A Shopping Center was grossly overvalued and noticed at over $80 million dollars. Wilson & Franco achieved a reduction in taxable value of over $37 million dollars producing property tax savings of over $800,000 dollars.
The appraisal district utilizing its mass appraisal methodology failed to consider significant issues affecting the performance of this property. Specifically, high vacancy and leases containing occupancy clauses.
Wilson & Franco presented a case detailing the big box vacancy of this shopping center and the influence of occupancy lease clauses on rents achieved. In this specific instance, the shopping center was operating below the threshold that triggered a percentage of sales rent only. Thus, affecting the overall performance of the property and indicating a lower overall value.
Wilson & Franco achieved a $37 Million value reduction amounting to approximately $800,000 in property tax savings for the property owner.