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There's a $4 million gap between the asking price for this Highland Park mansion and its property tax assessment.

DALLAS — As many home values went up, so did their payments; and many North Texans are still in shock over their recent property tax statements. However, owners of many high-dollar homes are still getting a deal.

It's not hard to find properties where the taxable value is millions below what they may be worth.

They are the homes of the rich and famous, with big lawns, big houses and big price tags. When it comes to property taxes, they are also big bargains.

“They live in a different world than you or I do,” said Bill Blaydes, a former Dallas city councilmember

Take for example an Italianate mansion on Lakeside Drive in Highland Park. It has a limestone entry way, hardwood floor and a pool that looks like something from a Roman villa. It's on the county tax rolls at $7.7 million, but its owner apparently thinks it worth much more. It’s selling for $11.9 million, which is a $4 million gap in taxable value.

More examples are easy to find.

There is an estate in Dallas’ Preston Hollow neighborhood on Meadowood Drive. Secluded behind iron gates, it sits on 3.42 acres with a creek. The home has 12,000 square feet of space, 14-feet ceilings and a wood paneled library. It’s on the tax rolls for $6.3 million. It’s selling for $12.9 million, which is more than a $6 million gap.

Despite this, Ken Nolan, who heads the Dallas Central Appraisal District (DCAD), said he thinks its appraisals are pretty much on the mark.

“I'm confident our residential values are close to market value,” says Nolan. Still, he acknowledges high-end homes are a challenge.

When judging homes in an average price range, appraisers can rely on Multiple Listing Services that are used by realtors to get sale prices. Comparisons are easier because those types of homes in the same neighborhoods tend to be similar.

But high-end properties are hard to compare. They’re usually unique, custom built and frequently renovated. While a good guide, asking prices can not be used since sellers don’t always get what they ask. And because Texas law does not require the disclosure of final sales price, DCAD may be left guessing, especially if the wealthy buyers and sellers agree to keep the price confidential.

“The higher the market's gone, people are less likely to want to disclose that information to us,” Nolan said.

The gaps can be staggering.

Consider a vacant piece of land in Highland Park being sold by the estate of the late Lamar Hunt. The property is in one of the choicest and priciest neighborhoods in North Texas. It sits right on Turtle Creek. DCAD values the property at $1.7 Million. The estate is asking $15 Million.

“That gap is huge,” Blaydes said. “And they'll get close to their $15 million”

Blaydes, who makes his living in real estate, said he has long wanted for state lawmakers to change the laws to require sales price disclosure, something they have refused to do. Blaydes said without that disclosure, average homeowners carry an unfair tax burden because commercial and high-end residential property is frequently undervalued.

He said while DCAD has gotten more aggressive valuing commercial real estate, it needs to step it up with expensive homes as well.

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This Turtle Creek townhome is on sale for $4.25 million, but is valued at $1.6 million.

For example, a town home in the tony Place Des Vosges complex on Turtle Creek Boulevard. In a gated and guarded complex, it boasts Venetian plaster walls and ceilings, gold leaf dome ceiling and artist hand-painted wallpaper. It even has a marble commode once owned by the Duke and Duchess of Windsor.

The asking price is $4.25 million. Yet, DCAD has it valued at $1.6 million; and that value has barely budged since 2004 despite the red-hot market for high-end real estate.

“We miss millions in taxes,” Blaydes said. “You and I suffer from it. Everyone in the community suffers from it.”

DCAD said requiring sales price disclosure would help get more accurate values.

“If I have that tool, then everybody should be paying their fair share,” Nolan said.

But that still may not close the gap. By law, DCAD can only raise taxable value by 10 percent a year. But as the Dallas Morning News noted in a recent article, purchases of million dollar homes were up 25 percent at midyear. So, the appraisals never catch up.

For instance, there is an estate in the 7000 block on Vassar Drive in University Park. This year, DCAD raised the taxable value as high as it could, capping it at $7.5 million. That still wasn’t close. It just sold for an estimated $20 million.

E-mail cheinbaugh@wfaa.com