County had incorrect property type

CRE Tax Appeal worked with a real estate developer who built an apartment building in Southern California during the peak of the recession and unfortunately lost the property to foreclosure. The developer purchased the land and began construction right before the great recession tanked the real estate market. Despite the market-wide drop in real estate values, the county assessor did not listen to the developer or his property tax consultant, a retired assessor from another county. Once we understood the developer’s situation and he understood that we would diligently and aggressively resolve his appeal, he was eager to work with CRE Tax Appeal. The county assessor insisted that the apartment building should be appraised as condominiums. Using the Revenue & Taxation Code along with other supporting laws, CRE Tax Appeal demonstrated that the property should be evaluated as an apartment building and supported a tax reduction using apartment buildings as comparable sales. After the hearing, the Board ruled in favor of the property owner and refunded 33% of his property taxes.