See how Paramount Property Tax Appeal carried the burden of proof to earn this client $80,000 in life-long annual savings for a Riverside Vacant Commercial Lot.
See how Paramount Property Tax Appeal carried the burden of proof to earn this client $80,000 in life-long annual savings for a Riverside Vacant Commercial Lot.
In determining property tax liability on a vacant commercial lot, the Riverside County Assessor overlooked Proposition 13 and therefore wildly over assessed this vacant lot’s value. Our client purchased this commercial lot in the Palm Desert for $1.8 million, however because the property was Real Estate Owned, and listed for over 400 days on the market, the Assessor enrolled the property price at $8 million. Yes this is not a typo: The Assessor valued the tax liability at $8 million on a $1.8 million dollar property.
Our research revealed that the Assessor used land sales of the parking lot at a nearby Indian Wells Tennis Center and a lot next to PGA West to justify such a high value for this vacant lot. We filed the appeal and brought our case to the Assessment Appeals Board.
Because the Assessor’s office did not enroll the purchase price, it carried the burden of proof, and we therefore developed an appraisal and legal case that proved $1.8 million was the correct value.
The Assessment Appeals Board agreed with our case wholeheartedly and lowered the value for the life of ownership to $1.8 million, saving the taxpayer $80,000 per year in life-long tax savings.