GALVESTON - Yellow Sapphire Hospitality Inc. alleges that the Galveston Central Appraisal District wrongly appraised the value of its property in Texas City, recent court documents say.
In a lawsuit filed Sept. 10 in Galveston County District Court, the plaintiff argues the appraisal district used an "antiquated, unfair, and erroneous" method to determine the 2010 market value placed on property located in the 10600 block of the Emmett F. Lowry Expressway.
The defendant appraised the property value at amount in excess of the appraised value required by law, the original petition states.
Yellow Sapphire Hospitality adds that it filed a timely protest of the appraisal decisions to the review board, insisting the figure in question was substantially less than the value placed upon it by the defendant.
"The plaintiff alleges that the value placed on the property is unequal compared to a sample of properties consisting of a reasonable number of other properties similarly situated to, or of the same general kind or character, as the property," the suit says.
It adds the review board lowered the amount to approximately $1.8 million, but the amount was still higher than the value required by the law.
The plaintiff ultimately states that the reportedly wrong figure would compel it to pay property taxes based on an erroneous valuation.
Consequently, Yellow Sapphire Hospitality asks Galveston County 405th District Court Judge Wayne Mallia to cancel the review board's decisions regarding the property.
Hoover Slovacek LLP is representing the plaintiff.
Case No. 10-cv-2809