Tuesday, October 7, 2008
Giving the middle finger to Uncle Sam?
I've discussed the glaring discrepancy between a property's true market value versus the Dallas County Tax appraisal before. Why I am bringing it up again? Because of this.
4800 Preston Rd. - House of John and Lyn Muse. Valued on DCAD for just over $30 million. (Land is worth $21,175,000)
Description: 8 year old house with 25,000 sf, with all sorts of cabanas, guest quarters and greenhouses sitting on 7.7 acres and backs to Exall Lake.
4101 Beverly Dr. - Home of Edwin Cox Trust. Valued on DCAD for almost $22 million. (Land is worth $21,832,500)
Description: 97 year old home with 20,000 sf, pool, tennis court, etc. all on 6.6 acres and backs to Exall Lake.
And then I click on 4100 Beverly Dr. and 4101 Mockingbird. Home of Dallas Country Club. Total value on DCAD is just under $10 million. Wait. What? Am I reading this right?
Description: One of the most prestigious country clubs in the country with roughly 10 buildings that total around 150,000 sf of air conditioned space sitting on 113 acres in one of the most expensive neighborhoods in the country.
In summary, according to DCAD, Ed Cox and John Muse's combined 14 acres of dirt is worth approximately $43 million. Dallas Country Club's 113 acres and 10 buildings is not even worth $10 mil. Do country clubs fall under the church and school categories when it comes to property taxes? Am I missing something here?