NATIONAL REAL ESTATE
Assisted Living Facilities
Golf Courses and Club Houses
Hospitality, Hotels, and Resorts
Hospitals and Medical Facilities
Office and Flex Buildings
Regional Malls and Lifestyle Centers
Aspen Resource Group understands the complexities of commercial real estate valuation and tax appeal strategies across counties and states. Our highly experienced team of professionals constantly monitors governmental regulations, compliance issues, change in market conditions and any other factor that may affect our client's assets nationwide.
Active Asset Management
Commercial real estate tax liability is best handled through a comprehensive and ongoing strategy. We utilize a proactive methodology to analyze market conditions in relevant tax jurisdictions. Our forward-thinking approach allows us to properly forecast potential adverse financial conditions or anticipate and initiate an assessment and appeal on behalf of our clients.
Proprietary Portfolio Administration
Aspen Resource Group utilizes a sophisticated property tax management platform to ensure the most advanced appraisal and economic models are implemented. Our service platform is both scalable and capable of handling portfolios in geographically diverse markets throughout the United States.
Our affiliate network of more than 200 offices nationwide, along with our own corporate locations, actively maintains ongoing relationships with governmental entities and proper adherence in thousands of tax jurisdictions. Our network of property tax professionals is dedicated to providing strategic guidance and technical expertise resulting in the fairest and most equitable tax liability for our clients.
The Aspen Resource Group's National Real Estate Practice delivers measurable results for our valued clients.
Below are some examples of how our services have benefited clients with properties throughout the United States.
Challenge: Nestle’ Purina renovated an ice cream plant in 2008 resulting in a $60,000,000 assessment based on cost. However, the demand for ice cream declined and fuel prices made shipping the product to some destinations unprofitable.
Solution: We developed an income approach that took into consideration the underutilization of the plant due to decreased demand. The Target Value was $35,000,000. We employed proactive negotiations with the assessor, reactive appeals at the assessor and PTAAB levels of appeals.
Result: The assessment was reduced to $37,400,000 resulting in nearly $300,000 savings per year.
Challenge: Our client took the property over in Feb 2011 and the value was at $194 mil whereas our valuations and supportable documentation targeted the value at between $160-$170 mils. The jurisdiction was not willing to move on the value at all.
Solution: We were able to begin proactive negotiations with the jurisdiction on the 2010 Supplemental enrollment of value and then also during the years of negotiations filed 2011, 2012, and 2013 appeals.
Result: We were able to settle the assessment through our negotiations with the assessor from $194 mil to $166 mil resulting in a four-year savings of $991,800.
Challenge: Our client took the property over in Sept 2012 and therefore we were able to take the 2012 appeal from the previous consultant. Additionally, all the information that was available indicated the current assessment was below the appraisals we had.
Solution: We were able to file the 2012 appeal to Superior Court and then file the 2013 appeal and settle both years simultaneously.
Result: The assessment was reduced from $221 mil to $200 mil resulting in a two year savings of $416,600.
Office / Hotel Complex
Challenge: Our client purchased a hotel/office building in Washington DC. Prior to the sale, the previous owner had created additional tax parcels in the event that the hotel and office were sold separately. The result was 10 new parcels and $20,000,000 in new value-added to the asset’s real estate tax assessment.
Solution: We obtained the assessor worksheets for the period when the “new” parcels were added to the tax rolls. In doing so we were able to demonstrate that no additional value should have been added in this process and we were able to correct the error with the help of the Commercial Supervisor.
Result: The tax rolls were corrected and our client received tax savings of over $1,210,000 during the time that they held the asset.