All Entries Tagged With: "assessment appeal"

California Property Tax Associates (CAPTA)

“THIS ASSESSMENT REDUCTION FILING SERVICE IS NOT ASSOCIATED WITH ANY
GOVERNMENT AGENCY. IF YOU DISAGREE WITH THE ASSESSED VALUE OF YOUR
PROPERTY, YOU HAVE THE RIGHT TO AN INFORMAL ASSESSMENT REVIEW, AT NO
COST, BY CONTACTING THE ASSESSOR’S OFFICE DIRECTLY. IF YOU AND THE
ASSESSOR CANNOT AGREE TO THE VALUE OF THE PROPERTY OR IF YOU DO NOT
WISH TO CONTACT THE ASSESSOR YOU CAN OBTAIN AND FILE AN APPLICATION
FOR CHANGED ASSESSMENT WITH THE COUNTY BOARD OF EQUALIZATION OR
ASSESSMENT APPEALS BOARD ON YOUR OWN BEHALF. AN APPEALS BOARD HAS THE
AUTHORITY TO RAISE PROPERTY VALUES (BUT IN NO CASE HIGHER THAN THE
PROPOSITION 13 PROTECTED VALUE) AS WELL AS TO LOWER PROPERTY VALUES.”

The above disclaimer is required by AB 992.  CAPTA is pleased to include it in our website as a remedy to the growing number of fraudulent companies seeking to take advantage of the continuing problems associated with falling real property values.

While CAPTA agrees with the above premise that the Assessor should reduce a property’s value if it is over-assessed, the magnitude of the work required to accomplish this task is not possible.  As the need increases, the budget and staffing at the Assessors Office decreases.  They simply cannot do more work with less people.  That’s where CAPTA comes in.

California Property Tax Associates (CAPTA) is an expert in the field of Property Tax reduction relief . For many years we have saved thousands of Clients millions of dollars in counties throughout the State of California by representation before the Assessment Appeals Boards in the assessment reduction process.  Our Associates who will actively work on our Clients portfolios include attorneys, licensed and certified appraisers, and past and present County Assessment Appeals Board Members.

California Property Tax Assessment Appeal Experience and Services

• 20 Years Experience Reducing Assessments County by County
  
• A History of Success Across Property Types (see rotating chart on right for recent reductions)
  
• Contingency Based Fee; No Savings, No Fee!
  
• CAPTA Does All The Work
  
• All Appraisal Work Required
  
• Informal Assessment Review Filing
  
• Negotiation With Assessors Office
  
• Formal Appeal Filing- If Your Appeal Is Already Filed By You Or Another Agent-  We Can Still Represent You
  
• Negotiation With Assessors Office Prior to Assessment Apeals Hearing
  
• Full Representation at the County Assessment Appeals Board Hearing
  
• Future Year Assessment Appeal Filing Where Warranted
  
• Annual Property Tax Assessment Review to Ensure Lowest Possible Value

CAPTA is dedicated to educating property owners about their rights under the California Revenue and Taxation Code.  Some of our associates have worked to provide assessment relief and reduce property taxes since 1989.

Our mission is simple:

• Enforce our Clients Rights under Proposition 13 and ensure they never pay more property tax than what they are required to pay after applying every conceivable reduction strategy allowed by law.

In most cases our fee agreement is simple as well: You, the property owner receive property tax savings, credits, or refunds–otherwise you don’t pay. There are never any up front costs and fees are only due once you have received official notification of your savings. NO SAVINGS-NO FEE!

Over the years our associates have handled cases for a variety of clients and interests which include restaurants such as Del Taco, Sizzler, Honey Baked Hams and Burger King, vacant commercial and residential land projects, shopping centers and retail properties such as Chino Town Center and Blue Jay Village Corp., hundreds of industrial buildings such as the GFS Airport Center located at the Los Angeles International Airport, hundreds of office and apartment buildings, and countless single-family residences Statewide.

CAPTA Can Help

Our team of agents and consultants have helped property owners get through tough times like these back in the 1990’s with property tax savings and even refunds. The California Property Tax Appeal system is difficult but fair overall, but accurate taxation is the responsibility of the property owner who has the greatest interest in establishing a fair market value.

CAPTA can give you Property Tax Reduction help and assistance. Now more than ever you need to protect your assets by making wise decisions in a depreciating market. CAPTA has the Agents, Consultants and systems in place and the experience you need to maximize your property tax savings and refunds. Regardless of whether you own residential property, apartments, retail, commercial, industrial or even vacant land, all real estate is subject to valuation for taxation by the County Assessors Office and should be reviewed for a reduction in value whenever possible.

CAPTA has provided answers to most of your questions throughout the pages of this site. Please feel free to browse our frequently asked questions (FAQ) section for additional information.

Ready to Get Started? There is no charge to begin and no fee is due until a reduction, refund, or savings is granted! If you would like to start the process and let CAPTA begin their investigation to determine the feasibility of receiving a reduction in your assessed value please call us immediately at 888-678-9TAX .  But time is critical; deadlines vary by County.

California Commercial Property Tax Industrial

Below is an actual case from an Industrial Property Appeal that was won in Hayward, California:

APPEAL #1997

January 25, 1999

APN:               475-xxxxx

USE:                Industrial

LOCATION:   Hayward

AREA:             44,000 Square Feet

The subject property is located in Hayward.  Situated on 1.88 acres the property was built in 1992 of concrete tilt up construction and has 44,000 square feet.

MARKET APPROACH TO VALUE

Six comparable property sales were located in Hayward occurring between December of ‘95 and March of ‘97.  Because of the diversity of several of these properties, care was taken to adjust the sales price to match the subject.  A detail of the characteristics of the comparable properties is located on the next page with comparable number 1 being the most recent and comparable number 6 being the oldest.

COMP #1

Located two blocks from the subject this property was built in 1987 and consists of concrete tilt-up construction.  Sold in…..

COMP #2

Located approximately 7 miles North of the subject this comparable was built in 1981 and is also concrete tilt-up construction.  The property has….

COMP #3

Located approximately 2 blocks from the subject this comparable was built in 1986 of concrete tilt-up construction.  This comparable has…

COMP #4

Located 7 miles North of the subject this property was built in 1975 of concrete tilt-up construction.  This comp has….

COMP #5

Located 2 blocks from the subject this property was built in 1974 of concrete tilt-up construction.  Located on a ….

COMP #6

Located 4 blocks from the subject this property was built in 1987 of concrete tilt-up construction.  This comp has….

ADJUSTMENTS

Using these comparables we have adjusted sales prices from $34 to $42 per square foot.  We have chosen the average of $37.50 per square foot as fair market value for the 1997 lien date.

3/97 FAIR MARKET VALUE VIA THE MARKET APPROACH

$37.50 X         44,000 SQ.FT.            =          $1,650,000

1997 FAIR MARKET VALUE VIA

THE MARKET APPROACH        $1,650,000

INCOME APPROACH TO VALUE

Rents for industrial property in the area are shown on the comparable detail on page 2…. The Comp on 4001 Whipple was new construction and the owner was offering a $3.50/sq.ft. Tenant Improvement allowance.  As is shown above, rents were in the range of .30 to .39 per square foot Net.  For the purpose of our value determination we have used $ .36/sq.ft. as economic rent.

44,000 sq.ft.     X         .36       = $15,840        X         12        =$190,080

$190,080

VACANCY     5%       9,504

180,576

EXPENSES     5%       9,029

NET INCOME      $171,547

CAP RATE      10.2

$171,547 \ 10.2           =          $1,681,835

3/97 FAIR MARKET VALUE VIA THE

INCOME APPROACH         $1,681,835

RECONCILIATION

MARKET APPROACH $1,650,000

INCOME APPROACH $1,681,835

FULL CASH VALUE $1,665,000

California Commercial Property Tax Retail

The following is an actual L.A. County Assessment Appeal case presented before the appeal board in April of 2000, for a 1998 appeal.  Certain information has been with held or changed.

APPEAL #98-xxxx

April 6, 2000

APN:               6271-xxxx

USE:                Strip Center

LOCATION:   Bellflower

AREA: 17,192 Square Feet

The subject property is located at xxx Boulevard in Bellflower.  Consisting of several buildings on 4 parcels the property has tenants suited for a small strip mall.  The property was purchased for $2,200,000.

At the time of purchase most tenants were in the middle of leases signed at the height of the real estate boom in 1989 and 1990.  Those leases are now expiring.  Replacement tenants are not paying nearly as much and vacant space continues to be a problem…

MARKET APPROACH TO VALUE

Two comparable property sales were located within several miles of the subject area occurring during the time of this valuation.  A detail of the characteristics of the comparable properties follows this chart:

ADDRESS                            DATE     PRICE                    $/SQFT SQ.FT.                   LOT       CAP       Units

SUBJECT                             01/98     $2,300,000+/-      $133       17,231                   47,575                   15

COMP #1

Located just north of the subject on the same street, the strip Center was built in 1987 and sold in January 1998 for $580,000.  The comparable has 7,520 square feet of improvement space on an 18,295 sq. ft. lot….

COMP #2

Located approximately 5 miles south of the subject this comparable was built in 1989 of concrete block covered in stucco.  Sold in August of 1997 for ….

Using these comparables we have sales prices ranging from $71 to $77 per square foot.  We have chosen the average of $74 per square foot as fair market value for the 1998 lien date.

1/98 FAIR MARKET VALUE VIA THE MARKET APPROACH

$74      X         17231 SQ.FT. =          $1,275,094

1998 FAIR MARKET VALUE VIA

THE MARKET APPROACH        $1,300,000

INCOME APPROACH TO VALUE

Rents for commercial property in the area are shown below:

ADDRESS                             YEAR     PROXIMETY        SQ.FT.    $/SQ.FT.                NET/GROSS

1)  15737 Bellflower              1989        1 Miles North        1400        $1.20                       Gross

2)  Subject                             1990                                        1991        $1.21                       Gross

As is shown above, rents were in the range of 1.20 to 1.21 per square foot gross.  For the purpose of our value determination we have used $ 1.20/sq.ft. as economic rent….

17,231 Sq.Ft.   X         1.20     = $20,677        X         12        =$248,126

$248,126

VACANCY     13%     -32,256

215,870

EXPENSES     25%     -53,967

NET INCOME            $161,902

CAP RATE      11.0

$161,902 \ 11.0           =          $1,471,841

1/98 FAIR MARKET VALUE VIA THE

INCOME APPROACH         $1,475,000

RECONCILIATION

MARKET APPROACH $1,300,000

INCOME APPROACH $1,475,000

FULL CASH VALUE $1,475,000