Texas homeowners lost $2 billion by not contesting their property taxes

Plus: FTC seeks feedback on the largest single-family rental investors

January 16, 2025

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1. Former Austin developer Nate Paul pleads guilty to federal financial crime

Nate Paul, head of World Class Holdings, has pleaded guilty to a single count of making false statements to a lending institution. The plea, entered Wednesday, concludes an 18-month federal investigation into allegations of bank and wire fraud related to Paul’s business dealings.

If the plea deal is accepted, Paul’s sentence will be capped at 6 months, with the remaining 11 counts dismissed, according to U.S. Magistrate Judge Dustin Howell, who oversaw the plea.

2. Greystar sued for mishandling dog-centric property in Grapevine

Steve Bardack, founder of Dane Park Communities, is suing Greystar, the largest apartment management company, for negligence in managing his dog-focused apartment communities in Grapevine and North Garland.

Bardack claims Greystar mishandled operations by closing out thousands of work orders for residents’ maintenance requests without performing repairs, leading to deteriorating conditions.

In one instance, a broken air conditioner was not repaired, which one resident — a military veteran — alleged led to the May 2024 death of her seven-year-old English Bulldog, Cassidy, who was an emotional support animal that helped treat the resident’s PTSD.

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3. Catch up quick

🚫 Alexander brothers denied bail on federal sex trafficking charges. (CBS)

🎉 Zillow taps former Uber executive, Zuhairah Washington, as vice president of market operations. (Zillow)

💸 Apartment giant Greystar facing FTC lawsuit over misleading rental fees. (Forbes)

🤷‍♂️ Why it’s so hard to find starter homes. (CNBC)

🏡 North Texas HOA charged with discrimination for trying to kick out low-income renters. (KDHNews)

📋 FTC seeks feedback on the largest single-family rental investors. (FTC)

🍽️ Fun read: Austin named one of the top food destinations. (Yardbarker)

4. Tellus Group closes on land for $1.5B master-planned community in Anna

Tellus Group has purchased a massive tract of land in Anna for a $1.5 billion master-planned community named Sherly Farms.

The community will feature:

  • 3,000 homes east of Highway 5 near downtown Anna.

  • Over 150 acres of open space.

  • 65-acre farm as a central element.

  • Trails connecting the development to downtown Anna.

Construction is expected to begin this summer and finish in early 2027.

5. Top Agent Network’s lawsuit against NAR dismissed for the second time

Real estate platform Top Agent Network has ended its lawsuit accusing the NAR of suppressing competition in the market for real estate listing services, driving up costs for consumers.

Top Agent Network and the NAR said in a joint court filing, on Monday that the agent network would dismiss its claims for now.

While the dismissal of the suit marks the end of this chapter in the legal battle between TAN and NAR, since the suit was dismissed without prejudice, TAN could refile the suit if they so choose.

6. Texas homeowners lost $2 billion by not contesting their property taxes

Property tax consulting company Ownwell conducted a study that analyzed in-house and county-level data from seven high-density Texas counties.

The study compared annualized market value and tax-savings discrepancies from 2022 to 2024 among homeowners who received property tax reductions and those who didn’t.

  • The analysis found that homeowners who did not contest their property taxes in 2023 had an average market value that was 1.58% higher than those who did. This number dropped to 1.38% in 2024. Cumulatively, non-protesting homeowners had a market value that was 11.11% higher in 2023 and 10.91% higher in 2024. This equated to $2.02 billion in potential tax savings lost for those who did not contest their bills, according to Ownwell.

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