Here are a few of PTA’s Real Estate Tax Division recent success stories:
$6,000,000 Immediate Cash Refund
A major California pension fund was paying property taxes on a key piece of high end commercial property valued by the taxing authorities at over $300,000,000. With knowledge and expertise on unique legislation impacting pension funds, PTA’s efforts secured a refund of over $6,000,000.
$750,000 Annual Property Tax Saving
A major insurance company hired PTA to analyze the real and personal property taxes paid on one of their office buildings. Our research resulted in the elimination of a duplicate assessment. The value of the property was reduced by $60,000,000 and the insurance company will continue to experience tax savings of $750,000 each year.
$1,700,000 Saved Every Year
The developer of a commercial land assemblage retained PTA. Extensive analysis, state-of-the-art technology, and knowledge of the intricacies of the assessment system resulted in a value reduction of over $169,000,000. The ongoing annual savings amount to $1,700,000.
Lowered Base Year Cost Results in Annual Tax Saving of $50,000
Total construction costs were used by the assessor to value a $22,500,000 golf course. PTA’s argument that cost does not necessarily equal value, secured a significantly lower base year for the property resulting in a $50,000 annual tax savings for the client.
1,000% County Error
Excess tenant improvements were miscalculated by the taxing authority. PTA went in and prepared a customized review of the property and building records. A thorough investigation of the building revealed a 1,000% error by the County.
Non-Assessable Improvement Results in $40,000 Annual Savings
The County building records of a large San Francisco hotel were reviewed by PTA. They discovered the assessor’s office had erroneously added taxable value for a nontaxable fire safety system. This successfully resulted in a continuing $40,000 tax savings each year.
Knowledge of Builder’s Exclusions Cause $200,000 Saving Per Year
PTA’s knowledge of the Revenue and Taxation Code Provisions governing builder’s exclusions resulted in a reduction in value of $20,000,000 on a single family development. Our efforts reduced the builder’s taxes by $200,000 per year.
Personal Property Asset Review Reduces Winery Assessment
Reclassification of a major Northern California Winery’s assets by PTA produced annual tax relief of $100,000.
Decrease in Value of Over 300%
PTA’s valuation analysis recognized the financial impact of a misplaced improvement. This resulted in a decrease in value from $38,000,000 to $8,000,000 for a financial institutional client.