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Success Stories
 


McDermott & Associates continues to thrive because we focus continuously on our clients, understand their goals, and tailor our services to meet their business requirements. This focus, combined with our professional expertise and unparalleled reputation is a recipe for success for our clients. We measure success in two ways:

  • Client Satisfaction
  • Tax Minimization Results.

Take a moment to read about recent McDermott successes and contact us today to learn how your company can begin realizing successes like these below.

SUCCESS STORY No 1


The Opportunity
A Fortune 100 Manufacturer was a tenant in a build to suit 200,000 SF industrial building located in northern Connecticut. The Town’s 2002 quadrennial revaluation set a fair market value of $23,000,000. This property had been the subject of a landmark Supreme Court case, which had been found in favor of the Town.

Our Role
With a new revaluation year, the taxpayer wished to resolve the tax situation in an amicable fashion, while maintaining good relations with the Town. Because of timing issues, we were given this assignment less than one week before the assessor was to sign the grand list, and less than three weeks from the appeal deadline.

The Results
Through our Property Value Analysis, we were able to develop both functional and economic obsolescence issues that enabled us to achieve a 30% reduction in fair market value to $16,000,000. Our result saved the client over $170,000 annually.

SUCCESS STORY No 2


The Opportunity
A top three taxpayer in Fairfield County, Connecticut asked us to review a 5 property office portfolio totaling 520,000 S.F., and two vacant parcels with a total FAR of 200,000 S.F. The properties were assigned a fair market value by the Town of $112,000,000.

Our Role
We received this assignment two weeks prior to the conclusion of the informal revaluation hearings. We were able to obtain copies of the revaluation company’s work product. During our analysis, we learned that the Town only utilized 2001 economic data in their valuation. Our data showed that there had been a significant market downturn in 2002 that had not been recognized by the Town.

The Results
With the production of substantial supporting data, the revaluation company revised their valuation methodology for this class of properties. As a result, we were able to achieve an overall reduction in fair market value of 24% to $85,000,000. Our client realized an annual tax savings of $375,000.

SUCCESS STORY No 3



The Opportunity
Our Client, a multi-state manufacturer contacted us to defend an audit relating to their personal property tax exemption for manufacturing equipment. Initially, the examination looked fairly routine, and involved only one issue surrounding equipment transferred to the company in a business acquisition. However, the State, embroiled in a fiscal crisis, quickly began to challenge many items related to the exemption.

Our Role
We worked to not only defend the existing exemption, but also worked to achieve a significant expansion to the current exemption program. Our work included photos and write up’s of the existing manufacturing process, as well as significant forensic accounting work including researching items acquired in previous transactions.

The Results
The net success for our client was a refund of over $400,000 and future year’s exemptions resulting in an additional $250,000 of tax savings.


 
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