Department Store


Assessed Value $8,970,110
Reduction $3,644,560
Annual Tax Savings $100,000


Ownership redeveloped a two story anchor box to include national furniture store, restaurant and entertainment use. Total renovation expenditure exceeded $7,000,000. Post renovation, assessment value was raised from $7,445,000 to $8,970,110, generating an annual tax bill of approximately $190,000. Cushman & Wakefield was engaged to evaluate the assessment value. We were able to reduce the assessment from $8,970,110 to $3,644,560, resulting in annual property tax savings of nearly $100,000.