Results
$0
Total Reductions
$0
Total Tax Savings
Overview
In 2021, Protax LLC was hired to appeal the assessed value of a luxury condominium in downtown San Francisco. Over the course of three years, from 2021 to 2024, Protax LLC pursued a series of formal appeals and informal requests on behalf of its client as the largest real estate decline in San Francisco history began to unfold.
Challenge
The property purchased in 2016 for $2,595,000, was significantly over-assessed as its taxable value no longer reflected its true market worth. Despite the clear need for a sizable reduction, the client missed the filing deadline for the 2021 tax year, rendering the formal appeal invalid.
Solution
Protax LLC implemented its standard two-pronged approach, combining informal requests with formal appeals to maximize the chances of securing tax relief.
Results
Protax LLC’s efforts paid off over the following years:
- 2022: The first tax savings were achieved with the successful resolution of a formal appeal, leading to a $300,000 reduction in the assessed value and a $3,500 tax refund.
- 2023: The property benefited from two distinct tax savings: a reduced tax installment from a successful informal request and a refund following another formal appeal, resulting in a $750,000 assessment reduction and total tax savings of $8,800.
- (Reduced 1st Installment Savings: $4,200)
- (Tax refund: $4,600)
2024: An additional informal request led to a further reduction, with the County Assessor granting a $1,000,000 assessment reduction, yielding tax savings of $11,700.
Conclusion
This case underscores the importance of expertise and strategic negotiation in achieving rapid and substantial tax relief. Protax LLC’s proactive approach not only doubled the tax savings in the second year but also tripled them in the third, delivering long-term financial benefits to the client.