Homes can close in 30 days because the volume of transactions supports an infrastructure that is well oiled. But the lag between making a deal on a commercial property and closing it was typically 90 to 150 days — and that was in good times (remember them?). Today it’s longer.

Appraisal districts are required to value their properties as of December 31 of the prior year, or 12/31/09 for 2010 assessment purposes. The Appraisal Review Board will typically consider sales through the third month of the folloiwng year or March 31, 2010 for current year valuations.

But with those few commercial transactions actually closing taking longer, an argument can be made that the December 31 value is reflected in closings as late as June 30, 2010 or even later.

A buyer who closes after 3/31/2010 at a price below the district’s value for a commercial property (which is typical given that the district’s values decline less slowly in a down market) may have a hard time convincing the Appraisal Review Board that his value should be reduced unless he can support the argument that closings lag valuations by six or more months. It sounds too self serving.

That’s where an experienced property tax consultant can earn his or her spurs. A professional expert can be brought in to support the argument and force the ARB members to acknowledge reality — that closings of commercial properties lag the market by six or more months and a purchase that closes in June or even July is indicative of values as of 12/31/09.