In 2010 the property owner of retail complex in Sacramento filed for a base year tax appeal. In 2007 he constructed the complex with the value being $21 million, but the assessor increased the improved value to $50 million. After unsuccessfully attempting to file his own appeals, he enlisted our services. We compiled a case and the result was the assessed value dropped to $24 million instead of the original assessment of $50 million. The owner received a refund of OVER $285,000 for 2010 and 2011, as well as being successful in lowering the value of the base year, thus lowering the tax basis for the life of the ownership of the property.
In 2009 our client purchased an office building in Stockton for $16.6 million that included both the real property and the business property. After building a case by showing the property should be appraised on the value of the real estate alone, along with using sales comparisons and constructing an accurate cost approach, our tax agents were successful in reducing the value of the property to $4.5 million! This resulted in our client not only receiving a $133,000 refund for both 2009 and 2010, but also establishing a new base year value, thus lowering the amount of property tax that will be paid over the course of the property’s lifetime.
In 2008 our client purchased an industrial park in Elk Grove which was later assessed in 2010 for $22 million. After our tax agents demonstrated a more realistic cap rate, as well as proving the market sales had dramatically decreased, we were able to win the assessment appeal and were successful in reducing the assessed value down to $14 million, which resulted in our client receiving a refund of over $87,000!
Industrial Building – San Bernardino County – $85,000 Refund
Reduced from $20 Million to $11.5 Million
Office building – Sacramento County – $121,000 Refund
Reduced from $16.6 million to $4.5 million
Luxury Home – Los Angeles County – $20,000 Refund
Partially constructed home located in Beverly Hills
Reduced from $10.1 million to $8.2 million
Office – San Diego County – $75,000 Refund
Reduced from $17 million to $ 9.5 million
Self Storage – San Bernardino County – $10,000 Refund
Reduced from $5.3 million to $4.2 million
Land – Las Vegas – Clark County – $16,300 Refund
Reduced from $2.5 Million to $900,000