Base Year Value Case Studies
Here are some current projects we are negotiating for Base Year Appeals:
*UPDATE: Pacific Union Property Advisors performed for our Irvine Industrial client. We are able to get the County to enroll our client's purchase price of $8,850,000 and reduce their property tax payments by approximately $45,000 annually. In addition, they will receive refunds for the over payment on the property taxes dating back to the date they purchased the property. Click here to see the notice from Orange County.
Click here to see a copy of the refund check received by our client for 1 of the 2 tax rolls.
Our Orange County Industrial Investor purchased a vacant industrial property with years of deferred maintenance for $8.85MM in 2009. The County enrolled a value of $13.1MM (increasing the annual NNN for the property by $45,000). By California law, the County does not have to enroll the purchase price of a property and can instead enroll the Assessor’s opinion of value for the property at the time of the purchase transfer. We were engaged by our client to negotiate the Base Year value as low as possible to keep the property competitive in the market and to accurately reflect the market value at the time of purchase.
*UPDATE: Pacific Union Property Advisors performed for our Irvine Industrial client. We are able to get the County to enroll our client's purchase price of $8,850,000 and reduce their property tax payments by approximately $45,000 annually. In addition, they will receive refunds for the over payment on the property taxes dating back to the date they purchased the property. Click here to see the notice from Orange County.
Click here to see a copy of the refund check received by our client for 1 of the 2 tax rolls.
Our Orange County Industrial Investor purchased a vacant industrial property with years of deferred maintenance for $8.85MM in 2009. The County enrolled a value of $13.1MM (increasing the annual NNN for the property by $45,000). By California law, the County does not have to enroll the purchase price of a property and can instead enroll the Assessor’s opinion of value for the property at the time of the purchase transfer. We were engaged by our client to negotiate the Base Year value as low as possible to keep the property competitive in the market and to accurately reflect the market value at the time of purchase.
* A Santa Clara County developer client that has reaped great savings with our services on other properties purchased an off the market property for $4MM in 2010 and a year later sold it, without improving the property, for over $8MM in 2011. The County was faced with the issue of determining the fair market value of the property for both changes of ownership. We are working with our client to seek a value as close to the $4MM purchase price for its 2010 purchase and to have the property taxes paid based on that price.
