Neuman Anderson shareholder Stephen McKenney recently finalized a settlement of a property tax appeal. The settlement involved one of the firm’s clients who owns a large retail shopping center in Waterford Township. The matter was pending before the Michigan Tax Tribunal and was scheduled for a hearing before the Entire Tribunal this summer.
The settlement represented a compromise between the township’s assessed value for tax years 2013 and 2014; and the values proposed by the land owner based on an appraisal obtained by the land owner. The compromise reduced the true cash value of the property by almost $2-million and reduced the assessed value of the property by almost $1-million. The revised assessments not only caused the land owner to receive a six-figure refund for overpayments in 2013 and 2014, they also allowed the land owner more certainty regarding future tax liabilities for the property, which position it to more easily attract tenants for its space.
Property tax appeals are one of the many hybrid legal and business services that Neuman Anderson can provide for its clients. In particular, Stephen McKenney has both experience negotiating pre-hearing resolutions and in conducting hearings before the Michigan Tax Tribunal.