Customer Success Story

$19.9 MILLION-DOLLAR REDUCTION FOR HOLLYWOOD APARTMENT

See how Paramount Property Tax Appeal helped a Multi-Family Apartment owner save $234,000.

Hollywod Apartment
$234,000

In Savings for the Client

$19.9M

Reduction in Assessed Value

Assessment Reduced

estate-evaluation-1
Industry
Multi-Family
Problem
Decline in Value
Results
A $234,000 reduction in taxes

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 at every stage of the appeal
  • 45,000+ appeals filed
  • 85% success rate
  • No upfront cost
  • $100M+ in refunds secured for clients
  • 24% average assessment reduction
  • $50B+ in assessed value under management
  • Fee structure based on a percentage of the tax savings or refund you receive
  • Experience across all commercial and multifamily property types
  • Clients range from private investors to institutional owners, including Fairfield, Sunroad Enterprises, Brookfield, Mill Creek Residential, and Jade Enterprises
  • Services provided across California, Colorado, Texas, Nevada, Arizona, and Washington
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