What would 120 acres of pristine, undeveloped green space in the heart of booming Lakewood go for on the open market? Hard to know, but it's a fair bet that it would be much, much more than $7.4 million the 100-year-old Lakewood Country Club is listed for on county tax rolls. One might even wonder if Dallas Central Appraisal District should up its assessment a tad.
Let's do a bit of math. The house next door on West Shore Drive sits on three quarters of an acre that is valued, land-only, at $200,000. If you multiply that by 160, which would give you the area of the country club, you come up with something like $32 million. Suddenly, paying property taxes on just $7.4 mil seems like a bargain.
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Lakewood CC begs to differ. In a lawsuit filed yesterday, it claims the appraisal district just wasn't being fair when it made its determination. Specifically, $7.4 million "represents a value in excess of fair market value. The appraised value is unfair and discriminatory, arrived at through the adoption, application, use and enforcement of a fundamentally erroneous and unlawful plan, method and formula of valuation and assessment."
Makes you tear up just to read it.
Of course, Lakewood CC is no stranger to the county courthouse. Matter of fact it was there just last year claiming that its $6.95 million valuation was just way too much for a wee little 120-acre golf course, and several times before, too. That 2011 lawsuit is on hold, according to court records.
Of course, Lakewood's plight pales in comparison to that of the Dallas Country Club, whose 118 acres of Highland Park real estate was valued at $36 million. Just how do these people eat?