We understand the Multi-Family Sector
- Low Income
- (LIHTC) Low Income Housing Tax Credits
- Military Privatized
- Senior Housing
- Community Housing Development Organization (CHDO)
Apartments are typically assessed using the Income Approach to value. The assessor’s estimate of market value will vary depending on the type, quality, location, age, and property size. Sometimes Appraisal District/Assessors ignore the specific factors that influence the type of property. We are extremely successful in illustrating and bringing to light those specific factors or unique characteristics, limitations, and/or restrictions in order to obtain a fair and equitable assessment. Our consultants have the experience and knowledge that allow for detailed explanations and presentations to the local appraisal authorities, which lead to huge valuation reductions for you. We are up to date on the changes in the laws affecting any specific type of property.
Factors to consider in getting your multifamily assessment reduced
- Has your occupancy dropped at the end of the year?
- Do your upper-level floors have elevators?
- Is a new product on the market that might be hurting your occupancy and rental rate?
- Is a percent of your rental Section 8 housing?
- Is there deferred maintenance or roof repairs needed?
- Do you have obsolete floor plans? (i.e., two-story loft floor plan)
- Has recent new road configuration caused access issues or increased auto traffic?
- Due to weak demand, are concessions being offered?
- Are there unusual expenses like condo fees, special assessments, or tax increment financing districts?