The Challenge:
A two billion dollar national retailer based in the Midwest engaged the personnel of Swartz + Associates, Inc. to review the real property assessments for their locations across the country, based upon the economic downturn and lagging sales at their stores.
The client had determined in previous years they did not want to appeal the valuations because they felt they should be a good corporate citizen and pay the annual property tax liability without reviewing whether the assessment was equitable.
The Goal:
Reduction of the total amount of property taxes paid on real estate valuations.
The Solution:
Once the property tax specialists at Swartz + Associates, Inc. reviewed the market values of the properties, it became apparent several jurisdictions were assessing unreasonable property taxes to several of the properties.
Valuations ranged from $75.00 to $250.00 per square foot during our initial analysis and we met with the client to help establish a reasonable value range for each store, focusing on equitability; not only for the jurisdiction, but in relation to the other facilities.
The Results:
To date, total tax savings to the client has exceeded $2,000,000 and the personnel of Swartz + Associates, Inc. continue to monitor and work with local jurisdictions to insure savings in future years.