$19.9 MILLION-DOLLAR REDUCTION FOR HOLLYWOOD APARTMENT

The Problem

Our client owned a multi-family apartment that was assessed at a staggering $141.7 Million. The Assessor's office had made several assumptions that we believed were not reflective of the property's true value.

Our Solution

At Paramount, we are committed to ensuring a fair assessment for our clients. We identified several areas where the Assessor's office had made errors:

1. The Assessor's SGAI was off by $634,128. Capitalizing this at a 5.38% cap resulted in an $11,786,000 value differential.
2. The Assessor failed to accurately analyze the rent data for each unit type, resulting in a false weighted average for the rental rate.
3. We took into account the property's concession burn off, which the Assessor did not.
4. We looked at vacancy by bedroom, which the Assessor did not.
5. We used actual expenses for the subject property and backed them up with market data of nearby comparables.
6. We used an effective rent analysis for the ground-floor retail that incorporates free rent and tenant improvement allowances.

The Results

After presenting our high-quality information, the Board agreed with Paramount's valuation. The assessed value was reduced to $121.8 Million, resulting in an $19.9 Million reduction in assessed value and $234,000 back in our clients pocket.

Why Choose PPTA

• Staffed by CPAs, certified appraisers and former county assessors
• Professional hearing representation
• 100+ years of combined experience
• No upfront cost
• More than half a billion dollars in client reductions
• Performance-based fee structure
• 10,000+ successful tax reduction cases
• Competency with all property types
• Clients range from investors to Fortune 500 companies
• Services provided for all 50 states