As a result of the last reassessment, most multi-residential properties have seen a dramatic increase in the Current Value Assessment (CVA) and resulting property taxes. Now is the time to review the CVA to ensure it is accurate and your taxes are fair.
Altus Group achieved significant reductions for multi-residential properties for the 2009-2012 tax year assessment cycle using an alternate Net Operating Income/Capitalization Rate approach to valuation. This has proven once again to be an ongoing issue throughout our reviews for the 2013 and 2014 tax years. Thorough review of financial information should be conducted on an annual basis to ensure fair and equitable assessments.