BP West Coast Products (Arco) informed this owner-operator that he had 30 days to purchase this property at a “take it or leave it” offer in December 2011. The San Diego County assessor’s office enrolled the full purchase price and the property owner contacted our office. We negotiated with the county to lower the property value however they would only recommend a reduction of $1.3 million. Knowing that we had a strong case as opposed to the Assessor’s, we presented our case to the County Board of Appeals. Gas stations have three components of value;
- Land and improvements, which is real property
- Business personal property which is taxed separate for pumps and tanks
- The going concern value of the business. Which by law is not taxed. By complex analysis and by gathering compelling data, we were able to secure a reduced value to $1,100,000 million from $1,762,000 million resulting in a base year savings of $7,000 per year for our client by.