Case Study: Office Buildings

Office buildings are under highest scrutiny of assessing authorities who are looking for ways to aid the budget deficit caused by the housing market…

Solution

Fisk Kart Katz and Regan recommended correcting the plat of survey creating two distinct tax parcels;
Reallocate the purchase price between the two distinct tax parcels in a more favorable manner; and
Bolster their appeal methodology with uniformity arguments, empirical office market data, occupancy data, and explanations of the purchaser's motivation and intent.

 

Result

Client realized an assessed market value approximately $8,000,000 less than the purchase price. FKKR obtained a lower tax basis and established a proven methodology that ensured lower assessments in future years.

 

For more information on office tax appeals, contact James Regan

Situation

Fisk Kart Katz and Regan was hired to analyze the tax implications of purchasing a suburban office tower in suburban Chicago.

 

Challenge

The client feared the purchase price would result in drastically increased real estate taxes making the project uneconomical.

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