$20 MILLION REDUCTION FOR OFFICE PROPERTY

The Problem

Our client owned an office property that was assessed at $61,029,239. The property was experiencing significant vacancy due to the impacts of COVID-19, with over 80% of the space being unoccupied. This resulted in a decline in rents and higher cap rates.

Our Solution

At Paramount, we are committed to ensuring a fair assessment for our clients. We conducted a comprehensive analysis of the property and its market conditions. We were able to demonstrate the decrease in rents and the higher cap rates, along with the significant rent loss caused by the high vacancy rate.

The Results

After presenting our findings and evidence, the Board agreed with Paramount's valuation. The assessed value was reduced to $41,000,000, resulting in a $20 Million reduction. This reduction not only reflects the current market conditions but also provides significant tax savings for our client.

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