Could you use an extra $66,000? One of our clients could … and now he has saved just that much. Our client operates a full-service aviation facility based at the Palomar Airport in San Diego County. This property – assessed as a “Possessory Interest” – carried tax stipulations that applied to persons or businesses that lease government land for private use. The client needed help in decreasing the taxable value of the property.
Serving the client for his best interest, we assigned just the right person: an expert member of our staff who used to work for the San Diego County Assessor and who has had 20 years of experience in evaluating these types of properties. Through his persistent negotiations with the Assessor’s Office, and by combining a “direct income” approach with consideration for the replacement costs of the airplane hangars, our staff was able to decrease the taxable value of the property by $6.1 million. This resulted in a savings of over $66,000 for our client.