Financial Services Company
The Challenge
A financial services company based in Topeka, Kansas, was faced with an unfairly inflated property valuation for a building they owned. The company was already working with Springline for other services and asked the SALT team to review the assessment and any opportunities that might exist to reduce the valuation.
Our Solution
The Springline team discovered some major flaws in the county’s assessment and identified an opportunity to appeal it. In Kansas, real property is appraised annually, and the county appraiser is required to physically visit and inspect each property at least once every six years. Starting in 2018, the team filed an appeal with the county and participated in a hearing with the assessor to reach a settlement on a new valuation.
Client Impact & Results
The assessor agreed to a settlement that reduced the valuation of the Topeka property, and the Springline team continued filing a new appeal every year for the next six years. Each appeal was successful and slowly decreased the valuation from $36 million in 2018 to $20 million in 2024, a 44% reduction. Over that six-year period, the Springline team was able to save the company more than $1.9 million in taxes.
