This is an area that is rife with duplicate assessments. Leasehold Improvements (LHI) are classified as either real property or fixtures. Generally, if the improvement is classified as real property it is not subject to assessment unless it is considered to be “New Construction”, as defined by the Rev. & Tax Code. Fixtures, however, are subject to assessment.
Personal property appraisers and real property appraisers seldom communicate with each other and as a result, there are instances where the real property division and the personal property division of the Assessors Office are assessing the same asset twice depending upon how it is classified.
ACS has extensive real and personal property experience. We can determine if there is a duplicate assessment and obtain refunds for you. In addition, ACS can assist you with the annual compliance reporting so that you obtain the most favorable tax treatment as well as the audit phase to make sure your assessment is both legal and fair.