Synopsis:
Project Description: Property Tax Appeal for 34,000 sq. ft. Mixed-Use Commercial Property
Service Provided: Valuation Services, Expert Testimony at State Tax Court
Client Since: 2016
The Client
Private Real Estate Investor
The Challenge
To determine whether the property tax burden on the property over a 5-year period was excessive and warranted a reduction.
The Solution
Otteau Group prepared an appraisal valuation of the property for 5 separate years indicating the municipal tax assessments to be excessive and warranting a reduction in property taxes. This case then proceeded to trial in State Tax Court at which our appraiser provided testimony as an expert witness.
The Result
The court ruled in favor of the client’s tax appeal and reduced the tax assessments and property taxes for all 5 years under appeal, and then froze that assessment for an additional 2-years. After the case was concluded, the municipality contacted Otteau Group and asked if we would work for the City in the future on tax appeal matters. They remain a client of ours today.