Results
$0
Total Reduction
$0
Total Tax Savings
Overview
In 2018, a homeowner in Santa Monica partnered with Protax LLC to reduce the property taxes on their condominium. The goal was to minimize the property tax burden and achieve substantial long-term savings.
Challenge
The partnership began slowly, with no tax savings in the first year and only a modest 5% reduction in the second year. Despite these initial results, the homeowner remained committed to the relationship, aiming for greater long-term benefits.
Solution
Protax LLC employed a strategic approach, conducting periodic reviews and making necessary adjustments to optimize the property tax assessments. During the second contract period, Protax achieved a notable 13% reduction in property taxes for 2021. Building on this success, the homeowner renewed the agreement for a third period, during which Protax secured consistent 12% tax savings for both 2022 and 2023.
Results
Protax LLC’s interventions resulted in significant tax savings over the years:
- 2021: 13% reduction in property taxes
- 2022-2023: 12% reduction per year
However, the homeowner decided not to extend the agreement for 2024. As a result, the county assessor reinstated the base year value of the property, causing the loss of all accumulated tax savings from the previous six years.
Conclusion
This case underscores the importance of maintaining an ongoing partnership with tax reduction specialists to preserve long-term benefits. While Protax LLC successfully delivered significant tax savings during their tenure, the homeowner’s decision to discontinue the agreement led to the forfeiture of all previously gained savings. This highlights the critical value of sustained engagement in property tax optimization to maximize and retain financial benefits.