A very short and straightforward memo from partner and CFO Bob Holzapfel delivered massive news last Tuesday.
“We just received a favorable result on our 2019 tax appeal for Elliston,” Bob H. wrote.
Bob H., in his own simple and humble way, buried the lead. He worked on a real estate tax appeal for Elliston 23 in Nashville, saving the company more than a half-million dollars in taxes!
“Once again, a person and their relentless pursuit makes a difference!” Larry said. “It has not been easy! Bob’s perseverance won out…”
In 2019, Elliston 23 in Nashville was appraised for $97.9 million, equaling a $1.2 million tax bill to The Connor Group. Bob H. reviewed the county’s appraisal and knew it looked too high. His goal was to have the property appraised at $84 million, saving us $175k in taxes.
As Larry said, these appeals are anything but easy. Bob H.’s initial request to have the appraisal adjusted was denied by the county. Nevertheless, Bob H. remained relentless and took his case to the Tennessee State Board.
Bob’s persistence paid off big.
Not only did officials agree the original appraisal price for Elliston 23 was too high, they came in $6.25 million lower than Bob’s target number. The result was a $508,950 savings to The Connor Group over the next two years. Bob H.’s relentlessness and attention to detail brought home a big “W” for The Connor Group.
“It’s not surprising,” VP of Debt Brock Wright said. “I’ve been watching the magic Bob H. does on real estate tax appeals from the sidelines. At some point, the plan is for the work to transition to my department. He continues to set the bar high.”
Great work, Bob!