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Overview

A national senior living client of ours, had a property in Augusta, GA that was a strong candidate for review, based on the assessment provided by the county. This specific client had a 50,000-sf facility which they purchased in 2019 through a portfolio transaction that led to a new value being assessed to the property.  

 

 

Challenge

Due to the material amount of business value in senior living facilities, this type of property typically exchanges hands at high dollar amounts. Assessors will often deem this transaction as a “market transaction” and apply the purchase price as the property’s assessment the year after the purchase. Like many other healthcare properties that we service, this property was over assessed because the assessor was not using the proper valuation approach.  

 

Solution

Understanding Georgia assessors can only value the sticks and bricks of a facility, the key to this appeal was being able to pull out the business value. Altus is especially equipped in this area because it is led by MAI’s who are leaders in the healthcare valuation field. This leverage allows us to be able to look at healthcare properties in unique ways pending various factors. In this specific circumstance, due to the facility’s recent construction, we were able to provide the subject property’s AIA document showing the actual construction cost in our appeal package.  

 

Result

 Having provided actual cost allowed for a quick resolution that resulted in substantial savings to the taxpayer. The subject property was reduced 59%, from $13.6M to $5.6M, which translates to over $100K in taxes saved for our client, which they were thrilled about.  

Services provided

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