See how Paramount Property Tax Appeal helped a North Hollywood Apartment owner earn a near-20% reduction in value.
See how Paramount Property Tax Appeal helped a North Hollywood Apartment owner earn a near-20% reduction in value.
Our client had just completed the construction of a new apartment complex in North Hollywood, which was assessed at a staggering $62.9 Million. The Assessor's office had made several assumptions that we believed were not reflective of the property's true value.
At Paramount, we are committed to ensuring a fair assessment for our clients. We decided to value the improvements based on an income approach using a land extraction method. By presenting superior market comparables and more accurate data than the Assessor's office, we were able to build a strong case for a substantial reduction in the assessed value of the property.
After presenting our high-quality information, the Board agreed with Paramount's valuation. The assessed value was reduced to $51 Million, resulting in an $11.6 Million tax reduction for our client. This reduction will remain for the duration of their property ownership.