Auto dealership tenant saves $500,000 after county locks in inflated purchase price

An automotive dealership tenant was being overtaxed due to an inflated base year value. The property had sold in an irrational transaction where the buyer paid far above market value — and the county enrolled that inflated purchase price as the assessed value, passing the excessive tax burden to the tenant on a NNN lease. CRE Tax Appeal challenged the base year value, demonstrated that the purchase price did not reflect fair market value, and resolved the appeal — reducing the dealership’s property tax obligation by $500,000.