A Midwest, privately held warehouse/distribution company with over nine million square feet of storage space engaged the personnel of Swartz + Associates, Inc. (SAI) to review the real property assessment for a particular location.
Previously, the client had handled all reviews internally and had not been interested in outsourcing the review of property taxes. Because of our local knowledge at a particular facility, the client agreed to have our personnel review the current assessment and appeal to the local jurisdiction.
Reduction of the total amount of property taxes paid on real estate valuations.
SAI reviewed the profit and loss statements associated with the location as well as market lease rates in the area. Additionally, the personnel toured the facility with the local general manager to inspect the condition of the property.
After an unsuccessful appeal to the local board, SAI continued the appeals process to the Court level and ultimately prevailed in lowering the assessment placed upon the property. Due to our persistence and willingness to challenge the assessment beyond the local jurisdiction, the client allowed SAI to review additional locations within their portfolio.
To date, total tax savings to the client has exceeded $600,000.