Main Street Condo Enjoys Double Dip Tax Savings!
Total client tax savings
$1000
Total assessment reductions
$1000
In 2016, a foreign national purchased their dream home—a luxurious condo in downtown San Francisco.
Overview
In 2016, a future client purchased his dream home—a luxurious 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 seek essential property tax relief.
Challenge
The owner faced several obstacles, including a language barrier and limited knowledge of the complex property tax system, which rendered him unable to advocate for a fair tax assessment. The assessed value of the condo no longer reflected the reality of the post-pandemic market value, leading to an unreasonably over inflated tax liability.
Solution
Protax LLC implemented a strategic, two-pronged approach to secure maximum savings. In 2022, our team filed a formal appeal, which successfully reduced the assessed value. For the 2023 tax year, Protax LLC submitted an informal request, achieving an additional tax savings. Despite the reduction, 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 for the same tax year in the form of a 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 achieved similar results increasing the client’s continued financial relief.
Results
The property experienced the following reductions to the assessed values over multiple tax years:
- 2022: $300,000 reduction (formal appeal)
- 2023: $360,000 (initial reduction – informal request)
- 2023: $390,000 (additional reduction – formal appeal)
- 2024: $1,000,000 (initial reduction – informal request)
- 2024: $130,000 (additional reduction – formal appeal)
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.
