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Client profile

A 366 unit Class B Multi-Family building constructed in 1988. The unit mix includes 1 and 2 bedroom apartments with standard features and community amenities.

Challenge

The Apartment building was constructed in 1988 and the replacement of building components had become frequent due to the property’s age and the changing weather patterns in the Mid-Atlantic region. Less efficient building system components led to higher operating expenses as the property’s aging building materials began to wear out at an accelerated pace. The County Assessor did not take these higher than average expenses into consideration in the income approach to valuation that was used to estimate the fair market value of the property.

Results

Altus Group appealed and reduced the assessment by 27% resulting in more than $277,000 in tax savings.

Services provided

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Last updated on July 29th, 2019 at 05:32 pm

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