Published on January 13th, 2016 |0
Highwoods appeals One Alliance Center 20% value jump for taxes
As of now, Highwoods’ total tax bill is determined on 40 percent of the value, or more than $60 million. According to a Fulton tax assessor calculator, Highwoods’ tax bill for 2015 (and this year if the valuation remains unchanged) is more than $2.7 million, Bisnow reported.
That amounts to a 20 percent increase in value for the more than 550,000 square-foot office tower that is part of the Alliance Center complex on Lenox Road in Buckhead, AGH’s Wes Hudson told Bisnow.
Highwoods purchased One Alliance Center for $143.4 million in 2013, a year after it purchased its Buckhead sister property Two Alliance Center.
“I think that’s a huge real estate tax increase in one year,” said Hudson (whose firm has nothing to do with the dispute), especially without any major lease that could justify a jump. “I think Highwoods has a valid argument for a decrease,” he told Bisnow.
And Highwoods isn’t the only firm appealing to the county’s Superior Court on valuation increases in recent weeks. Macy’s is fighting a valuation jump on its North Point Mall location from $10.2 million to $29.3 million (it’s tax bill is based on $11.7 million in assessed value); AMLI Residential is battling value jumps at AMLI at Milton Park in Alpharetta (when assessed value went from $56.4 million to $64.5 million from 2014 to 2015); and Boston-based GID Development is debating a slight increase from nearly $35 million in 2014 to $36.5 million last year, according to appeals filed with Fulton Superior Court.
Hudson told Bisnow it’s not uncommon for big owners to appeal revaluations, but he notes that Fulton County has become “aggressive” in its efforts to make up from years during the recession when it actually lowered values as many commercial properties struggled to stay afloat.
Click here for the Bisnow story.