Case Studies

Apartment Case Study 2

CTN saved Millennium Interests $44,515 in Taxes for Alvin Cedar Grove Apartments in a Single Year

CLIENT PROFILE

Millennium Interests has been a client of CTN for more than 10 years. After our market research indicated that several of their properties was excessive, we contacted them and they agreed to allow us to attempt to correct the error in valuation. Subsequently, they asked us to represent them on additional properties. Since then, we have continued our relationship in minimizing their portfolio.

PROBLEM

The subject of this case study is an apartment complex in the city of Alvin , Brazoria County , TX . The Appraisal District previously valued the complex during the 2003 tax year at $2,091,420; they proposed a new 2004 valuation at $3,524,820. This was a significant increase over the prior year's taxes.

SOLUTION

After analyzing their actual income and expenses and other pertinent data, CTN filed an appeal. A complete analysis of the income indicated a value of approximately $2,615,000. This took into consideration market rents, occupancy and deferred maintenance.

Our extensive analysis of comparable assessments via the unequal appraisal approach made it clear that our property was singled out for this significant increase. Our research discovered that similar properties in the immediate area with similar physical characteristics indicated a value of $2,260,000 for the subject property.

During the hearing and thru some aggressive negotiation, we agreed on a value of $2,320,450. This was a reduction of $1,204,370 in valuation for the subject property. This value reduction resulted in a Tax Savings of $44,515.

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