We have a very happy motel client…he’s getting a Property Tax refund back from an Oregon county…for $25,000. The hospitality industry has taken a real beating the last 4 years. Business and pleasure travel has dropped precipitously, while expense growth has continued unabated. The greater problem is that investors have been asking for a premium to invest in motels. This takes the form of rising cap rates. The net effect is hospitality investors had smaller Net Operating Incomes…and the value of asset per dollar of NOI dropped too. Prime PTN actually lowered the assessed value of the subject asset by $1,695,000…and the savings will continue for years.
I should point out that to get our client this refund we used our in house knowledge of property values…an expensive third party appraisal was not required. (In some cases an appraisal makes sense…we always consult with our client before ordering them, however.)
How much money can we save you? Well nothing is guaranteed…but contact us at firstname.lastname@example.org for more information. Or you can call 503.577.1034.