Property Tax Assessment Appeals Result in 21.5 Percent Value Reduction
Industry: Food Services, Manufacturing, Retail
Challenge: The client received a dramatically increased property value assessment after converting and renovating a warehouse into a food manufacturing facility, which impacted the client’s tax liability. They asked Brown Smith Wallace to investigate the new property assessment for accuracy.
Solution: Our team of property tax experts found that the assessor was not only overvaluing the property in general, but also based their calculations on an incorrect measurement of the property’s square footage.
We filed an appeal with the County Board of Equalization and achieved a value reduction resulting in a two-year tax savings of $17,500.
We then recommended a further appeal to the Missouri State Tax Commission. We had the County Assessor's staff visit the property to show where mistakes in the square footage calculation were made. This also gave us the opportunity to point out the true condition of the building and grounds.
We then negotiated a second value reduction. Overall, we reduced the value on appeal by over 21.5 percent. The total tax savings for our client will be $44,000 over two years.