The Dallas County Appraisal Review Board issued orders determining the 19 appraised values of the Jagee and Graham properties at $6,207,780 and $2,870,270 respectively. The market value of K-Mart's leasehold estate was $1,120,270. (4) The market value of the leased fee estate in the Graham property was $1,750,000. The value of Graham's property if it were not subject to leases or if it were subject to leases at current market rental rates was $2,870,270. (3) The market value of a fee simple estate in the Graham property was $2,870,270. The market value of K-Mart's leasehold estate was $2,072,780. (2) The market value of the leased fee estate in the Jagee property was $4,135,000. The value of Jagee's property if it were not subject to leases or if it were subject to leases at current market rental rates was $6,207,780. (1) The market value of a fee simple estate in the Jagee property was $6,207,780. The parties stipulated the variable values of both pieces of property as of Januand 1989 as follows: Although both leases initially provided fair market rental income to the owners, both became undermarket leases and were so January 1, 1988, and January 1, 1989, while the market rental prices for comparable lease properties had increased. K-Mart is not obligated under its lease to pay the 19 ad valorem taxes on either piece of real property. When K-Mart's initial lease on Graham's property expired on August 31, 1986, K-Mart exercised the first of its three five-year options to renew the lease. K-Mart leased Graham's property on August 30, 1965. The K-Mart initial lease expires in 1995, but K-Mart then has four five-year options to renew the lease on its present terms. K-Mart leased Jagee's property on December 21, 1970, from Jagee's predecessor in title. K-Mart is the primary tenant in each center.
DALLAS COUNTY CAD TRIAL
We reverse the trial court's judgment and render judgment that the values urged by the Appraisal District are the correct appraised values.īoth appellees own strip shopping centers in Dallas County. The Appraisal District complains that the fair value of Jagee's property was $6,207,780 and Graham's, $2,870,270. The trial court rendered judgment that the 19 appraised market value of Jagee's property was $4,135,000 and the market value of Graham's property was $1,750,000. The Attorney General of Texas intervened because Jagee had attacked the constitutionality of section 25.06 of the Texas Tax Code. Hoyle Graham (sometimes referred to collectively as "Jagee") and against the Dallas Central Appraisal District and the Dallas County Appraisal Review Board (the Appraisal District). In this ad valorem tax case, the parties stipulated the facts and the trial court entered judgment in favor of Jagee Corporation and E. Reversed and Opinion filed April 24, 1991Īnd DALLAS COUNTY APPRAISAL REVIEW BOARD, Appellantīefore Chief Justice Enoch and Justices Whitham and Whittington
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