Class B Multifamily

LOS ANGELES, CALIFORNIA

Assessed Value $56,934,936
Final Value $49,930,000
Tax Savings $85,757

 

A 302-unit multifamily residence located north of downtown Los Angeles, California, the center was acquired in 2007 during the time of rapidly escalating real estate values in California. The high Prop 13 base year assessment compares unfavorably to the current market value of the subject which is restricted from realizing the full impact of increasing market rents due to rent control. The assessment reduction reflects a temporary, one year Prop 8 reduction to recognize the lower market value of the subject versus the base year trended value for the lien date.