Trammell Crow, founded in 1948, is a real estate development and investment firm dedicated to the fundamental principles of building value. At the heart of building value is a commitment to create the right product in the right market for their clients while supporting the economic growth for the community. TCC has developed over $50 billion in value equating to over 500,000,000 square feet of real estate, including all asset classes in over 28 markets. TCC is a wholly-owned subsidiary of CB Richard Ellis.

Trammell Crow Development spec-developed a 210K SF office building in Columbia, MD, a suburb of Baltimore, MD and received a supplemental assessment with a value above the amount spent to date in construction costs. The challenge in this case revolved around the issue of determining when properties can be classified "substantially complete" and with that, when can the property be assessed at its full market value? TCC engaged McIntosh & Associates, LLC to contest this assessed value.

First, M & A utilized its extensive network of brokers, property managers and project managers in the submarket to identify current market conditions for comparable newly-developed and vacant properties. M&A's property tax group then prepared its valuation position using the three approaches to value; cost, income and market. Due to the construction cost evidence, and the current market conditions that affect lease-up of office properties in this particular submarket, M&A contested the assessed value with well-supporting documentation.

As a result of our tax work, M&A successfully reduced the supplemental assessed value from $37,521,900 down to $29,873,000, resulting in a three savings of $302,000.