RPC Property Tax Advisors has completed over a thousand property value assessment reduction cases representing billions of dollars in assessed values and tens of millions in property tax savings.
Following are just a few examples of RPC’s results:
Multi Family / Apartment Properties
588 Unit Multi-family Project; Riverside County
- Property owner had filed a property tax assessment appeal.
- After more than a year, the owner was not getting any tax relief from the County Assessor.
- RPC was asked to handle the tax assessment appeal.
- After only six months, largely due to its extensive familiarity with county personnel and case processes, RPC Property Tax Advisors was able to negotiate a reduction for both 2008 and 2009.
RPC’s 21 years of working with the various county assessors’ offices and establishing solid working relationships enables RPC to provide exactly what’s needed to reduce tax assessments in the fastest manner possible. Nobody can get it done better.
Taxes Saved: $348,000
212 Unit Apartment Purchased for Condo Conversion; San Diego County
- Developer paid a premium; commenced conversion, evicted tenants and made physical improvements.
- Conversion was not completed due to deteriorating market and lack of sales; began re-rental program.
- The property assessed value reflected the premium purchase price plus value of “condo” improvements.
- As a rental, due to the significantly higher vacancy and re-occupancy expenses, RPC was able to demonstrate to the assessor’s office that their calculation of Net Operating Income was significantly overstated and a reduction in the assessed value was granted.
Taxes Saved: $220,000
124 Unit “Fractured Condo” San Diego County
- Property Value Assessment for entire project reflected sales of first units in project which stalled due to market.
- Project reverted to multi-family rental.
- RPC achieved reduction in assessed value due to corrected valuation as rental property.
RPC’s 21 years of expertise in this space has led to the development of the best models for income analysis that complies with the SBOE assessment standards. The assessors’ appraisers appreciate RPC’s methods and detailed analyses which allows them to stipulate to the lowest assessed values possible. Nobody can get it done better.
Taxes Saved: $133,434
120,000 SF Shopping Center; Santa Clara County
- Due to downturn in consumer spending, tenants closed businesses and remaining tenants were under pressure.
- Increased vacancy and reduced rents directly affected operating income and market value.
- RPC performed site and market analytics, and negotiated significant property assessed value reduction.
- The Tax Appeal process was completed in eight months and reductions were achieved for both 2008 and 2009.
RPC’s 21 years of experience including local relationships in most counties in California, combined with our proprietary models for income property valuations, consistently results in most efficient processes in obtaining property tax refunds. Nobody can get it done better or faster.
Taxes Saved: $127,000
646,000 SF Office Campus on 37 acres; San Diego County
- Due to recession, the property displayed increased office vacancy and downward pressure on rents, with.
- Above average operating expenses.
- RPC achieved a significant reduction in the property assessed valuation using market-derived capitalization rates combined with actual expenses and RPC’s proprietary software to develop the case arguments for re-assessment.
Taxes Saved: $288,000
45,895 SF Office Building; San Bernardino County
- Property was performing poorly due to recession.
- Higher vacancy, lower rents, B location, high cap rate comps.
- RPC achieved a 23 % reduction in the property assessed value and commensurate tax savings
Taxes Saved: 23%
RPC’s extensive understanding of the individual assessors’ offices procedures enables the assessor to reach a decision more quickly and efficiently, resulting in bigger and faster refunds. Nobody can get it done better.
- Due to recessionary factors property had higher vacancy and significant collection problems.
- Evictions, move-out incentives, move-in incentives translated to a huge swing in operating income.
- RPC worked closely with senior county appraiser and demonstrated higher capitalization rates combined with actual income and expenses warranted a reduced assessed value.
Taxes Saved: $25,684
83,000 SF Self Storage Facility; Kern County
- Significant market distress due to the recession for this Bakersfield property.
- Higher capitalization rate due to evictions, move outs, repairs and move-in incentives.
Taxes Saved: $38,632
Industrial Properties (R&D, Manufacturing, Warehouse, Flex)
390,169 SF Warehouse, Torrance, Los Angeles County
- Reduced occupancy, lower rental and rent pressure from Tenants.
- Reduced NNN reimbursements.
- RPC negotiated a 20% reduction in this property’s assessed valuation.
Taxes Saved: 20%
74,200 SF Warehouse, San Jose, Santa Clara County
- Recession induced reductions in income, property values and occpancies.
- Reduced NNN reimbursements.
- RPC achieved a 24% reduction in property assessed value and property taxes saved.
Taxes Saved: 24%
RPC Property Tax Advisors has maintained relationships with key staff and senior personnel at most assessors’ offices. This always results in a more efficient and proficient appeal process. Nobody can get it done better.
153 Room Palm Desert Hotel Resort; Riverside County
- Property was experiencing significantly lower ADR’s and.
- Lower occupancy.
- No commensurate reduction in operating expense.
- RPC appealed to the county and successfully obtained a significant reduction in the assessed value.
Taxes Saved: $36,973
RPC was able to prevail on its argument for a lower market value due to RPC’s high quality of comparable data and analytics supporting the general market downturn, higher capitalization rates as well as the specific problems with this property. Nobody can get it done better.
125 Room Motel; San Diego County
- Recessionary effects resulted in higher vacancy, lower ADR’s, higher CAP rates.
- RPC successfully appealed the assessment and obtained over $2 million in reduction to the assessed value.
Taxes Saved: $22,122
RPC was brought on board after the owner had missed the appeal deadline for the prior year. Savings of roughly twice that amount could have been realized. Timely filings are critical to assuring you are paying the fair amount, and RPC’s staff and regular adherence to timelines could have saved this taxpayer significantly more. Nobody can get it done better.
Business Tangible Property (FF&E)
Heller Ehrman Law Firm; San Francisco County
- One of the largest law firm bankruptcies to occur in the US.
- County submitted bill in excess of $275,000 to the trustee for business property taxes due to prior year’s records.
- Specific records were missing or not available.
- RPC filed a business/personal property tax appeal.
- RPC researched the bankruptcy and discovered relevant records to enable an 82.5% reduction in the tax.
Taxes Saved: $227,000
RPC Property Tax Advisors achieved the significant reduction as a direct result of errant prior-years’ Form 571 filings and numerous listings of non-existent FF&E. The investigation provided by RPC’s Business Tangible Property experts resulted in a very quick (approximately 30 days) correction in the tax rolls and the resultant reduction in liability to the estate. Let RPC handle your business personal property filings, audits and appeals. Nobody does it better.