Special Inventory Residential Property

At the request of the Chief Appraiser, owners of residential inventory property are required each year to render their property between January 1st and April 15th. A separate rendition will be required for each subdivision or group of contiguous properties the owner possesses. In order to qualify for inventory value, the property must meet the following test: (1) it is a residential property; (2) it hasn’t ever been occupied as a residence; (3) it hasn’t been leased, rented, or otherwise used to produce income since the beginning of the year; and (4) it has been held for sale since the beginning of the year.

In addition, the owner must indicate the description of each property, including the appraisal district account number for each property, the individual property legal description, improvement area, percent complete on January 1, and the asking price for the property. This information is submitted in list form.

The Residential Department of the appraisal district will classify the inventory property and appraise it as inventory under Section 23.12 of the Property Tax Code. The valuation of residential inventory will be the price for which it would sell as a unit to a purchaser, who would continue the business, provided that the residential real property remains unoccupied, is not leased or rented, and produces no income.

This district will analyze and review the information submitted by the owner or agent. Comparisons will be reviewed of other rendered inventory property and appraisal techniques including sales comparison analysis, matched-paired sales analysis, or cost-of-development method as deemed appropriate by the appraiser. The conclusion of the analysis will result in the development of factors which will be applied to residential inventory parcels in the district’s CAMA system.

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Mission Statement

Our mission is to courteously and efficiently serve the property owners and taxing units of Midland County by timely producing an accurate, complete, and equitable appraisal roll, and by conducting assessment and collection services in a competent and professional manner.