Results
$0
Total Reduction
$0
Total Tax Savings
Overview
In 2015, a condominium owner on Spear Street in San Francisco enlisted Protax LLC to reduce their property taxes. The property had been purchased in 2009 for $2.8 million, and its assessed value had been steadily increasing in accordance with Proposition 13.
Challenge
Initially, the partnership progressed slowly, with no tax savings realized for the first four years (2016-2019). Protax LLC employed its signature two-pronged approach, submitting informal requests followed by formal appealsAppeal Here is the definition of appeal, which were later withdrawn due to insufficient market evidence. Despite the lack of immediate results, the client chose to renew the contract each year after seeing Protax LLC’s success with other properties in their portfolio.
Solution
Undeterred, Protax LLC continued its efforts at no cost to the owner. By 2020, they secured a significant 25% reduction in the property’s assessment. From that point, annual tax savings became both substantial and consistent.
Results
Protax LLC’s persistence resulted in a cumulative assessed value reduction of over $3.8 million. The tax savings percentage for each year is as follows:
- 2020: 24%
- 2021: 16%
- 2022: 22%
- 2023: 28%
2024:22% (pending final resolution of an ongoing appealAppeal Here is the definition of appeal, with potential for further refunds)
Conclusion
This case exemplifies the value of a long-term partnership with property tax reduction specialists. It highlights how patience and sustained engagement with professionals like Protax LLC can lead to maximizing and preserving financial benefits over time.