AUSTIN, Texas, Dec. 1, 2014 /PRNewswire/ -- A coalition of leading Texas business organizations is joining forces with the Coalition for Equal and Uniform Taxation (CEUT) to defend the Texas constitution's guarantee of Equal and Uniform Taxation, and fight efforts to impose mandatory sales price disclosure. The Texas constitution mandates that all property be taxed at market value and that the taxes be equal and uniform. Both homeowners and businesses have a right to challenge a central appraisal district's valuation if it does not meet this constitutional standard.
"This important protection is one of the fundamental reasons for Texas' growing, healthy economy," said coalition spokesman David Margulies. "Our tax system has been under attack by certain taxing jurisdictions with an agenda that will hurt the Texas economy and has the potential to raise taxes for many Texans."
Organizations joining the coalition include: the Texas Association of Business (TAB), NAIOP North Texas, the Texas Chapter of the International Council of Shopping Centers, the Texas Association of Builders (TAB), the Texas Self Storage Association (TSSA), the Texas Apartment Association (TAA), the Texas Association of Realtors (TAR) and the Texas Hotel & Lodging Association (THLA).
The current constitutional requirement of equal and uniform taxation is being challenged with false claims that undervalued commercial property is raising taxes on homeowners. In fact, according to a report by the respected Texas Taxpayers and Research Association (TTARA), residential property has become a larger part of the Texas tax base due to a booming urban housing market and a reduction in manufacturing jobs in the state, not because property is being inadequately appraised.
"All available information – be it from the appraisal districts themselves on the disputes they handle, or be it from the Comptroller's review of local values- does not offer evidence of the widespread undervaluation of commercial property," according to the TTARA report.
"Both homeowners and business owners must justify receiving a reduced appraisal value either at the appraisal district level or in a court of law," said Margulies. "The process protects all taxpayers."
The organization also opposes mandating sales price disclosure when a property is purchased.
In most states, sales price disclosure is used to help calculate a real estate transfer tax. The true market value of a property is affected by many factors, such as assumption of existing debt or good will that may not be accurately reflected in the sales price.
"We urge others who are interested in this issue to contact the Coalition for Equal and Uniform Taxation," said Margulies. www.fairtaxesfortexas.com
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SOURCE Margulies Communications Group