The 3-parcel commercial office located in the City and County of Denver was protested as a single economic unit. The combined 2015 property value was reduced from $72.4 MM to $58.0 MM resulting in an annual property tax reduction of $347,569. The BAA Order covered tax year 2015 only, so RHJ subsequently filed an abatement for 2016 that will result in an annual property tax savings of $347,569 as well for tax year 2016. This represents a 20.2% reduction of property taxes in 2015 and in 2016.
We succeeded because of two things. First, we used evidence and testimony to show that the subject sale was not valid for use because the sale considered data and information that was outside the base period by showing that a DCF was used to determine sale price. This made the sale not a market sale and was not considered for value. We next presented property actual income from the base period to show a value. The board did not fully use our income estimate but did use most of it to determine value.