Home: Authors: Patrick Oconnor

Status: Member since January 22, 2009
Location: United States of America
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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.

Most people see new home construction in their neighborhood as a good thing. New homes typically help increase the market value of properties, so when someone in an older home goes to sell, they often can ask a higher price than areas without new construction.
The cost approach was historically prepared as a part of most commercial real estate appraisals. However, the compunction to include the cost approach (when it was not relevant) has dissipated over the last 20 years.
A casualty loss may occur as a result of a flood, hurricane, tornado, mudslide or other natural disaster. The intuitive thought pattern is: “My apartment complex worth $5,000,000 suffered major damage totaling $1,500,000 for repairs and rent loss.
To receive a disabled veteran tax exemption, you must be either a veteran who was disabled while serving with the U.S. armed forces or the surviving spouse or child (under 18 years of age and unmarried) of either a disabled veteran or of a member of the armed forces who was killed while on active duty.
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.
Tax reductions and tax deductions are both benefits of cost segregation. However, it would be inaccurate to term cost segregation a tax shelter. The IRS has written a manual titled Audit Techniques Guide that delineates methods to establish depreciation schedules and increase tax reductions.
Office space location issues can include proximity to existing and potential employees, clients, vendors, and various third parties. For companies with less than 100 employees, the primary criteria for selecting a location is typically proximity to the chief executive officer’s residence.
Business valuations are performed using methodology similar to the process for real estate appraisals. However in business valuation, the data sources are different. Further, there are nuances in the form of analysis.
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.
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.
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