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Overview

In 2018, an existing client assigned Altus Group a regional hospital that had been represented by another tax consulting firm for prior years. Following multiple site visits and internal discussions and analysis, we determined that the assessment was unreasonably high and had remained so for several years. 

Challenge

A competing firm with limited healthcare expertise had been representing this hospital for many years and had allowed the property’s assessment to remain well-above its market value. Whenever a property is over-assessed for many years, the challenge associated with achieving a significant reduction is heightened because the county is less likely to “come to the table” if nothing material had occurred at the property level to warrant such a large reduction.

Services provided

Our technology-enabled expert services enable commercial real estate professionals to connect to the market with greater speed, visibility and efficiency.

Results

Our experienced healthcare valuation team developed multiple valuation models supporting considerable assessment reductions and our consulting team worked diligently with the local taxing jurisdiction to secure an equitable result.  For 2019-2020 Altus group was successful in achieving over $100 million in assessment reductions for the 3-year period, which equated to a combined tax savings for our client of about $2.15 million.  

Services provided

Our technology-enabled expert services enable commercial real estate professionals to connect to the market with greater speed, visibility and efficiency.

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