Correcting supplemental bill before 2nd installment due saves $110,000 annually

A real estate investment company bought an apartment complex for $80 million. After the purchase, the Assessor’s office incorrectly valued the property’s value as of the date of sale at $90 million. CRE Tax Appeal filed a supplemental appeal and immediately prepared a valuation and exchanged data with the Assessor’s office. After several negotiations, the Assessor’s office agreed that $80 million was Fair Market Value. This correction saved the company about $110,000 in taxes annually. Due to the fast resolution, the company had the second installment of the supplemental bill reduced to zero.