Pivotal represented a large distribution warehouse in Los Angeles County, California. The property owners performed a sale leaseback on their property and the local Assessor’s office supplemented their property tax bill with a value that they sold it for. Pivotal reviewed the transaction, market appraisal data, inspected the property and discussed the issues with the property manager. After doing their research Pivotal determined that the sales price was not market and felt strongly that the valuation should be much less.
Pivotal put together a case and brought it before the local assessment appeals board. The board sided with Pivotal and reduced the property’s value approximately $25 million below the sale price resulting in a tax savings of about $304,000.
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