Solution
Altus experts were brought in after the client’s 2013 appeals didn’t realize savings. We made sure the client was aware of the opportunity to appeal both personal property assessments and real property assessments concurrently. Altus’s approach was to look at it as an integrated / holistic issue as one type of property is directly related to the other.
Real Property Tax:
When business dropped off the client ended up not utilizing a large portion of the building for their daily business operations. Additionally, at the time of construction, the structure was overbuilt to accommodate specific printing equipment. Altus concluded that if the building were to be sold now a buyer wouldn’t pay more for the additional structural elements.
Personal Property Tax:
While the printers may have cost millions at the time of purchase, the decline in the printing industry has greatly diminished the amount of money potential buyers are willing to pay for the machinery. Altus was able to reset the expectations of the assessment office for the value of the equipment and demonstrate that the market value was considerably lower.
Altus was able to negotiate directly with the assessors, thus avoiding the burden of costly litigation.
