PAR Success Stories

PAR has achieved over $249 million in tax savings since 1995.

All appeal strategies, laws and valuation methods will be utilized to achieve the biggest reductions for you. Here are few of our successes:

US Bank Tower

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$62,672,500 $31,000,000 50.54% $839,853

This property is a 35 story class A office building with a high degree of owner occupancy located in Downtown St. Louis.  In 2009, the city assessor increased the valuation from the prior assessment to $62,672,500.  In light of economic conditions, the condition of the owner occupied space, and the pending expiration of the major non-related tenant, we were able to negotiate a reduction to $31,000,000, saving our client nearly $1.7 million for tax years 2009 and 2010.  In 2011, after the large tenant expiration had been resolved, the assessor increased the value again to $57,873,400.  We were able to demonstrate that although some renovations had been done, and the major tenant did renew, the market hadn’t recovered, and the renewed lease value was minimal due to major concessions.  Ultimately the appeal led to a reduction in value back to $36,730,000, saving our client another $1,200,000 in taxes for 2011 and 2012.

530 Maryville Center Office Building

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$15,300,000 $11,580,000 24.31% $100,435

This office building had high vacancy and required substantial tenant finish to bring it to market occupancy.

Gustine Warehouse

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$4,100,000 $1,800,000 56.10% $212,230

This nearly 700,000 square foot former manufacturing facility was valued by the assessor at $4,100,000.  The property’s current use as a multi-tenant warehouse, coupled with environmental concerns fueled our analysis which resulted in a reduction to a valuation of $1,800,000 reducing our client’s tax liability by over 56%.

Crescent Condominiums

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$11,316,895 $2,923,105 74.17% $104,283

This appeal involved a luxury Condominium complex in Clayton.  The property was partially complete and only a few of the units were occupied.  The assessor had assessed the entire building and the attached parking garage.  Missouri statues allow that for new construction, unoccupied residential homes or units should be assessed based on their land value only until they are occupied.  Knowledge of this statue enables us to get a significant reduction for our client.

Delmar Gardens of Meramec Valley

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$6,688,842 $3,054,526 54.33% $40,825

The assessor had more than doubled the assessment from the prior year.  Missouri law requires that if the assessment is to increase by more than 15% there must be a strictly followed inspection procedure.  That procedure was not followed.  Knowledge of this statue enabled us to limit the assessment increase to 5%.

Larimore Road

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$13,000,109 $3,200,012 75.38% $137,186

The subject property is a large complex of office, recreational, and residential improvements.  The uniqueness and location of the complex limited the market demand for the property. An appeal to the State Tax Commission and an appraisal completed at our expense was able secure a very significant assessment reduction.

Fred Weber North Quarry

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$4,434,406 $2,617,625 40.97% $55,172.59

This property is a large limestone quarry which is nearing exhaustion of its reserves. The assessor’s standard method of valuation does not take reserve into consideration.  We were able to achieve a reduction based on an analysis of the remaining reserves.

US Bank Operations Center

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$11,691,875 $5,313,750 54.55% $588,535

This office space for US Bank saw its valuation increase nearly 38% in 2013 just as its 50% tax abatement expired.  This value increase combined with the loss of tax abatement would have resulted in an annual tax bill increase of nearly $230,000 for our client.  Our valuation appeal resulted in that tax increase being almost entirely eliminated, allowing the client to maintain their previous tax liability even without the tax abatement.

Former Value City

Assessor's Market Value PAR Market Value % Reduction Tax Savings
$5,179,406 $1,306,812 74.77% $131,745

This is a large community retail center which was most recently anchored by Value City department store.  Subsequent to Value City’s bankruptcy, the property suffered from high vacancy, and tenant turnover.  During the 2011 reassessment, while the property was still underperforming, St. Louis County increased their valuation from $3,000,000 to $6,168,400.  The property owner decided to handle the appeal on their own, ultimately settling for a reduction to $4,520,900.  In 2013, when the assessor again increased their valuation to $5,179,400, the property owner engaged our services and as a result of our appeal the valuation was reduced to just $1,306,800, resulting in a tax savings of over $260,000 for the 2013/2014 assessment cycle.

 

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