Reflections on the 2025 ASA International Conference (ASAIC25) in San Juan, Puerto Rico

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ASA International Conference

By Gary A. Stone, ASA, Manager at Swartz and Associates

¡WEPA!

ASA International Conference¡WEPA! was the greeting we received from the emcee at the beginning of the 2025 ASA International Conference in San Juan, Puerto Rico. In Puerto Rico, ¡WEPA! is a slang expression used to convey excitement, jubilation, or celebration. The emcee, a native of Puerto Rico, was using this exclamation to convey an excitement to the attendees that Puerto Rico was excited about having us visiting their community. But it was also exciting for many to reconnect with friends from other parts of the world as well as meet new ones.

ASAIC25 – Highlighting the ASA’s Strengths

Earlier this month, I had the privilege of attending the American Society of Appraisers (ASA) International Conference, held in San Juan, Puerto Rico. The event brought together professionals from across the world, with attendees traveling from as far as India, Australia, Europe, and Israel. Having that kind of global turnout really showed how strong ASA’s network is and how important our work is across the world.

One of the strengths of the American Society of Appraisers is its multidisciplinary focus. The program offers the opportunity to engage with experts across a range of specialties, including business valuation, real estate valuation, personal property appraisal (fine art, jewelry, gems, collectibles, and stained glass), and machinery and technical specialties. The exchange of ideas among disciplines fosters collaboration and a broader appreciation for how each specialty contributes to the overall professionalism and credibility of the valuation community.

ASA International Conference ASA International Conference

You only live Juan-ce!

I saw this pun and could not resist including it-it just feeds my sense of humor. The outstanding educational sessions and networking opportunities would have been enough for a memorable event. However, the setting made it even better. The people of San Juan were warm and welcoming and provided us a wonderful time. My wife, Melissa, and I had an opportunity before the conference to explore Old San Juan. The colorful architecture and rich history were amazing!

The ASA International Conference was an outstanding experience, both professionally and personally. The sessions were informative, but what truly made it special were the people. I left the conference better educated, with new friendships and richer for experiencing the culture of Puerto Rico!

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

ASA International Conference ASA International Conference

Employee Voices, Shared Vision: Planning the Future Together

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Swartz and Associates - 2026 Annual PlanningBy Donald Swartz, President

Each year, I host a planning meeting for my employees of Swartz & Associates (“SAI”) as well as Indurante & Associates. (“Indurante”) These meetings are conducted separately from each other and provide an opportunity for employees to express their opinions on the respective businesses. For both companies, the planning meetings have evolved, with base roots in the classic “SWOT” analysis (Strengths, Weaknesses, Opportunities and Threats) to market strategizing of taking an idea and turning into an action.

Entering our 12th appeal season for SAI and my 8th year as owner of Indurante, the meetings have become very interactive with no shortage of opinions and ideas to move forward.

Employee Perspectives

Swartz and Associates - 2026 Annual Planning

Swartz & Associates

I appreciate the employees’ perspectives on the operation of business as well as “state of the industry”. We are a niche service business; Indurante being extremely niche oriented. Having experienced employees who can comfortably express their ideas is important. And being part of creating the plan to continue to serve the needs of our clients allows everyone to feel they are contributing to make a positive difference.

We typically go off site for our meetings, providing an opportunity to think and create in a different space, rather than the usual conference room at the usual place of business. I have found this really changes the flow and is the best way to mix things up to get the creative thinking going.

New Challenges, New Opportunities

Indurante - 2026 Annual Planning

Indurante

While each year has its challenges, this coming year could provide our toughest test.

For Indurante, three significant clients have indicated they are being acquired by another entity or are facing bankruptcy proceedings. For Swartz, the timeline to achieve reductions for our clients continues to lengthen as the court proceedings in several states are now two years delayed from the initial year an appeal was filed.

In both situations we must be proactive  – whether it is discussing Indurante’s services to the new companies or working with the various jurisdictions to resolve our valuations disputes, we must continue to look ahead without fear and build excitement for the opportunities that lie ahead.

We will remain diligent in servicing our customers, always working in the client’s best interests even if that means a longer period to achieve the resolution. It is comforting to know our employees have the necessary experience and knowledge to react accordingly and offer suggestions/ideas that will make us stronger and better in 2026.

Our planning meetings allow a “recharge” of our personal batteries to tackle 2026 and beyond and I believe tremendous opportunities await. I look forward to sharing our successes in 2026!

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

Turning Assessments into Savings: Property Tax Wins from the Past Year

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By Eric Owens, Director at Swartz and Associates

Turning Assessments into Savings: Property Tax Wins from the Past YearIn commercial real estate, our firm realizes that every dollar saved on property taxes goes straight to the bottom line for our clients. At Swartz & Associates, we specialize in uncovering those dollars—through our valuation analysis, strategic appeals, and an understanding of local tax jurisdictions.

Over the past year, our team has helped property owners across multiple states achieve meaningful reductions in assessed value and tax liability.

Below are a few of these wins:

  • Big Box Retail – Denver, CO: Secured a $10.9M value reduction, resulting in $393K in real estate tax savings.
  • Big Box Retail – Kansas City, KS: Achieved a multi-year $20.15M value reduction, saving our client $833K in taxes.
  • Single-Tenant Office – Des Moines, IA: Delivered an $8.7M reduction, generating $218K in savings.
  • Multi-Tenant Office – Des Moines, IA: Secured a multi-year $15.2M reduction, saving $482K in taxes.
  • Multi-Tenant Office – Kansas City, MO: Achieved a $9M reduction, resulting in $299K in savings.

What’s behind these results?

  • Valuation Modeling: We build custom models that reflect real-world income, expense, and market dynamics.
  • Jurisdictional Expertise: Every county has its own rules, timelines, and nuances. We know how to navigate them.
  • Data-Driven Appeals: Our appeals are backed by evidence—rent rolls, operating statements, market studies—not just opinions.
  • Client Collaboration: We work closely with owners, asset managers, and accountants to ensure every angle is covered.

Why it matters:

  • Lower assessments mean lower taxes, higher NOI (Net Operating Income), and stronger asset value.
  • Successful appeals can improve debt coverage ratios and support refinancing.
  • Tax savings can be reinvested into capital improvements, tenant incentives, or portfolio growth.

Whether you own a single asset or manage a multi-state portfolio, property taxes are too important to ignore. If you haven’t reviewed your assessments recently, now is the time—appeal windows are tight.

Let’s connect if you’d like to explore potential savings or benchmark your current assessments. We’re always happy to share insights, run preliminary models, or walk through your jurisdiction’s appeal process.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

Nothing Is More Certain Than Death and Taxes – But One of Them Pays Off

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By Keith Sherman, Business Development at Swartz and Associates

Nothing Is More Certain Than Death and Taxes - But One of Them Pays OffYou’ve heard the saying: “Nothing is certain but death and taxes.” It’s a phrase that’s been passed down for generations, and for good reason. It reminds us that no matter how many choices we have, some outcomes are fixed. But if you’re reading this, good news—you’ve dodged one of the two for today.

After four decades helping people and brands sell everything from ideas to products as a marketing and advertising professional, I’ve pivoted to a new chapter: property taxes. Yes, really.

Today, I work with Swartz + Associates, a full-service property tax firm specializing in the review, analysis, and appeal of real and business personal property valuations. In plain terms? We help commercial property owners and investors ensure they’re paying only their fair share—and not a penny more.

From “Nice to Have” to “Gotta Have”

In my marketing days, I saw budgets slashed more times than I can count. Marketing was often treated as a “nice to have,” even when it was the heartbeat of growth. (Spoiler: it still is.) But property taxes? They were always a “gotta have.” For many businesses, they ranked as the second or third largest expense—non-negotiable, unavoidable, and often overlooked.

Funny how life works. I spent years in a field full of uncertainty, only to land in one defined by certainty. But don’t let the grayscale fool you—this isn’t a dull pivot. The relationships, the strategy, the advocacy? All still intact. What’s changed is the impact: helping companies uncover hidden savings in a place they rarely look.

Why It Matters

Nothing Is More Certain Than Death and Taxes - But One of Them Pays OffYour organization’s buildings and equipment may not be properly valued. That misvaluation could be costing you—quietly, consistently, and unnecessarily. Our team at Swartz + Associates has a strong track record of reducing costs across the U.S. in this “gotta have” category. And as someone who’s studied consumer behavior for a lifetime, I can tell you: companies love saving money. Especially when it’s done right.

So yes, death and taxes may be certain. But overpaying on property taxes? That’s optional. Let’s talk.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

Milestones: Gary Stone celebrates 20 years and more!

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Milestones: Gary Stone celebrates 20 years and more!By Gary A. Stone, ASA, Manager at Swartz and Associates

Milestones

Milestones in life come in many forms, each with their own meaning and influence on our journey. A work milestone represents growth, hard work, and persistence. We also celebrate personal milestones such as earning our first driver’s license, leaving home, graduating from college or technical school, or turning twenty-one. Each of these moments has significance, and this year I have been fortunate to witness several of these milestones.

Carrying on a Legacy

In May, my daughter, Mariah, crossed the graduation line in her pursuit of her bachelor’s degree in nursing (BSN) at Rockhurst University.  She is now a third-generation nurse in our family!  My mother blazed the trail by obtaining her Registered Nurse (RN) license in the 1950’s, followed by Mariah’s mother, who earned her BSN and RN in the 1990’s.  For me, the impact of this milestone meant so much to me, not only because of how proud I am of my daughter’s accomplishment, but also because she is carrying on our family’s tradition of compassion and healing.

Milestones: Gary Stone celebrates 20 years and more! Milestones: Gary Stone celebrates 20 years and more!

Happy 21st Birthday

The second significant milestone was my son’s 21st birthday. This is so hard for me to believe! It seems like yesterday he was playing with trucks and dinosaurs. Because I can still remember that time in my life, I know he is excited about entering this phase of his life. It represents a certain degree of freedom, yet I know he understands it brings a higher degree of responsibility. I am so excited to see him pursue his dreams, and I feel fortunate to have a front-row seat.

20 Years – What??!!

This leads me to reflect on my own personal milestone. On October 3, 2025, I celebrated my twentieth anniversary working for the owner of our company, Don Swartz. There is no way in 2005 I would have predicted that I would work for him for so long. I am so grateful that he took a chance on me. The reason I have stayed for so long is because of our culture, which gives us the freedom to learn and grow.

Looking Ahead

So, what does the future hold? Who knows! But one thing I do know is our firm will always be a place that encourages personal and professional growth. That is what I believe sets us apart from our competitors, and it’s also why our team collectively brings over 100 years of experience to the table.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

The Past Informs our Future

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By David Swartz, Business Development at Swartz and Associates

The Past Informs our FutureWe recently traveled to Rome and Greece, where the examination of antiquities over 3,000 years old was incredible, awe inspiring, and informative.

Pompeii was especially striking as a once vibrant city buried under 50 or more feet of volcanic ash in 79 CE, only to be rediscovered by a farmer digging for wells in the mid-1800s. Scenes of everyday life and commerce were well preserved for us to contemplate today and consider how similar this society’s use of space and community remain very familiar –including a “beware of dog” mosaic outside a home.

What will the legacy of our society look like 2,000 years into the future?

In the future, will technology redefine our workspaces and shopping experience? Will communities still gather in public spaces to share news of the day; will entertainment be tailored and enjoyed individually; or will arenas and theaters still be important destinations to jointly share entertainment experiences?

While near term growth may appear stagnant, we can look at history and be guided by a principle that reimagining how buildings can be used and working together to solve challenges creates opportunities for advancement.

The Past Informs our Future The Past Informs our Future

Ad Valorem

The Past Informs our FutureInterestingly, the Latin phrase Ad Valorem still is used today to arrive at assessed tax valuations. The Romans created a property tax system based on wealth in land, livestock and other assets. You can be sure we will stay on top of current industry trends and celebrate the creative thinkers who challenge us to explore what is next and defend the proper value of those assets.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

Are We Getting Blogged Down??? Hardly!

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Are We Getting Blogged Down??? Hardly!By Donald Swartz, President

For the past 10+ years, I have posted monthly blogs concerning a variety of topics. While I generally have written about work and work related items, I have also tried to make a conscious effort to share personal stories over the years so our readers could learn more about me. I believe this has been successful as the number of impressions continue to increase over the years with significant spikes when topics hit close to home.

I have always asked our employees if they would like to submit a story, and for years, the answer has been silence. So, I continued to come up with subject matter I thought would be of interest to our readers.

Enter Jason Terry of Blue Gurus.

Jason and I have a long-standing working relationship (10+ years and counting). Over the past 12 months, we have further entrenched Blue Gurus by having Jason attend monthly meetings with us. The purpose was originally designed to have others contribute their stories so our readers can learn more about our companies and the people that make us successful. It has become so much more.

With Jason holding everyone accountable and having monthly meetings to discuss our next topics, our visibility has increased exponentially. Rather than receiving my monthly blog and my perspective on things, we are now issuing quick tidbits from all the employee group while people learn more about us as individuals. In fact, I’m still learning things about my brother, David! Initially, I was concerned about “inundating” LinkedIn and if our “followers” would get tired of, “another article from Swartz & Associates”.

There are so many good stories worth telling.

Jason has continually preached our content is not too much; not too overwhelming or overbearing, and we continue to sprinkle in the right amount of personal touch with business. Well, he certainly has been spot-on and I am a believer in “trusting the process”. Having multiple contributors exposes us to reaches we (I) have never thought possible. Several employees have well over 500 unique First Connections giving us exposure to thousands of readers. This is very powerful, yet simple. I appreciate all Jason has done for me and my companies.

To learn more about Jason and Blue Gurus, please click on this link. Who knows, he may be exactly what you are looking for? That is, unless you are looking for property tax expertise… If that is what you need, then you have come to the right place 😊

As always, I appreciate any and all feedback, either to this posting or directly at or

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

How to Protest Your County Property Valuation — A Consultant’s Guide for Kansas Commercial Owners

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How to Protest Your County Property ValuationBy Eric Owens, Director at Swartz and Associates

As a property tax consultant working with commercial owners across Kansas, I’ve seen firsthand how inflated county valuations can wreak havoc on operating budgets. Whether you own retail centers, office buildings, industrial sites, or multifamily assets, an overstated valuation means one thing: you’re paying more than your fair share in property taxes.

The good news? Kansas gives you the right to challenge those numbers — and if you come prepared, you can make a strong case for relief.

Why Valuations Go Off Track

County appraisers are tasked with valuing thousands of properties each year, often relying on mass appraisal techniques that don’t reflect the nuances of your asset. Common issues we see:

  • Income assumptions divorced from reality — especially for properties with below-market rents or high vacancy.
  • Sales comps that ignore location, condition, or lease structure.
  • Cost approaches that miss deferred maintenance or functional obsolescence.

If your valuation doesn’t reflect how your property actually performs, it’s time to act.

Your Two Paths to Appeal

Kansas offers two formal routes:

  • Route 1 – file an appeal after you receive your valuation notice in the spring time.
  • Route 2 – file a Payment Under Protest (PUP) with you property taxes in late fall.

You can’t file both in the same year for the same property, so choose based on timing and strategy.

What You’ll Need to Win

For income-producing properties, Kansas law requires three years of income and expense data to rebut the county’s presumption of accuracy. We always recommend going further:

  • Rent rolls and lease abstracts.
  • Capital expenditures and deferred maintenance logs.
  • Market comps and broker opinions.
  • Vacancy trends and absorption data.
  • Appraisals (if available).

The stronger your documentation, the more leverage you have.

How the Process Works

  1. File your appeal — either in response to the spring notice (Equalization) or when paying your tax bill (PUP).
  2. Attend the informal meeting — this is your chance to present your case to the county appraiser’s office. Be concise, data-driven, and professional.
  3. Escalate if needed — if the county doesn’t budge, you can appeal to the Kansas Board of Tax Appeals (BOTA). This step may require legal or valuation support, especially for complex assets.

Consultant Tips for Success

  • Normalize earnings — strip out one-time expenses or lease anomalies.
  • Benchmark aggressively — use industry data to support your assumptions.
  • Model scenarios — show how different valuation methods yield more accurate results.
  • Stay organized — counties respond better to clean, well-supported packets.

Final Thoughts

Protesting your valuation isn’t just about saving money — it’s about defending the integrity of your investment. As a property tax consultant, we have helped clients reduce assessments by presenting the right data, at the right time, in the right way.

If you’re unsure where to start, or want a second set of eyes on your valuation, reach out. Whether it’s a quick review or a full appeal strategy, we are here to help.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

Beyond Quick Wins, Persistence Pays

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Beyond Quick Wins, Persistence PaysBy David Swartz, Business Development at Swartz and Associates

Most of you know I joined Swartz+Associates in 2023, after a long career in the financial industry. Our appeals have achieved great reductions for our clients over the last two years, but I am now fully appreciating how long it may take to achieve the best outcomes for our clients.

Skin in the Game

One of our unique value propositions is that we share in all legal and professional fees should a further appeal be warranted. We want our clients to know that our financial commitment means we will fight for the best outcome rather than settle and quickly bill our clients– even if this means final resolution may take months or years.

Boards of Review were swamped with appeals in 2023 and 2025 so they couldn’t always devote the time needed to assess our more deliberative analysis. This often meant the Boards offered a small reduction or none at all.

PAAB Hearings

There is a secondary level of appeal we can pursue so our nuanced presentations can be more fully explored. In Iowa we can protest to a panel of property experts called the Property Assessment Appeal Board (PAAB), or we can file for a hearing before a district court judge. Both secondary appeals require the added expense of a third-party appraiser as well as legal fees. These fees are also borne by the county so a settlement prior to the hearing is often likely.

PAAB hearings may be scheduled and resolved in a more timely manner, lowering the legal expenses. We like this when we think the panel may acknowledge certain fact sets such as cap rates, or when we believe the county is motivated to settle quickly.

District Court is preferable when a large discrepancy in value remains and an argument about the valuation strategy, such as income approach versus replacement costs, requires a judge to provide an even-handed decision.

The quick win is not what we seek, but rather a fair valuation aligned with similar properties.

Here are a few examples of the long game playing out for our clients.

 

Initial value 2023

First Appeal

Result in 2025 after PAAB or Court hearings
Office – $37,000,000 No reduction Settled in 2025 with new assessment of $30M for tax years 2023, 24, 25 and 26
Office – $7,457,260 No reduction Value negotiated to $5.8M in 2023; $6.3M in 2024; $6.5M in 2025 and 2026
Warehouse – $10.3m No reduction Value negotiated to $9M for 2023 and 2024.  Still negotiating 2025 and 2026 values
Shopping center – $12,495,000 No reduction Value stipulated by PAAB at $6.7M in 2021; $7M in 2022; $7.35M in 2023 and 2024

This has been a successful model for our clients, and we would love to visit with you if have any questions about your property’s assessment.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

From paper file folders and Microsoft Access to a custom digital solution

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From paper file folders and Microsoft Access to a custom digital solutionBy Katy True, Operations Manager at Swartz and Associates

The Early Days: File Folders and Microsoft Access

When I joined Swartz + Associates, shortly after the firm launched, my role was clear: manage internal operations so our analysts could focus on appeals, appraisals, and hearings. Back then, we relied on a Microsoft Access database—functional, yes, but limited in flexibility. And let’s not forget the literal stacks of folders and the old lateral filing cabinets inundated with paper. That was 2015.

Building Our Own System: Proprietary Software with Purpose

The work we do is fairly complicated. We knew we needed more than an off-the-shelf solution to manage our processes, so we created our own proprietary, web-based client management system. It tracks everything—client contact information, year-by-year assessment values, deadlines, hearings, and outcomes. It also generates custom reports that give our management and clients clarity across dozens or even hundreds of properties. We enhance the program regularly to keep improving the quality of the information.

The Team That Works Together

We’re small, but mighty. We celebrated our 2,000th client this year! We recognize that each department plays a significant role in ensuring our success. And our software system is an integral part of our individual jobs.

  • Analysts work closely with clients to interpret property data, analyze each property to determine if an appeal is warranted, prepare tailored appeal packages, track notes and conversations, and advocate for fair valuations with hundreds of assessors nation-wide by attending hearings and conferences.
  • Operations research property values and track data, like square footage and acreage for every parcel (we had 1,000 in Missouri alone!), monitor deadlines for hundreds of jurisdictions, produce reports, and keep all the systems humming.
  • Marketing builds bridges – creating new connections, cultivating long-term relationships, and driving growth through trust and strategic engagement.
  • Leadership invests in tools, provides guidance with a wealth of knowledge, and trusts the team to execute but remains hands-on in day-to-day operations.

Everyone knows their lane, but we’re constantly cross-checking, sharing insights, and refining processes.

Why It Matters

Just like any thriving business, effective data management through smart software is essential. Our custom-built system empowers our team, streamlines operations, and drives meaningful results for our clients. Reflecting on our journey—from paper file folders to a fully tailored digital solution—we’re proud of how far we’ve come!

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!