Health Insurance Provider
The Challenge
A Kansas City-based health insurance provider moved to a newly constructed building downtown, which had originally been constructed for another company that had never moved in. The county assessor used an unconfirmed data source – an estimate of the original cost from a local newspaper article – on which to base the property valuation. To complicate matters, the original intended owner had received tax abatements and other incentives in exchange for moving to the area — something the county failed to take into consideration.
Our Solution
The SALT team at Springline is extensively trained in the appraisal world and serves as their client’s advocate, working on their behalf to reduce their liability. For this health insurance client, the team recognized that the county was basing the valuation on assessments more indicative of the New York or Los Angeles markets. The team immediately filed an appeal and then proceeded to continue appealing each year as they slowly reduced the valuation to a proper and fair amount.
Client Impact & Results
After filing an appeal with the county and participating in a hearing with the assessor, the team was able to reduce the valuation of the building from $140 million to $92 million, saving the company $1.8 million in property taxes that year. The valuation increased slightly the following year, so the team appealed again, this time reducing it from $101 million to $78 million — nearly half of the original valuation.
