WACO, TX — Magnolia is suing the McLennan County Tax Appraisal district over appraisal values of their properties. The lawsuit includes the Magnolia Market at the Silos, Magnolia Table and the future coffee shop under construction.
In the petition, they claim that the tax appraisal values of the following Magnolia properties are excessive and unlawful.
The properties included in the suit are:
- The Coffee Shop Magnolia Market located at 418 S. 8th Street in Waco, which was assessed at $1,422,730 for 2019. The year prior, the appraisal value was $1,211,170.
- The Magnolia Market at the Silos on 601 Webster Ave. in Waco has an assessed value of $6,480,450 for 2019. In 2018, the property's appraisal value was $5,110,580.
- The Magnolia Table located at 2132 S. Valley Mills Dr. in Waco, TX was appraised at $4,122,740 for 2019. In 2018, the property's appraisal value was listed at $3,637,710.
- The Magnolia Table Parking Lot located at 2009 Circle Rd. in Waco, TX has an assessed appraisal value of $856,280 for 2019. The prior year, the appraisal value of the parking lot was $486,350.
- The Magnolia Headquarters located on 6400 Imperial Dr. in Woodway was appraised at $2,373,760 for 2019. In 2018, the property's appraisal value was $2,085,000.
- The Magnolia Warehouse on 601 Jewell Dr. in Woodway is listed as having an appraisal value of $2,125,550. In 2018, it was appraised at $1,850,000.
The petition says the properties, as appraised, exceed market values and that they are being taxed in a manner and amount that is not equal and uniform. They ask the court to reduce the property's appraisals and that if applicable, the district pay a refund on any "unlawful and excessive taxes paid, plus interest."
The petition says that the Texas Constitution requires that property not be appraised at a value greater than fair cash value. The plaintiffs are asking that the court reduce the appraised values of the properties in accordance with the Texas Constitution. They also ask that the court set the appraisal values in accordance with the law and ensure equal treatment.
The plaintiffs also seek to recover court costs and reasonable attorney fees associated with the lawsuit.
