Hotelier saves $500,000+ annually from resolving a Base Year appeal

A hotelier had bought a property during the Great Recession for about $17M. The Assessor’s office set the assessment at more than double the purchase price which crippled the cash flow and profitability of the hotel. Legal counsel for the hotelier filed a Base Year appeal to reduce the property taxes as of the purchase date but were ineffective at resolving the appeal. As a result of the property taxes being based on an artificially high value and that appeal being unresolved, the outrageously high property taxes forced the property owner to sell the hotel well before the end of their holding period. CRE Tax Appeal was appointed as agent and created total tax refunds of about $575,000 for the hotelier.