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Proven Success
Case Studies | Property Tax Savings
Tax Year: 2020
Location: NW 74th Avenue, Miami, FL
Property Type: Warehouse
Original Assessment: $11,159,000
Revised Assessment: $10,159,000
Assessment Savings: $1,000,000
(9% reduction)
Heated Sq Ft: 54,507
Lot Size: 331,722
Year Built: Multiple
Zoning: Industrial
What is unique about this property is that despite the 50,000 sq ft existing building, the highest and best use of this property is in the land due to a surge in pricing of vacant industrial land located in close proximity to Miami Airport. However, 2019 sales of lots with larger footprints similar to the subject sold for significantly less on a price per sq ft basis than smaller lots. The land sales most similar to the subject supported a revised assessment, and ARE Solutions Property Tax Consulting Services appeal of the 2020 property appraiser market value was successful.
Tax Year: 2019
Location: Weston Road, Weston, FL
Property Type: Office
Original Assessment: $4,266,290
Revised Assessment: $3,545,000
Assessment Savings: $721,290
(17% reduction)
Heated Sq Ft: 18,319
Lot Size: 74,647
Year Built: 1999
Zoning: Commercial
Weston is one of the most affluent cities in Broward County, and office properties typically generate rents that are higher than most other jurisdictions in the county. This two story office building has had historically strong occupancy even though the 2nd floor rents are significantly lower than the income that is generated on the ground floor. Due in part to the building being in an HOA, the expenses are on the higher end of the range of other similar properties. Based on the income, expenses, and typical cap rate, ARE Solutions Property Tax Consulting Services successfully reduced the 2019 property appraiser market value by 17%.
Tax Year: 2018
Location: North Park Drive Goldsboro NC
Property Type: Hotel
Original Assessment: $4,644,260
Revised Assessment: $1,641,770
Assessment Savings: $3,002,490
(65% reduction)
Heated Sq Ft: 48,584
Lot Size: 87,120
Year Built: 2018
Zoning: Commercial
This property was demolished in 2015, and reconstructed into a new hotel brand. There were significant construction delays, and the hotel did not open until mid 2018. The original 2018 assessment included a significant building value; once we showed the assessor that the hotel was still under construction on the date of assessment, the county reduced their building value to the value of the land plus the value of the partially complete structure resulting in a 65% reduction.
Tax Year: 2017
Location: : Roselane Street Marietta, GA
Property Type: Office
Original Assessment: $3,600,700
Revised Assessment: $2,898,000
Assessment Savings: $702,700
(19.5% reduction)
Heated Sq Ft: 15,554
Lot Size: 69,696
Year Built: 2000
Zoning: Commercial
This property had significant damage from a sewer line backup that resulted in the owner having to move his business out of the building until the repairs were completed. The amount of damage caused during the date of assessment substantiated a reduction in the market value of the building. After submitting our evidence to the assessor office, which included written estimates for repairing the damage, the 2017 assessor market value was revised to $2,898,000 or $186 per sq ft.
Tax Year: 2016
Location: : SW 12th Avenue Pompano Beach
Property Type: Industrial
Original Assessment: $12,563,100
Revised Assessment: $10,600,000
Assessment Savings: $1,963,100
(15.6% reduction)
Heated Sq Ft: 83,904
Lot Size: 1,046,592
Year Built: 2005
Zoning: Industrial
With a land to building ratio of 12.47 to 1, the land is a significant portion of the overall value of this property. There is also excess land that can be sold separately from the building. The amount of excess and surplus land is needed for the operation of the owner’s business. After exchanging evidence with the property appraiser, an agreement was reached to revise the 2016 assessment to $10.6M or $126 per sq ft.
Tax Year: 2015
Location: Overseas Highway Marathon
Property Type: Hotel/Resort
Original Assessment: $8,399,186
Revised Assessment: $6,574,556
Assessment Savings: $1,824,630
(21.7% reduction)
Heated Sq Ft: Multiple Components
Lot Size: 250,470
Year Built: 1968 and 1972
Zoning: Commercial
This resort in Marathon consists of four 4 story buildings totaling 124 units, eight individual villas with a total of 25 units, a resort building with a full service restaurant, and a 54 slip marina. The property is unique in that it has multiple components, is in need of major renovations, and it also sold in December of 2013. The sale was a bank sale that was on the market for some time. The 2013 sale price was for well below the 2015 assessment. The fact that their was a subject sale for substantially less than the property appraiser proposed 2015 assessment, coupled with the repairs needed on the resort attributed to a 21.7% reduction in the property appraiser market value facilitated by ARE Solutions.
Tax Year: 2014
Location: Norwood Ave Jacksonville
Property Type: Flea Market
Original Assessment: $2,179,400
Revised Assessment: $1,729,100
Assessment Savings: $450,300
(20.6% reduction)
Heated Sq Ft: 101,392
Lot Size: 410,308
Year Built: 1969
Zoning: CCG-1
The high vacancy and large footprint make this property stand out in the Jacksonville Market. ARE Solutions was able to facilitate a 24% reduction based on the vacancy and using the income approach, the revised value is well supported.
Tax Year: 2013
Location: Orange Avenue Orlando
Property Type: Medical Office
Original Assessment: $2,511,157
Revised Assessment: $1,565,041
Assessment Savings: $946,116
(37.7% reduction)
Heated Sq Ft: 19,191
Lot Size: 18,404
Year Built: 1996
Zoning: AC-2/T
This property tax appeal was unique because the entire 19,191 sq ft footprint was vacant as of January 1, 2013. Because of the discount for rent loss, the property is worth significantly less than the 2013 assessed value that the property appraiser had originally set for the property.
Tax Year: 2012
Location: Fruitville Road Sarasota
Property Type: Office
Original Assessment: $10,305,100
Revised Assessment: $9,280,000
Assessment Savings: $1,025,100
(10.0% reduction)
Heated Sq Ft: 108,768
Lot Size: 343,833
Year Built: 1986
Zoning: ORD
The sheer size of this building at over 100,000 sq ft, and its strategic location close to Downtown Sarasota make this property unique. Because of the recession, recent leases in this property were reduced to keep the building occupied. ARE Solutions provided the property appraiser with a detailed evidence package supporting an assessment reduction, and as a result, the assessed value was lowered 10%.