Discovery of Material Errors in Valuation leads to 42% Assessment Reduction

Tennessee Based Retailer

A Tennessee based retailer engaged INTAX to review the assessment associated with a large retail property in Indiana. In reviewing the detailed workpapers supporting the jurisdiction’s value, we discovered material errors in the cost approach for the valuation of improvements. Additionally, we were able to obtain land sales that contradicted the land value established by the jurisdiction. A formal appeal of the valuation resulted in a 42% assessment reduction. The real property tax savings exceeded $201,000.