Property Tax Appeal Results
Since the company was founded, Caruthers & Associates has been engaged exclusively in property tax analysis, negotiation, and appeals. Over $300 million dollars in property tax savings for taxpayer clients on properties extending across the United States. Here are a few examples of our work:
Taxing authorities appraised property based on sale price which included favorable financing incentives. Appeal to the Shelby County Board of Equalization has resulted in over $400,000 in property tax savings to Client.
Paper plant made paper grocery bags. However, over the years the plant suffered as consumers were choosing plastic bags over paper. This caused the plant to idle large printing machines which the Chatham County Tax Assessor did not account for in their personal property assessment. Appeal to Superior Court resulted in over $40 Million in appraisal reductions and convinced the Assessor to recognize such decline in value for future years.
Miami Office market was extremely overbuilt which resulted in a high level of vacancy and unfinished tenant space located in the building. The Assessor was assessing the property as if fully occupied. An appeal to the Dade County Property Adjustment Board resulted in over a $300,000 tax savings to the owner.
The property owner before construction filed a condo map on property. However, market conditions changed after completion and the property was operated as an apartment property. The Contra Costa County Tax Assessor appraised the property as if it were a condominium and applied sale prices to each individual units. An appeal to the Contra Costa County Assessment Appeals Board resulted in over an $18 Million appraisal reduction for the Client.
The fallout in the housing market devastated not only residential real estate, but commercial as well in the Las Vegas metro market area. Office vacancies soared and rents plummeted. This made it difficult for the Clark County Tax Assessor to keep up with the decline in values. An Appeal to the Clark County Appeals Board resulted in over a $12,000,000 appraisal reduction for Client.
Two years after being reassessed based on Proposition 13 requirements the recession resulted in a drastic downturn in occupancy along with a decline in room rates. An appeal to the San Mateo County Assessment Appeals Board resulted in over a $20 Million appraisal reduction.
First Tennessee Plaza was purchased at the height of the real estate market. The Knox County Assessor did not consider the subsequent decline in value. An Appeal to the Tennessee State Board of Equalization resulted in over a $10 Million appraisal reduction for Client.
Client purchased office at the height of the Dot.Com bubble. When market rents drastically dropped, so did the value of the surrounding Office Sub-Market. Our firm filed a Proposition 8 appeal to the San Mateo County Assessment Appeals Board and won a reduction in value of over $37 Million for the Client. Further appeals for future years resulted in even further property tax savings for our Client.
The Caterpillar warehouse appraisal was reduced from $20 million to $8 million. Caruthers argued before the Board of Equalization that the warehouse, with over 1 million square feet, was outdated and functionally obsolete having low ceiling heights and inadequate dock doors. This reduction benefitted the owner in over $350,000 in annual property tax savings.
Newly constructed Correctional Center located in California City, CA was appraised by the Kern County Assessor based on the actual construction cost. Legislation by the California Jailers Association prevented California state prisoners to be housed at the facility resulting in External Obsolescence not recognized by the Assessor. An appeal to the Kern County Assessment Appeals resulted in over a $20 Million appraisal reduction for a two year period. This appeal saved the Taxpayer over $500,000 in property taxes.