tax assessment advisory service creating value for you by reducing costs contact: donald lombardi,...
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Tax Assessment Advisory ServiceCreating Value for You by Reducing CostsContact: Donald Lombardi, [email protected]
www.grubb-ellis.com
Steps to Reducing Property Tax Cost:
– We conduct a free “quick” comparison of property market value with previous year’s assessed value. If the property’s market value is significantly lower than the previous year’s assessed value, then your property qualifies.
– Execute Service Contract, Authorization Affidavit and complete Property Information Questionnaire.
– We begin a detailed analysis of your property’s value in the marketplace based upon comparable sales, current cap rates and projected demand.
– As soon as tax notices are delivered, you send us a copy of your notice (s).
– We file the required appeal for you.
– We complete the detailed analysis of your property’s market value and arrange a meeting with the appraiser’s office to negotiate a reduction in assessed value. In most cases this will result in a reduction in assessed value. If not, …
– Schedule an appearance before the Hearing Master or Magistrate for presentation of our exhaustive market analysis and specific analysis of your property.
– Obtain written verification of the tax change from the appraiser.
Results:
– Current year operating expense savings.
– Prospective buyer’s of commercial property typically review at least five years of property financial operating results. The effect of these lowered taxes improves the profitability of your commercial property and, therefore, its value to a potential buyer.
– As investment CAP rates improve, the effects of these expense savings in the current year further enhance future value determinations.
www.grubb-ellis.com
What does this service cost?
If we are not successful, there is no contingent fee.
*******************************************If we are successful, our fee is based on a percentage of the change in valuation and the resulting tax. This percentage is based upon the pre-negotiation assessed value of the property:
• 20% if $10 million or greater• 25% if greater than $4 million and less than $10 million• 30% if $4 million or less
All assignments are subject to a non-refundable $250 retainer fee which includes filing fees and other expenses.
Example:• Mr. Smith owns an office building which was given a proposed assessed value of
$5,000,000 by the County Appraiser. The county’s cumulative (all agencies) property tax burden is 2.6%. This calculates to a proposed tax burden of $130,000.
• Grubb & Ellis VAS negotiates a reduction in the appraised value to $3,500,000. The new cumulative tax amount owed is $91,000. The tax savings is $39,000. Our fee, due when the appraiser agrees to adjusted values, is 25% of the tax difference, in this case $9750.