See how Paramount Property Tax Appeal helped client Mill Creek Residential earn a $22.5 million-dollar reduction.
See how Paramount Property Tax Appeal helped client Mill Creek Residential earn a $22.5 million-dollar reduction.
Our client had just completed the construction of a new apartment complex in the downtown area, which was assessed at a staggering $90 Million. The building faced significant lease up issues due to the influx of new competition in the market after its completion. The Assessor's office made several inaccurate assumptions about the lease up period and failed to account for the concessions needed to lease up the property amidst the competition. They also overlooked the retail space in the building that was in barebones shell condition.
At Paramount, we are committed to ensuring a fair assessment for our clients. We visited the site to photographically document the skeleton retail space in the building. Using these photographs along with accurate downtown valuation metrics, we were able to present a compelling case for a substantial reduction on the base year construction value of the property.
After presenting our evidence, the Board agreed with Paramount's valuation. The assessed value was reduced to $67.5 Million, resulting in a $22.5 Million tax reduction for our client. This reduction will remain for the duration of their property ownership.