Mixed-Use Development

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Case Study

Wilson & Franco achieved a value reduction of over $127 million by successfully arguing valuation methodology and exemption applicability within a mix-use development. Wilson & Franco saved the property owner over $3,000,000 in property taxes.

Issue

An exemption was removed by the appraisal district based on the district’s assumed change of use. The removal of the exemption and the subsequent value assessed on the property resulted in a substantial tax burden.

Case Position

Wilson & Franco researched proper value methodology and exemption applicability based on the understanding of the leases and forecasted development plans. With client approval, Wilson & Franco argued that not only was the property overvalued, but the exemption is applicable to a portion of the property and should have applied in prior year.

Results

A favorable determination was obtained. The appraisal district agreed with the case position presented which resulted in a value reduction encompassing 5 years of appeals of over $127 Million and a refund to the taxpayer of over $3 Million.

$127 Mil
decrease in value reduction
+$3 Mil
refund to taxpayer