See how Paramount Property Tax Appeal helped a San Diego Office Property owner save $255,459.79.
See how Paramount Property Tax Appeal helped a San Diego Office Property owner save $255,459.79.
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.
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.
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.