Advantax identifies functional and economic obsolescence issues for a steel manufacturing facility, saving company over $600,000
THE CHALLENGE
The West Virginia steel manufacturing facility under appeal was an integrated steel mill, facing functional and economic obsolescence issues, including excess operation costs and decreased production demand.
THE SOLUTION
During the valuation and appeal process, Advantax identified several instances of functional and economic obsolescence affecting the facility.
THE RESULTS
The matter was resolved before two county boards and with the West Virginia Department of Revenue, decreasing the value from $225 million to $212 million, resulting in total tax savings in excess of $600,000.
