Case Study: Appeal of 300+ Unit Apartment Complex

With real estate values dropping apartment buildings face unprecedented vacancies caused by complex factors...

Solution

A comparable study and a detailed analysis of the income and expenses were prepared.

Result

The client realized savings there were approximately $125,000 lower than when only the original 23 buildings were assessed.

For more information on apartment complex tax appeals, contact Jack Boehm

Situation

Fisk Kart Katz and Regan was hired to appeal reassessment of a suburban apartment building complex which consisted of 28 separate buildings, five of which were built subsequent to the original construction.

The assessor only assessed the five new buildings and omitted the 23 original buildings until a consultant filed a complaint.

Challenge

The client's property was "back taxed" on 23 buildings in the previous assessment after a consultant filed an assessment complaint without first checking the assessment records. Higher per room taxes and per room valuation occurred as a result.

Fisk Kart Katz & Regan LtD