unequality of Appraisal deems oursubject property's market value should be reduced to $264,969.22.

Sales Comparison Summary $207,934.64

A comparable market analysis centered on the neighborhood of was performed.The subject property located at , andhaving the Tax ID number of is determined to be over valued. Themarket price for this property should be $207,934.64, a difference of -$125,703.36from the noticed market value of $333,638.00. This value is based on 5 recent andcomparable sales located within neighborhood . Any adjustments that were madewere calculated in accordance to HCAD's CAMA residential model and are accounted forin-full within the Comparable Market Analysis chart. Section 41.43(a) of the Texas PropertyTax Code - Protest of Determination of Value or Inequality of Appraisal deems our subjectproperty's market value should be reduced to $207,934.64.

Subject Total Noticed Market Value: $333,638.00

The 2013 market value should be $207,934.64

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Page 4

C O M P A R A B L E A T T R I B U T E S

Comparable properties have been located by performing a neighborhood search for properties within the subject’s neighborhood of 7476.00that must fall within the ranges listed below. All adjustments are made according to the Standard Cost Adjustment model used by HarrisCounty. If an attribute is not indicated in Harris County’s records, that attribute is not adjusted for. HCAD is the direct source of all propertyattributes. A vendor is the source for all sales information.

Grade – Within grade C- and grade B. Our subject’s Grade of C+ property falls within these two grade ranges. Adjustments forcomparable properties are made in accordance to HCAD’s CAMA Residential Model if the comparable property does not have a gradeidentical to our subject’s Grade of C+.

Size – Within 1,816 square feet and 2,456 square feet. These numbers are 15% less and 15% more than the subject’s heated squarefootage of 2,136. For every 150 feet more a comparable property is than the subject, $1.00 is added to the comparable property’simprovement price per square foot. For every 150 feet less a comparable property is than the subject, $1.00 is subtracted from thecomparable property’s improvement price per square foot. These adjustments are made due to the fact that smaller buildings typically have ahigher cost per square foot than larger ones of the same grade and condition.

Year Built and Condition – Within year 1954 and year 1968. These years are 7 years older and 7 years newer than the year builtdate of our subject property which is 1961. Within each Grade is a set of 8 conditions. EX (Excellent), VG (Very Good), G (Good), AV(Average), F (Fair), P (Poor), VP (Very Poor), and UN (Unsound). The subject property has a condition of Excellent. Any adjustments madewere calculated using HCAD’s CAMA Residential Model. Adjustments for this reference a property’s age and condition in order to determinewhether to adjust up or down for that particular comparable property in relation to the subject.

Remodel Date – Within year 2003 and year 2017. These years are 7 years older and 7 years newer than the remodel date of oursubject property, which is 2010. Standard Condition Adjustments as indicated above on the “Year Build and Condition” description apply. Inaddition, our subject property has a remodel level of Total. Adjustments are made to the comparable properties according to the remodellevel of the subject property in accordance to HCAD’s CAMA Residential Model. There are four remodel levels; New (New Build), TTL (Total),EXT (Exterior), and PTL (Partial).

Prepared by Jubally Solutions on behalf of 05/17/2013

U N I F O R M A N D E Q U A L

PropertyDescription

DistanceFrom Subject

Prop Use Code /Land Use Code

Neighborhood /Neighborhood Group

Total NoticedMarket Value

Less: NoticedLand Value

Less: ExtraFeatures Value

NoticedImp Value

Noticed Imp$/Sqft

Year Built / Remodel% adj / $ adj

Grade% adj / $ adj

Remodel C & D% adj / $ adj

LivingArea

LivingArea $ adj

NetAdjustment

AdjustedMarket Value

AdjustedMarket Value / sqft

AdjustedImp Value

AdjustedImp $/sqft

Subject property

NA A1 / 1001 $333,638.00 ($91,800.00) ($4,968.00) $236,870.00 $110.89 1961 / 2010NA / NA

C+NA / NA NA / NA 2,136 NA $0.00 $333,638.00 $156.20 NA NA

0.3mi A1 / 1001 $195,542.00 ($90,600.00) ($4,372.00) $100,570.00 $46.47 1959 / 20101.01 / ($1,005.70)

C+1 / $0.00 1.3 / ($30,171.00) 2,164 $0.00 $31,478.41 $227,020.41 $104.91 $132,048.41 $61.02

0.2mi A1 / 1001 $215,000.00 ($83,555.00) ($8,940.00) $122,505.00 $57.19 1965 / 20051.07 / ($8,575.35)

C+1 / $0.00 1.2 / ($24,501.00) 2,142 $0.00 $34,791.42 $249,791.42 $116.62 $157,296.42 $73.43

0.2mi A1 / 1001 $232,749.00 ($90,600.00) ($3,444.00) $138,705.00 $62.31 1959 / 20101.03 / ($4,161.15)

C+1 / $0.00 1.2 / ($27,741.00) 2,226 $0.00 $32,734.38 $265,483.38 $119.26 $171,439.38 $77.02

0.5mi A1 / 1001 $235,566.00 ($69,825.00) ($11,833.00) $153,908.00 $70.73 1960 / 20111 / $0.00

C+1 / $0.00 1.1 / ($15,390.80) 2,176 $0.00 $15,390.80 $250,956.80 $115.33 $169,298.80 $77.80

0.5mi A1 / 1001 $249,955.00 ($96,600.00) ($3,989.00) $149,366.00 $61.67 1962 / 20081.05 / ($7,468.30)

C+1 / $0.00 1.2 / ($29,873.20) 2,422 $1,211.00 $40,046.16 $290,001.16 $119.74 $189,412.16 $78.20

0.4mi A1 / 1001 $223,958.00 ($76,181.00) ($3,444.00) $144,333.00 $64.15 1959 / 20091.03 / ($4,329.99)

C+1 / $0.00 1.2 / ($28,866.60) 2,250 $0.00 $34,062.59 $258,020.59 $114.68 $178,395.59 $79.29

0.3mi A1 / 1001 $249,960.00 ($94,800.00) ($3,969.00) $151,191.00 $63.93 1959 / 20101.03 / ($4,535.73)

C+1 / $0.00 1.2 / ($30,238.20) 2,365 $1,182.50 $36,863.58 $286,823.58 $121.28 $188,054.58 $79.52

0.4mi A1 / 1001 $264,421.00 ($119,425.00) $5,624.00 $150,620.00 $66.44 1957 / 20111.01 / ($1,506.20)

C+1 / $0.00 1.2 / ($30,124.00) 2,267 $0.00 $31,931.44 $296,352.44 $130.72 $182,551.44 $80.53

0.4mi A1 / 1001 $251,106.00 ($93,000.00) ($11,487.00) $146,619.00 $65.51 1965 / 20101.03 / ($4,398.57)

C+1 / $0.00 1.2 / ($29,323.80) 2,238 $0.00 $34,602.08 $285,708.08 $127.66 $181,221.08 $80.97

0.5mi A1 / 1001 $205,487.00 ($71,775.00) ($3,444.00) $130,268.00 $65.93 1959 / 20071.05 / ($6,513.40)

C+1 / $0.00 1.2 / ($26,053.60) 1,976 ($1,976.00) $31,893.68 $237,380.68 $120.13 $162,161.68 $82.07

Median Adjusted Imp Value/sqft $78.75

Subject Adjusted Imp Market Value $168,201.22

Median Adjusted Market Value $/sqft $117.21

Adjusted Improvement Value ( Subject SqFt 2,136 * Median Improvement per SqFt $78.75 = $168,201.22) + Land Value ($91,800.00) + Extra Features ($4,968.00) = Subject Adjusted Market Value $264,969.22Any adjustments made were calculated in accordance to HCAD’s CAMA residential model. Please see the Comparable Attributes page for more details. This comparative analysis was prepared under the supervision of a Texas licensed “Property Tax Consultant”.

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U N I F O R M A N D E Q U A LC O M P A R A B L E ’ S M A P

Subject Property

Comparable Properties

Prepared by Jubally Solutions on behalf of 05/17/2013

C O M P A R A B L E M A R K E T A N A L Y S I S

Account :

Property Address :

Neighborhood / Neighborhood Group :

Distance From Subject :

State Class / Land Use :

Land Size :

Noticed Land Value :

Living Area :

Year Built / Remodel :

Grade / % adj / $ adj :

Rmdl Level / % adj / $ adj :

CDU/Percent Good / % adj / $ adj :

Extra Features :

Sale Date :

Sale Source / Confidential :

Sales Price / per sqft :

Imp Sales Price / per sqft :

Seller Contributions :

Realized Sale Price / per sqft :

Realized Imp Sales Price / per sqft :

Net Adjustment :

Final Adjusted Sale Price / per sqft :

Final Adjusted Imp Sale Price / per sqft :

Subject Property

NA

A1 / 1001

9,360 SF

($91,800.00)

2,136

1961 / 2010

C+

Total

Excellent

($4,968.00)

/

Comparable 1

0.4mi

A1 / 1001

12,415 SF

($91,014.00)

2,010

1966 / 2003

C+ / 1 / $0.00

Partial / 1.04 / ($1,395.88)

Good / 1.2 / ($6,979.40)

($4,089.00)

2012-12-20 00:00:00

Vendor / Yes

$130,000.00 / $64.68 SqFt

$34,897.00 / $17.36 SqFt

$0.00

$130,000.00 / $64.68 SqFt

$34,897.00 / $17.36 SqFt

($8,654.46)

$138,654.46 / $68.98 SqFt

$43,551.46 / $21.67 SqFt

Comparable 2

0.4mi

A1 / 1001

9,600 SF

($93,000.00)

2,181

1959 / 2012

C+ / 1 / $0.00

Extensive / 0.99 / $620.72

Very Good / 1.1 / ($6,207.20)

($3,928.00)

2012-01-06 00:00:00

Vendor / Yes

$159,000.00 / $72.90 SqFt

$62,072.00 / $28.46 SqFt

$0.00

$159,000.00 / $72.90 SqFt

$62,072.00 / $28.46 SqFt

($5,524.41)

$164,524.41 / $75.44 SqFt

$67,596.41 / $30.99 SqFt

Comparable 3

0.6mi

A1 / 1001

12,350 SF

($80,063.00)

2,076

1959 / 2005

C+ / 1 / $0.00

Partial / 1.07 / ($6,995.59)

Average / 1.2 / ($19,987.40)

$0.00

2012-08-09 00:00:00

Vendor / Yes

$180,000.00 / $86.71 SqFt

$99,937.00 / $48.14 SqFt

$0.00

$180,000.00 / $86.71 SqFt

$99,937.00 / $48.14 SqFt

($28,382.11)

$208,382.11 / $100.38 SqFt

$128,319.11 / $61.81 SqFt

Comparable 4

0.3mi

A1 / 1001

9,120 SF

($90,600.00)

2,164

1959 / 2010

C+ / 1 / $0.00

Good / 1.3 / ($34,508.40)

($4,372.00)

2012-03-01 00:00:00

Vendor / Yes

$210,000.00 / $97.04 SqFt

$115,028.00 / $53.16 SqFt

$6,300.00

$203,700.00 / $94.13 SqFt

$108,728.00 / $50.24 SqFt

($34,031.86)

$237,731.86 / $109.86 SqFt

$142,759.86 / $65.97 SqFt

Comparable 5

0.2mi

A1 / 1001

9,588 SF

($92,940.00)

1,976

1960 / 2006

C+ / 1 / $0.00

Partial / 1.03 / ($4,063.29)

Good / 1.2 / ($27,088.60)

($3,617.00)

2012-06-15 00:00:00

Vendor / Yes

$232,000.00 / $117.41 SqFt

$135,443.00 / $68.54 SqFt

$6,300.00

$225,700.00 / $114.22 SqFt

$129,143.00 / $65.36 SqFt

($28,501.75)

$254,201.75 / $128.64 SqFt

$157,644.75 / $79.78 SqFt

Subject HCAD Noticed Market Value : $333,638.00

Subject Non Adjusted Value : $171,371.72

Subject Suggested Value : $207,934.64 = Adjusted Improvement Value ( Subject SqFt 2,136 * Average Improvement per SqFt $52.04 = $111,166.64) + Land Value ($91,800.00) + Extra Features ($4,968.00)

Any adjustments made were calculated in accordance to HCAD’s CAMA residential model. Please see the Comparable Attributes page for more details. Comparable foreclosures are allowed per Sec 23.01(c) (1) of Texas Property Tax Code. (http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.23.htm) Seller Contributions, when reported, have been deducted to reflect “Realized SalePrice”. This is allowed per Sec 7.2 of the IAAO Standard of Sales Verification from the Texas Comptroller of Public Accounts. (http://www.window.state.tx.us/taxinfo/proptax/pdf/iaao.pdf) THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL.

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C O M P A R A B L E M A R K E T A N A L Y S I SC O M P A R A B L E ’ S M A P

Subject Property

Comparable Properties

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Page 9

A D D I T I O N A L R E S O U R C E S

These are laws or standards that the appraisal district must follow. We are arming you for your battle, and we want to give you the bestweapons possible. These will show why we can deduct seller contributions from a sales price, why we can use foreclosures or distressed salesfrom your neighborhood, and that the property tax code dictates Equity Analysis reports and Comparable Market Analysis reports arerequired by law to be used to lower the market value of your home if you have enough properly adjusted comps.

What law allows me to use foreclosures in my Comparable Market Analysis (CMA)?

Foreclosures and any other sale are allowed under Sec 23.01(c) (1) of the Texas Property Tax Code.http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.23.htmSec. 23.01. APPRAISALS GENERALLY. (a) Except as otherwise provided by this chapter, all taxable property is appraised at its market valueas of January 1.

(b) The market value of property shall be determined by the application of generally accepted appraisal methods and techniques. If the appraisal district

determines the appraised value of a property using mass appraisal standards, the mass appraisal standards must comply with the Uniform Standards of

Professional Appraisal Practice. The same or similar appraisal methods and techniques shall be used in appraising the same or similar kinds of property.

However, each property shall be appraised based upon the individual characteristics that affect the property’s market value, and all available evidence that

is specific to the value of the property shall be taken into account in determining the property’s market value.

(c) Notwithstanding Section 1.04(7)(C), in determining the market value of a residence homestead, the chief appraiser may not exclude from consideration

the value of other residential property that is in the same neighborhood as the residence homestead being appraised and would otherwise be considered in

appraising the residence homestead because the other residential property:

(1) was sold at a foreclosure sale conducted in any of the three years preceding the tax year in which the residence homestead is being appraised and was

comparable at the time of sale based on relevant characteristics with other residence homesteads in the same neighborhood; or

What legitimizes the removal of seller contributions from the sales comparables?

Section 7.2 of the International Association of Assessing Officers (IAAO) Standard on Sales Verification allows for certain conditions to beaccounted for in order calculate out the realized sales price of a property. http://www.window.state.tx.us/taxinfo/proptax/pdf/iaao.pdf

Section 7Sales should be adjusted to represent only the value of the real property as of the assessment date prior to model calibration and ratio studies.Adjustments to the sale price may be considered if any of the following exist:

Assumed long-term leases (nonmarket rates) (7.1)

Buyer’s closing costs (seller paid) (7.2)

Delinquent taxes (paid by buyer) (7.3)

Financing (nonmarket rates) (7.4)

Personal property (paid by buyer) (7.5)

Real estate commissions (7.6)

Repair allowances (7.7)

What laws indicate that HCAD has to lower my value if I have supporting evidence?

By law, Uniform and Equal (U&E) can be used according to Section 41.43 of the Texas Property Tax Code.http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.41.htm

Protest of Determination of Value or Inequality of Appraisal (b) A protest on the ground of unequal appraisal of property shall be determinedin favor of the protesting party unless the appraisal district establishes that: (3) the appraised value of the property is equal to or less than themedian appraised value of a reasonable number of comparable properties appropriately adjusted.

By law, Comparable Market Analysis (CMA) can be used according to Section 41.43 of the Texas Property Tax Code.http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.41.htm

Protest of Determination of Value or Inequality of Appraisal (a) Except as provided by Subsections (a–1) and (d), in a protest authorized bySection 41.41(a)(1) or (2), the appraisal district has the burden of establishing the value of the property by a preponderance of the evidencepresented at the hearing. If the appraisal district fails to meet that standard, the protest shall be determined in favor of the property owner.

Prepared by Jubally Solutions on behalf of 05/17/2013