Country club sues over business valuation
Jul 30, 2011 Brian Bradley
The Dallas Country Club recently filed a lawsuit against the Dallas Central Appraisal District following its business valuation of the club at $15 million, claiming that the figure is too high. Specifically, the suit alleges that the DCAD arrived at "an amount in excess of the appraised value required by law … through the adoption, application, use and enforcement of a fundamentally erroneous and unlawful plan, method and formula of valuation and assessment." Three years ago, the club was valued at $10 million, which it argues is a more legitimate figure due to the fact that its 118 acres are tax-exempt as real property, D Magazine explains. At the time, the DCAD's valuation of the club drew consternation when compared with those of nearby homes. Local realtor Jeff Duffey pointed out on his blog that the combined value of 14 acres of privately owned land exceeded $42 million, while the club was valued at significantly less. Since then, the club executed a major overhaul of its golf course and is currently undergoing further renovation, including the construction of a new clubhouse and pool, according to the news source.