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St t t f Q lifi ti M l dStatement of Qualifications - Maryland
Who is Paradigm Tax Group?
Paradigm Tax Group is the fastest growing, most successful property tax consulting firm in the USAsuccessful property tax consulting firm in the USA.
We were formerly the National Tax Practice of accounting giant KPMG, LLP. On November 22 2004 the oldest most established “Big Four” property tax practiceNovember 22, 2004, the oldest most established Big Four property tax practice
became the newest national property tax firm. Since our formation we have expanded the practice significantly, adding offices and professionals to provide the
most thorough local coverage in the industry.
www.paradigmtax.com
Critical Dates in Maryland
In Cycle Appeal Deadline – 45 Days From Issuance of Assessments (February 12 projected)
– One-Third of each county is reassessed each year
– Properties to be reassessed in 2011 were last reassessed in 2008
– Assessors will utilize 2009 numbers to derive 2011 assessments
Out-of-Cycle Appeal Deadline – December 31– Properties last reassessed in 2009 and 2010 will have an appeal
deadline of December 31, 2010
P t h ld id t f l l if– Property owners should consider an out of cycle appeal even if they have received reductions in prior years as each year stands on it’s own
Commercial Property Income QuestionnairesCommercial Property Income Questionnaires– Due by May 15th of the year preceding the reassessment of your
property
– Penalty of $100/day if submitted after June 15th
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– Paradigm recommends having a property tax expert review your form prior to filing
Critical Dates in Maryland
Depending on the location within the county (See Maps), by January 1, 2011 approximately 1/3 of Maryland Property owners will be receiving their Levy Year 2011 Notice of
Reassessment values which will be the basis of their real estate tax bills for the next 3 yearsReassessment values which will be the basis of their real estate tax bills for the next 3 years (2011, 2012, and 2013). The deadline to file an appeal is 45 days of the date of the notice,
usually no later than February 11th.
Click on the County to get its Reassessment Area Map (main Maryland jurisdictions):
• Anne Arundel County• Baltimore CityBaltimore City• Baltimore County• Frederick County• Harford Countyy• Howard County• Prince George’s County• Montgomery County
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Critical Dates in Maryland
If a 2010 out of cycle appeal was not filed, then the jurisdictions will be relying on the 3 year Income and Expense forms (Years ending 2007-2009), which should have been submitted to the State by May 15 2010 in order to derive the 2011 values When filing a Levy Year 2011the State by May 15, 2010, in order to derive the 2011 values. When filing a Levy Year 2011
appeal, 2010 year end information will be considered. Additionally, Maryland’s base cap rates follow the reported average cap rate reported in Korpacz’s Real Estate Investor’s survey for
all property types.
The 3rd Quarter 2010 average base cap rates are as follows:
Property Type Average Cap RateR i l M ll 7 81%Regional Mall 7.81%
Power Center 8.38%
Strip Shopping Center 8.09%
National CBD Office 8.01%
National Suburban Office 8.40%
Suburban Maryland Office 7.75%
Flex/R&D 9.15%
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Warehouse 8.38%
Mid-Atlantic Apartment 7.15%
Paradigm Strengths
Paradigm Tax Group’s Maryland Practice has over 50 years of property tax experience in Maryland working hotels/resorts, malls/shopping centers, apartments/condos,
office/warehouse/flex and specialty assets such as golf coursesoffice/warehouse/flex and specialty assets such as golf courses.
Hotels/ResortsBernice Dowell was formerly the Property Tax y yDirector for Host Marriott, AIMCO and ClubCorp . She has practiced successfully on all major Maryland counties.
Malls/Shopping CentersMalls/Shopping CentersParadigm has a relationship with Edens & Avant and Cedar Centers that includes their Maryland holdings. Paradigm has been effective in communicating the challenges facing retailcommunicating the challenges facing retail properties in this economic climate resulting in significant reductions.
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Paradigm Strengths (cont.)
Apartment/CondosScot Casto worked with the top brokers at Transwestern’s Institutional Multi-Family group where he learned all about the valuation of multi-family assets. Scot has successfully employed what he knows on behalf of our multi-family clients such as BlackRock Laramar Allied andclients such as BlackRock, Laramar, Allied and others.
Office/warehouse/flexOur representation of this asset type includes companies such as Behringer Harvard, LaSalle, BlackRock, Liberty Property Trust, Lionstone , Newmark Knight and Frank and others.
Specialty PropertiesSpecialty PropertiesParadigm reduced a golf course in Anne Arundel County by 50% and we also reduced an ice cream plant form $60MM to $42MM in Howard County.
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Case Studies & Recent Appeals ResultsProperty Name/Address Type Jurisdiction Reduction Tax Savings
180 Admiral Cochrane Office Anne Arundel $9,687,500 $187,151
190 Admiral Cochrane Flex Anne Arundel $5 675 500 $102 789190 Admiral Cochrane Flex Anne Arundel $5,675,500 $102,789
350 Winmeyer Industrial Anne Arundel $3,967,500 $32,970
Crescent at Fells point Apartments Baltimore City $8,950,300 $581,470
6200/6300 Beckley St Industrial Baltimore City $4 267 900 $101 5756200/6300 Beckley St Industrial Baltimore City $4,267,900 $101,575
2525 Insulator Dr Industrial Baltimore City $568,800 $27,075
940 Ridgebrook Office Baltimore County $1,897,000 $22,992
7178 Columbia Office Howard County $2,606,500 $80,8617178 Columbia Office Howard County $2,606,500 $80,861
9090 Whiskey Bottom Rd Industrial (Ice cream factory) Howard County $16,456,400 $220,763
1501 Perryman Industrial Harford County $13,583,700 $136,114
Shady Grove Executive Center Office Montgomery County $11,624,900 $278,772y g y y , , ,
Lakefront at Washingtonian Office Montgomery County $1,478,800 $29,773
Montrose Metro I Office Montgomery County $3,579,200 $73,517
7351/7361 Coca Cola Dr Industrial Howard County $4,761,800 $127,324
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Waterside Village @ Easton Retail Talbot County $3,604,400 $86,099
Team Resumes
Scot Casto - Washington, D.C.
Professional Experience Educational BackgroundProfessional Experience
– Managing Consultant
– Former Senior Financial Analyst, Transwestern Commercial Services
– Former Real Estate Analyst, Wilkes Artis, Chartered
Educational Background
– Bachelor of Arts in Economics, Minor in Business Administration, East Carolina University, Greenville, NC
Email Address
– Former Information Services Coordinator, CB Richard Ellis
– Former Senior Research Analyst, CoSTAR Group
– Over ten years of valuation experience in the Washington DC Metropolitan and Mid-Atlantic real estate markets
estate markets
– Has worked with all asset types including multi-family, retail, office, hospitality, golf course and industrial
Professional Designations and Affiliations
St t f Vi i i R l E t t Li– State of Virginia Real Estate License
– State of Maryland Real Estate License
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Team Resumes
John B. Hess - Washington, D.C.
Professional Experience Educational BackgroundProfessional Experience
– Senior Managing Consultant– Twenty-three years of property tax management
experience serving companies on various matters pertaining to property tax.
– Most recently, owner of Cynsur, LLC and Professional
Educational Background
– BA, West Virginia University, Morgantown, WV– Pursuing Masters Degree in Integrated Marketing
Communications from West Virginia University
Email AddressTax Solutions, Inc. Was responsible for developing hospitality practice through proactive tax planning strategies via extraction of the Business Enterprise Value from the going concern
– Former Practice Leader for KPMG’s Mid-Atlantic Property Practice responsible for delivery of specialized
i t l t t h it lit d f t i
Email Address
services to real estate, hospitality and manufacturing clientele throughout the US
– National Accounts Director for National Property Practice responsible for customizing property tax management programs for clients based in Washington, DC and NYC with geographically diverse portfoliosS i li i l t t l i W hi t DC– Specializes in real estate appeals in Washington, DC Virginia and West Virginia
– Specializes in manufacturing and R&D properties in Maryland, Virginia and West Virginia
Professional Designations and Affiliations
– Member, Institute for Professionals in Taxation [IPT]
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Team Resumes
Bernice T. Dowell - Washington, D.C.
Professional Experience Speaking EngagementsProfessional Experience
– Senior Managing Consultant– Over twenty years valuing real estate primarily for ad
valorem taxation as well as income tax, bulk sales tax, and financial accounting purposes; 17 years working nationally focused on hospitality assets
Speaking Engagements
– Presentation on “Managing Below the Bottom Line” Crittenden Golf Conference, Atlanta, GA, September 2004
– Panelist, Hotel Business Enterprise Value Symposium, International Association of Assessing Officers and Starwood Hotels & Resorts Worldwide Inc Chicago IL– Most recently, co-owner of Cynsur, LLC, providing
pricing analysis for over 400 hotel acquisitions– Provided valuation of component assets of
$820,000,000 acquisition of well-known California trophy resort; successfully defended before IRS
– Managed property tax litigation of a 1,500-room
Starwood Hotels & Resorts Worldwide, Inc., Chicago, IL, November 2005
– Panelist, Hotel Valuation: The Players; What, Why & How They Do It!, New Jersey State League of Municipalities, 91st Annual Conference, Atlantic City, NJ, November 2006
convention hotel in San Antonio ; jury decision resulted in real estate tax refunds of over $1 million
– Former Director of Property Tax for Host Marriott Corporation and for ClubCorp USA, Inc.
Publications
Educational Background
– B S., Finance/Real Estate, George Mason University, Fairfax, VA
– M.S., Finance, George Washington University, Washington D CPublications
– Published research paper entitled “Hotel Investment Analysis: In Search of Business Value,” Assessment Journal, March/April 1997 issue; Journal of Property Tax Management, Vol. 9, Issue 2, Fall 1997
– Quoted in California State Board of Equalization A ’ H db k S ti 502 Ad d
Washington, D.C.
Email Address
Assessor’s Handbook, Section 502, Advanced Appraisal, “Removing Intangible Assets and Rights From the Appraisal Unit,” December 1998
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Contact Information
• 10300 Eaton Place
Suite 310
Fairfax, VA 22030
• 10300 Eaton Place.
Suite 310
Fairfax, VA 22030
• 10300 Eaton Place
Suite 310
Fairfax, VA 22030
• Direct: (703) 877-0783• Mobile: (703) 627-0969• [email protected]
• Direct: (703) 877-0781• Mobile: (703) 626-1895• [email protected]
• Direct: (703) 877-0782• Mobile: (202) 641-0796• [email protected]
Scott CastoManaging Consultant
John HessSenior Managing Consultant
Bernice DowellSeniorManaging Consultant
This document is protected under the copyright laws of the United States and other countries as an unpublished work This document contains information that is proprietary and
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This document is protected under the copyright laws of the United States and other countries as an unpublished work. This document contains information that is proprietary and confidential to Paradigm DKD Group LLC or its technical alliance partners, which shall not be disclosed outside or duplicated, used or disclosed in whole or in part for any purpose other than to evaluate Paradigm DKD Group LLC. Any use or disclosure in whole or in part of this information without the express written permission of Paradigm DKD Group LLC is prohibited.
© Paradigm DKD Group LLC (Unpublished). All rights reserved.
