Wes Nichols

Thanks, Brian.

Thanks, Brian.

Yeah. Best way to describe what we do is we're half brand attorneys and half brand appraisers. But the great thing is, is I'm not an attorney and I'm not an appraiser.

Yeah. Best way to describe what we do is we're half brand attorneys and half brand appraisers. But the great thing is, is I'm not an attorney and I'm not an appraiser.

We're just really good at arguing value for property tax reduction and in consulting taxpayers, property owners on how to navigate the property tax system, how to reduce potential future impacts, as well as reduce current impacts of property taxes. I've got a staff of over 30. We represent over $40 billion in assessed values.

We're just really good at arguing value for property tax reduction and in consulting taxpayers, property owners on how to navigate the property tax system, how to reduce potential future impacts, as well as reduce current impacts of property taxes. I've got a staff of over 30. We represent over $40 billion in assessed values.

We have offices in California, Seattle, Colorado, Texas, New Mexico, and we're constantly expanding and growing.

We have offices in California, Seattle, Colorado, Texas, New Mexico, and we're constantly expanding and growing.

Correct. So right now, we're doing a lot in, say, San Francisco, downtown or L.A., San Diego. Our two asset types that we're seeing the most reductions on are definitely office apartments because cap rates have changed from three and a half, four to now they're four and a half, five and a half caps. We're also seeing some reductions in hotels.

Correct. So right now, we're doing a lot in, say, San Francisco, downtown or L.A., San Diego. Our two asset types that we're seeing the most reductions on are definitely office apartments because cap rates have changed from three and a half, four to now they're four and a half, five and a half caps. We're also seeing some reductions in hotels.

Most of the reductions right now are based on the debt market and the higher cap rates and the post-COVID environment right now.

Most of the reductions right now are based on the debt market and the higher cap rates and the post-COVID environment right now.

It's all based on the data. That's one. And then two is motivating the assessor to do the right thing. So there are some states or municipalities out there where they won't agree to large reductions. And they basically say, hey, this is going to impact the local government.

It's all based on the data. That's one. And then two is motivating the assessor to do the right thing. So there are some states or municipalities out there where they won't agree to large reductions. And they basically say, hey, this is going to impact the local government.

And I say, hey, if these taxes aren't lowered, this is going to impact local government because this is going to drive businesses. This is going to drive investors out of your county and out of your city. So we try to have a win-win solution. That's in certain markets. Certain markets, it's all based on data. Like state of California, certain counties, they're flush with money due to Prop 13.

And I say, hey, if these taxes aren't lowered, this is going to impact local government because this is going to drive businesses. This is going to drive investors out of your county and out of your city. So we try to have a win-win solution. That's in certain markets. Certain markets, it's all based on data. Like state of California, certain counties, they're flush with money due to Prop 13.

But there's only really 5%, 10% of the property taxes, maybe 15%. that we can actually get reductions on in California. And some of those, like for office buildings, would be very sizable. We're seeing values for office properties go back to 1999 or early 2000 values. So you're seeing upwards of 60% reductions or more on some of these office properties. It's pretty substantial.

But there's only really 5%, 10% of the property taxes, maybe 15%. that we can actually get reductions on in California. And some of those, like for office buildings, would be very sizable. We're seeing values for office properties go back to 1999 or early 2000 values. So you're seeing upwards of 60% reductions or more on some of these office properties. It's pretty substantial.

Our biggest client that we've ever got a large refund was over $3 million, and that was a hospital. They were being assessed for $113 million, and we got them down $44 million. That was a couple of years back, but we've got cases where... I've got an office park up in the Bay Area where it says for $280 million and our penny value is $180 million.

Our biggest client that we've ever got a large refund was over $3 million, and that was a hospital. They were being assessed for $113 million, and we got them down $44 million. That was a couple of years back, but we've got cases where... I've got an office park up in the Bay Area where it says for $280 million and our penny value is $180 million.