Case Studies

Shopping Centre

A regional shopping centre was struggling with significant vacancy challenges due to the loss of its two anchor tenancies and success of a second regional mall within its immediate geographic area. Tim Down initiated dialogue with the BC Assessment Authority and requested assessor’s working file. The property was assessed based on economic lease rates and conditions that did not reflect reality the centre faced in terms of repositioning itself in the retail market. A negotiated settlement was reached with the BC Assessment Authority reflecting a transitional assessment value of the shopping centre as it started to improve in both cashflow and occupancy. Gross property tax savings of over $700,000.

Shopping Centre Portfolio

Developer had built two shopping centres catering to the growing Asian communities in the Lower Mainland. Both malls were completed but struggled with vacancies due to market timing. The developer had previously hired a large accounting firm to assist with their appeals but were unsuccessful. Tim Down was engaged the following year to handle the portfolio. Tim prepared and presented expert evidence at the Property Assessment Appeal Board for two separate appeal cases. The Appeal Board ruled in favour of the taxpayer based on the evidence presented at the hearing. The assessment reductions produced over $1,000,000 in gross property tax savings for the developer.