Main Street Condo Enjoys Double Dip Tax Savings!

Overview

In 2016, an immigrant purchased their dream home—a luxurious $2.6 million condo in downtown San Francisco. However, the local real estate market took a sharp downturn due to the pandemic, leaving the property over-assessed and the owner burdened with inflated property taxes. In 2021, Protax LLC was engaged to provide essential property tax relief.

Challenge

The client faced several obstacles, including a language barrier and limited knowledge of the complex property tax system, which rendered them unable to advocate for a fair tax assessment. Additionally, the assessed value of the condo no longer reflected the reality of the post-pandemic market value, leading to an unfairly high tax liability.

Solution

Protax LLC implemented a strategic, two-pronged approach to secure maximum savings. In 2022, the team filed a formal appeal, which successfully reduced the assessed value. For the 2023 tax year, Protax LLC submitted an informal request, achieving further savings. Despite this, the county’s reassessment still exceeded the property’s fair market value, prompting Protax to file another formal appeal. This second appeal resulted in an additional reduction and refund. By combining both informal and formal methods, Protax achieved a “double-dip” tax saving—first through a lowered tax installment, then via a refund after the appeal. For 2024, Protax submitted another informal request, ensuring the client’s continued financial relief.

Results

The property experienced significant reductions in assessed value over multiple years:

• 2022: $300,000 reduction
• 2023: $360,000 (first reduction – informal request)
• 2023: $390,000 (second reduction – formal appeal)

2024:$1,000,000 reduction

Conclusion

This case highlights the value of expert evaluation and skilled negotiation in achieving long-term tax relief. Protax LLC’s proactive and strategic efforts not only delivered immediate savings but also positioned the client for ongoing financial benefits, underscoring the importance of professional property tax representation.