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Real Estate Tax Review and Appeals
Our property tax consultants are well versed in real estate valuation principles. While many assessors use mass appraisal methods to determine property values, we review each property in detail to determine whether our clients’ real property assessments are in line with fair market value. Utilizing a proprietary methodology, we efficiently gather and analyze client-specific information and current market data to estimate the value of our clients’ property and determine if an appeal is warranted. We represent our clients in settlement discussions with local assessors and at hearings at the state and local levels. Our consultants draw from a wide range of experiences in both the public and private sectors to ensure the assessments are fair and equitable. We manage the entire process from initial review through resolution, keeping our clients updated during every step of the process.
We have plants throughout the Midwest and rely on Diversified Property Solutions for their broad understanding and knowledge of tax laws, real estate markets and municipalities in these different locations. They are always well prepared for strategic negotiations; and even in a down economy, they have been able to obtain significant property tax reductions that have added hundreds of thousands of dollars to our bottom line year after year.
Shankar Kiru, Chief Financial Officer
Diversified Machine Inc. |
Real Estate Review
Yields Major Savings
CLIENT BACKGROUND:
Manufacturing Facility
343,000 square feet
Real estate property tax liability: $474,000
HOW DIVERSIFIED PROPERTY SOLUTIONS HELPED:
We commissioned a real estate appraiser to determine the fair market value of the property. We then conducted meetings with the jurisdiction, including the assessor, city manager and the client’s CFO. After negotiations, a reasonable settlement was made with the jurisdiction.
BOTTOM LINE RESULTS:
Approximately $270,000 annual savings, a 57% reduction in annual property taxes
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