THE PLACE: ANYWHERE IN CALIFORNIA

THE EVENT: A $50 MILLION PROPERTY ACQUISITION

THE ISSUE: CAN WE PAY TAXES ON A LESSER VALUE?

In my role as Vice President of Real Estate Tax Services at Property Tax Assistance Company, transactions at this level bring to mind a whole litany of questions:

Was this deal a 1031 exchange?

That circumstance could knock 10 to 12% off the property tax bill

Was the acquiring party a REIT?

If so, that circumstance could be worth another 5% reduction in property taxes

Did the buyer assume an existing loan with favorable terms?

Another 5%

Was this an unsolicited offer to buy?

Yet another 5 to 10% reduction in your annual tax bill

A “base year” value reduction on this property of even 10% could provide ANNUAL tax savings in excess of $60,000. And the clock is always ticking on this issue. You have only four years from the acquisition date to address this issue.

These times of unprecedented real estate values can make property tax reduction opportunities extremely scarce. Such times demand more than tax knowledge and determination. We must be creative as well. Our team of Ex-Deputy Assessors, Attorneys and support personnel has both the level of experience and the imagination to find tax savings that others often fail to even consider.

As an example of that creativity, we at Property Tax Assistance Company have attained 8 to 17 % reductions in assessed value in several different California jurisdictions on the 1031 Exchange issue alone.

Should you have any questions, do not hesitate to call me at 562.920.1864. My e-mail address is mbarton@property-taxes.com.