Patrick Oconnor
MAI
Free
About Me Expert
Patrick Oconnor Quick Facts
- Main Areas
- Real Estate, Tax Consulting
- Career Focus
- President
- Affiliation
- Oconnor & Associates
Patrick C. O'Connor has been president of O'Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also an registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction.
Free Articles & Book Excerpts
Cost Segregation Reduces and Defers Income Taxes
http://www.poconnor.com/cost_segregation.asp
Texas' Largest Property Tax Consultant
http://www.poconnor.com/property_tax_overview.asp
Market research and consulting
http://www.poconnor.com/market_research.asp
Nationwide Commercial Real Estate Appraisal
http://www.poconnor.com/commercial_real_estate_appraisals.asp
FREE Leasing Data! Houston, Dallas/Fort Worth, Austin and San Antonio Properties.
http://www.oconnordata.com
Articles by this expert
SelfGrowth articles and saved writing connected to this expert.
Article
Use the Appraisal District's Information to Reduce Your Property Taxes
Homeowners are amazed to learn they can obtain a copy of the appraisal district's evidence at a nominal cost. This is referred to as a House Bill 201 package, and is the only information many homeowners use to successfully reduce their property taxes. Obtaining a House Bill 201 package when appealing your property taxes can greatly increase your chances for a successful appeal. House Bill 201 is the term used by property tax consultants to describe provision 41.461 of the Texas Property Tax Code. This section reads as follows:
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Arcane Income Tax Tip
Sam sold 2 commercial properties in June 2008 and was discussing tax planning with his CPA and cost segregation provider. The sales price for the properties was $5.2 million and $3.3 million. Sam had owned both properties for about 8 years. The cost segregation specialist estimated Sam could save more than $175,000 in 2008 income taxes. This would be accomplished by using cost segregation and “catching-up” previously under-reported depreciation.
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Article
Casuality Loss
Silver Lining from Hurricane Ike Casualty Losses May Significantly Reduce Federal Income Taxes Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane Ike.
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Cost Segregation - Tax Deductions (The primary goal of cost segregation)
Tax Rule No.1: Don’t cheat the IRS. But that doesn’t mean you should cheat yourself. Take every legal tax deduction you can.
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Preparing for Binding Arbitration
For many homeowners, the property tax appeal process can seem too difficult and therefore only about 8% appeal even though 70% of those who do appeal are successful. Most homeowners also do not realize that their appeal can be resolved at the informal hearing. Here are some tips on attending an informal hearing for property tax appeals:
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Article
Appeal Your Property Taxes on Market Value and Unequal Appraisal
The first step to annually appealing your property taxes is to send a written notice to the appraisal review board (ARB) for the county in which your home is located. Even if you have not received a notice of assessed value from the appraisal district, file a notice of appeal by May 31st. You can file a notice of appeal by utilizing the Comptroller's form or by sending a letter to the ARB. The letter to the ARB simply needs to identify the property being appealed and the basis for your appeal. You should always appeal on both market value and unequal appraisal.
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Article
Cost Segregation - Tax Deductions (Don’t pay more than your fair share of taxes)
Taxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Unfortunately, business deductions act as a salve to cool the burning and itching of your bank account. Business taxes can be summarized simply as calculating your total income, bringing down this amount by as many tax deductions that you can and then pay taxes on the rest of the amount.
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Appealing Property Taxes for Your Home
Property taxes are a substantial expense for Texas homeowners, averaging about $3,600 annually. To reduce this expense, property owners should annually review and consider appealing property taxes. While there is no guarantee that an appeal will be successful, a recent survey conducted by O'Connor & Associates indicates that 70% of property tax appeals are successful.
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Article
Harris County Appraisal District's i-Settle Program
Overview Harris County Appraisal District's i-Settle program is worth considering. However, for most property owners it is a poor choice. O'Connor & Associates' experience with i-Settle yielded three conclusions: The settlement rate was very low (about seven percent) When settlement offers were extended, the tax reduction was low It was not worth the effort Benefits of an Informal Hearing Most property owners appealing on market value at Harris County Appraisal District, will achieve their best result during the informal hearing in a settlement negotiation.
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Article
Investment hypothesis
Investors usually have a basic premise for making a particular investment. O’Connor and Associates terms this concept the “investment hypothesis”. Evaluating the accuracy of the investment hypothesis early in the acquisition process allows the investor to increase their returns and reduce due diligence expenses. Following are examples of typical investment hypotheses: This property will yield an unleveraged 7% return based on its current revenues and expenses.
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Article
Casualty Loss Hurricane
Silver Lining from Hurricane Ike Hurricane Ike inflicted a steep penalty on the Texas Gulf coast. However, there is an inconspicuous benefit – casualty loss tax deductions. Taxpayers may be able to take a 2008 deduction if either personal or business property was damaged by Hurricane Ike. Meaningful Deductionsr
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Cost Segregation - Tax Deductions - Take all legal deductions
Taxes are your enemy, but tax deductions are your friends. Taxes are the great bane of most businesses. Alas, business deductions act as a salve to cool the burning and itching of your bank account. Business taxes can be summarized simply as calculating your total revenue, reducing this amount by as many tax deductions as you can and then paying tax on the remaining amount.
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Contacting Patrick Oconnor
2200 North Loop West, Suite 200
Houston, TX 77018
(t) 713.686.9955 / 1.800.856.REAL
(f) 713.686.3377
Other highlights
O'Connor & Associates is a real estate service company in operation since 1974. O'Connor & Associates is the largest independent real estate research and support services firm in the Southwest, conducting business nationwide. O'Connor employs over 200 people in four key areas of real estate services. Our team of experienced, trustworthy professionals provides:
- Excellent customer service
- Quality technical work
- Quick turn-around service
What sets us apart? Our business consists of four main segments, created to interact and support the functions of each department. This allows us to work efficiently and in the process, save you valuable time!