Valero Refinery Appraisal Was Unfair, Texas Justices Say
Law360, San Francisco (February 24, 2017, 3:55 PM EST) -- The Texas Supreme Court on Friday reversed and remanded a lower court’s decision in Valero Energy Corp.’s challenge to its Galveston County refinery’s $527 million appraisal, finding that once a district divides a property into multiple accounts for appraisal, an owner can lawfully appeal the valuation of some accounts and not the whole tract.
A trial jury had found that the appropriate appraisal value for the three parcels brought the total down to $337 million. The Galveston County Appraisal District appealed the decision, and in March 2015 the Fourteenth Court of Appeals said Valero couldn’t exclude pollution control equipment from its valuation...
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